I know, you just want me to show you the scorecard and associated secret formula investors use to decide a supposedly “fair” valuation for your company. Unfortunately, you are only allowed access to that information once you’ve become an accredited investor, pass the extremely difficult valuation certification test and finally swear yourself to secrecy, with an implanted microchip under your skin for enforcement. Haven’t you wondered why investors act so sketchy when you try to get them to explain how they came up with a proposed valuation for your company?
A company founder has no choice but to secure the first sales of their newly-created product and the first strategic partnership. That’s because they can’t afford to hire a sales or business development professional. But even with demonstrated success, they probably aren’t near as good at sales or business development as they think and this misconception can create some challenges later. Let’s explore this phenomenon a little further.
Over time, society has increasingly expected instant gratification and uses of an “easy” button to achieve a desired result. Unfortunately, when it comes to the pursuit of career success, it’s not near that easy. A lot of time and effort is almost always involved. I’m sure you have a story about a 25 year old that is already a multi-millionaire and that’s great. Maybe it was pure luck or maybe there was more to it.
The purpose of this article is to give you a framework for visualizing the key ingredients to long-term, personal career success, however you define that term.
Gordon’s Target Model (weightings)
50% Drive and Determination
20% Common Sense
Drive and Determination
It’s clear from the suggested relative weightings above that I place significance on drive and determination. Otherwise referred to as “fire in the belly”. It’s amazing how far that can get you if it’s genuine. What do you do when a door is slammed in your face or someone tells you “no”? What if those things happen numerous times rather than just once or twice? Do you lose interest and give up or do you keep charging forward?
How do you get drive and determination? Well, for many it comes easiest when there is genuine and personal passion for the thing that’s being worked on. That “thing” could be a problem you’re product solves or a significant benefit it provides.
Another tool to try is positive reinforcement using phrases you say to yourself from time to time, perhaps 10 times each night before you go to sleep or in the morning when you wake up. You’d be amazed how effective a phrase like “I will do whatever is necessary to reach my goal” is.
What are you willing to sacrifice for long-term career success? It usually comes at some cost (trade-offs), so I’m not suggesting it’s for everyone.
Intelligence and Common Sense
Let’s talk about intelligence versus common sense, otherwise referred to as “book smart” versus “street smart”. I strongly believe that 1) they are different things 2) they are equally valuable 3) extra strength in one can help offset a weakness in the other. Having said this, being strong in both is a HUGE advantage.
An issue to realize is that intelligence can be improved with effort but common sense is mostly ingrained. Common sense can gradually be enhanced over time but it comes from a collection of life experiences, both personal and business. Think about the way wisdom is gained over time.
Regarding luck, I don’t want to just flip it out there as some ethereal thing that you have no control over. In fact, 1st century Roman philosopher Seneca, American President Abraham Lincoln and others are credited with saying that “luck is what happens when preparation meets opportunity“.
So if you want to influence the 10% that I attribute to luck, engage in “preparation”, which essentially means planning. Do you have goals? Have you written them down or communicated them to others? Have you come up with a plan to achieve your goals and put those plans into some sort of roadmap or phases? That’s what “preparation” means.
The way I see it:
- Someone with strong drive/determination and intelligence, moderate common sense (half credit), and decent preparation (half credit for luck) has 85% chance of long-term career success.
- Someone with strong drive/determination and common sense, moderate intelligence (half credit), and decent preparation (half credit for luck) also has 85% chance of success. (notice the only difference is swapping the half credit for intelligence and common sense)
- Someone that only has strong intelligence, moderate common sense (half credit) and decent preparation (half credit for luck) only has 35% chance of success.
I realize that life isn’t as analytical as this. I also realize that it’s extremely hard for people to accurately judge and measure themselves. But this is actually a suggested thinking, reflection and planning activity rather than an analytical one.
What is “career success”?
I don’t know what career success means to any particular individual but I do feel strongly that these basic guideposts can be used for all that aspire to achieve it. I also think the results come over time and after some level of consistency in the things mentioned in this article. Evaluating short windows of time against a career success yardstick might show various ups and downs but the trend towards career success should be positive.
I hope this article gives you a framework to think about and plan for achieving your own career success or helping a friend or loved one do the same.
Wait, there’s much more!!!
If you enjoyed this article, you’ll love what I cover in my video library called Founders Academy, which includes all of the key concepts and insights to help you dramatically increase your odds of success using topic-specific streaming video modules. Click Here to Learn More
“Founders Academy is a must! Gordon unlocked new value in concepts I thought I was already familiar with.” (startup founder)
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