Vaulting Towards Success, Part 2 - The Safety Net

In part 1 of this series, we examined the importance of always making sure you’re on the right track and moving in the right direction, both in life and business. In a track and field competition, there are a dozen different areas that you could find yourself, whether it’s in front of the high jump mats, long jump or triple jump sand pits, the oval racing track, or even next to the steeplechase water pit.

If you plan on pole vaulting, as I did in school, you had better confirm that you’re on the correct runway, or the results could be disastrous. Only one area on the field has the necessary plant box for your pole to land in, and the necessary mats for you to fall on. Attempting to jump in the WRONG area, while running with a 15 foot fiberglass pole at full speed, is not strongly recommended.

The same can be said of your business pursuits and entrepreneurial endeavors. If you choose a track in life that doesn’t necessarily fit your skill set or your passions, the end result could be even more disastrous and painful than trying to pole vault on the wrong runway. There’s nothing more disheartening than spending your life climbing up the business ladder, only to find out you had it leaning against the wrong wall!

The Safety Net

After ensuring you’re on the right track, you also want to confirm that there is a safety net in place if things don’t go exactly as planned. In the pole vault, the padding is not limited to the area in which one would land if everything goes perfectly. In fact, the padding extends well in front of the plant box, around the bottom of the standards (metal contraption that holds up the cross bar), to both left and right sides, and to the back of the pits. The reason? Well, let’s just say that things don’t always go according to plan.

Anyone who has pole vaulted for any length of time can tell you the war stories of jumps gone awry. I have watched poles break in the middle of a jump (check out this video from last week's world championships), I’ve been thrown into the standards, I’ve come up short and landed in the metal plant box…and the list goes on and on. I have quite a few bodily scars that can be attributed to my jumping days of old. However, while it may be one of the most dangerous sports in all of track & field, the risks associated with the pole vault are greatly mitigated due to the padding and other safety measures that have been added to the sport over the years.

Much like in the pole vault, it’s extremely critical that all new entrepreneurs have a safety net in place. This is best accomplished in a new venture by setting aside dedicated cash reserves, preferably 6-12 months of anticipated business expenses. It’s important that there is enough available capital to sustain your company as its fledgling roots try to take hold in the local economy.

Too many times new businesses are formed because someone loses a job, or doesn’t have anywhere else to turn. While that may be a great motivating factor to launch out on your own, it provides little room for error in case your sales and revenue don’t immediately take off. In fact, this is the primary reason why 1/3 of all businesses fail in the 1st two years, and over half fail in the 1st four years. To ensure longevity and success, new businesses should be started from a place of strength, not cash-strapped and in a position of weakness and desperation.

However, a safety net of cash reserves should NEVER be confused with a “back-up plan” or a “Plan B.” Your reserves are designed to help you get through the growing pains of your new endeavor, giving you ample time to build your brand, your customer base, and your goodwill throughout the community. It is NOT a “fall back” or an excuse to give up if things don’t immediately go as planned, because…NEWS FLASH…things will NOT go as planned.

If you are not committed to your business for at least a year or more, it is obviously not a true passion or calling, and you should probably find somewhere else to spend your time and money. However, if you can’t get away from that gnawing inside of you to do something beyond yourself, if it eats at you, nags you and consumes your every thought…then you are right in the place you need to be, and ready to launch yourself towards greatness.

Today is your day! It’s time to tap into your entrepreneurial spirit, and create something new and life-changing, a product or service that can make the world a better place and enhance the lives of your customers. Burn your proverbial boats, commit to your business, and give it everything you have. When you do that (along with a safety net of cash) you will be destined for entrepreneurial success!