By Cynthia Kay
For over three decades I have led a successful media production and communication consulting company, which means I’ve beat the odds. According to the U.S. Bureau of Labor Statistics, only 25% of new businesses survive for 15 years or more.
Beating the odds and having staying power is not a matter of luck. It takes consistent effort to meet customer needs, be financially responsible and grow at a pace that allows you to manage growth while continuing to provide a quality product or service. There are many reasons why businesses fail to be resilient, but I believe it comes down to one thing — or one person — the entrepreneur. The same person who created or bought the business and scaled it can be the undoing of a profitable enterprise. I know. I have purposely “remade” my position every five to seven years. Here are some thoughts about how to stay relevant:
- Don’t get complacent. Some entrepreneurs get comfortable and lose that spirit that made them successful in the first place. They move from being courageous to simply managing the business. When you fail to innovate, others pass you by. When you fail to take risks, you miss opportunities. I try to stay hungry, as if I was still in start-up mode.
- Get out of the way. One of the things I loved to do over the years was go to customer sites. I loved the interaction and seeing the results. It is gratifying when your customer wants you on the job. But to scale, entrepreneurs simply cannot be involved in every decision. Grow a talented team. Not individuals like you but those who bring something else to the table and will challenge you. Then- get out of their way. That is humbling for an entrepreneur, but it is also freeing because you get to do more interesting work.
- Embrace change. If you manage to stay in business for any period of time you need to change. I have navigated the Gulf War Recession, the dotcom recession, the Great Recession, COVID-19 and the Great Resignation. It is never easy, but when others are throwing in the towel or stagnating, I look for ways to change and help customers. I believe everything should be on the table. Nothing should be precious. When things are at their worst, doing nothing is not an option. And, in my opinion, doing what everyone else is doing may also not be the best course of action. In other words, when some people zig, I zag.
- Know when it is time to go. You can’t remain relevant and move your organization forward if your entrepreneurial spirit is waning. Do you still have passion for the work? Is there another adventure that is more compelling? Pay attention. Balance your emotional and rational sides and you are more likely to make a good decision about whether you should “stay or go.” If the answer is to stay, then be curious and keep learning. If the answer is to go, then be brave. Perhaps you are destined to be a serial entrepreneur.
- Define your legacy. When you go into business, you have a plan, goals, a vision. What are you trying to accomplish? What will the impact of this business be over the long term? For business owners like me, it’s about more than just creating jobs or selling a product or service. It’s about leaving a legacy. Leaving a legacy could be financial. It could be something you do that touches others and makes the world a better place. Or it could be a combination.
Clearly defining your legacy helps create a roadmap that guides you through the years. It does not happen quickly. It is usually the result of a lifetime of work. You need to be thoughtful about what is important to you. Participating in the Edward Lowe Foundation’s Legacy Council program helped define my next move: selling the media portion of my business and ramping my communications business. The world is not going to slow down, and I intend to work hard to remain relevant for years to come.
Cynthia Kay is the founder of CK and CO Media Production, an award-winning video and animations company based in Grand Rapids, Michigan.