Opportunity

Statistics from the U.S. Small Business Association suggest that only 50% of small businesses survive their first five years.

Building a business requires a significant investment in time and money. It’s not uncommon for a new entrepreneur to operate at a loss for the first few months and make mistakes along the way (which isn’t necessarily a bad thing, mind you – fumbles tend to be the best teachers). That being said, why do so many people take the entrepreneurial leap only to close up shop a few years later? Sure, the economy isn’t what it used to be, but we can’t blame everything on the stock market.

Experts have long debated why the success rate of the average business is dismal at best. Most chalk it up to a lack of experience on behalf of the owner. I’d like to take this theory one step further and argue that a large percentage of businesses and business ventures fail because they are unable to identify and act upon an opportunity.

Thomas Edison once rightfully said that “opportunity is missed by most people because it is dressed in overalls and looks like work” – and I couldn’t agree more. The opportunity to build a business or to take it in a new direction never comes in a perfectly-wrapped package that can be implemented right out of the box. Like a diamond in the rough, an opportunity often requires a significant amount of work before it can be turned into a usable (and profitable) venture.

Business leaders are often regarded as 'thought leaders' in their chosen fields. They possess a vision and open-mindedness that allows them to take calculated risks and steer their company into unchartered territory, giving them an edge over their competitors.

Long-term success requires work and lots of it. It’s also dependent upon keeping ahead of trends, possessing the ability to network and maintaining some level of diversity in one’s business practices.

No matter how big or how small, astute business owners know that every opportunity that presents itself deserves some serious consideration on their part.

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Steve Jobs Commencement Speech at Stanford U

In 2005, Apple co-founder and CEO Steve Jobs gave a commencement speech at Stanford University. The address – which was recorded and uploaded onto YouTube six years ago – is as relevant today as it was six years ago.

Jobs is a true innovator – a visionary with an acute business sensibility who isn’t afraid to admit failure. I think we could learn something from his experiences, which is why I think his speech is worthy of mention and analysis.

In his address, Jobs discusses how a seemingly inconsequential event – i.e., the calligraphy course he enrolled in at Reed College – went on to shape his career. It was this course that inspired Jobs’ love of print, which would later manifest itself in Apple, the first computer to feature beautiful typography.

Jobs’ underlying message is to remain open to new things. I’ve met my share of business people and it’s surprising how many of them believe that success is achieved through a 'business first' mentality. While it does pay to be business-focused, it’s equally important to dedicate time to leisure activities. This helps reduce stress and can lead to new opportunities and ways of thinking, both of which can have a positive effect on your business.

Another great point Jobs brings up is the notion of 'settling', something he advises strongly against. According to Jobs, one can only be successful if they love what they do.

Being in business can be trying at times and it’s important to have confidence in the products or services you offer. Your faith is what will keep you going during turbulent times and you can’t believe in something you have no personal connection to. Loving what you do is an essential component of success.

Jobs concludes his speech by urging his audience to “stay hungry and foolish” – two character traits that have helped make Apple what it is today. Being 'foolish' doesn’t necessarily mean taking uncalculated risks; instead, it means adopting the ability to think outside of the proverbial box and developing the conviction to steer business into new directions (and learning from the mistakes that are made along the way).

If you have 15 minutes to spare, Jobs’ speech is definitely worth a look. Click here to see it.