Stanford Professors, Madhavan Ramanujam and Georg Tacke in their book “Monetising innovation: How smart companies design the product around the price” document findings from a research that revealed, 72% of Companies never profiting or meeting their revenue targets from their innovation initiatives because of poor execution of plans.
You have also read and or heard how 80% of the start-ups never make it to their fifth birthday. We are surrounded by a barrage of information that depicts success as an odd. In such a world how does one stay expectant for the best?
Firstly, you and I have to deduct the power of expectation in determining our behaviour. As the late Zig Ziglar put it, “It is impossible to behave in a manner inconsistent with how we see ourselves” On a recent episode of my weekly podcast Duped, I highlighted something called the omission effect. Simply put, the statistics of failure leave out a lot of information. They won’t tell you that the majority of companies that never profit from innovation initiatives are in a learning phase. We usually forget that the might Apple inc celebrated for its innovation lost $200 million on the first version of the Mac.
Whether it is innovation or riding a bicycle you are going to make mistakes. When we started Sudesh Int’l Consult, the first two years were incredibly tough; debts and low revenues almost forced us to close but we were learning.
Now that you know that even those who succeed at endeavours or innovation get to fail. What makes them different? They know how to direct their thoughts and feelings towards success. They believe! Belief is nothing but a state (thoughts and feelings) of certainty that govern one’s behaviour.
Here are three things you can do to direct your thoughts and behaviour whether for innovation or any form of success:
- Focus on the best: Where focus goes energy goes and where energy goes you get results. Meditate and focus your thoughts on the Companies that succeed. Focus on the marriages that are sweet if you are scared by divorce statistics.
- Derive the meaning: Get the right meaning. When we accumulated debt in the first years of Sudesh Int’l Consult the lesson was that we were learning and going through what most Companies go through. It wasn’t the end of life, but a chance to do better than our best at a time. It was a chance for us to submit to those that had gone before us.
- Action: Knowledge without action is poverty. Take action like a mad man to see the realisation your beliefs.
Lastly heed to the words of Ford, “Whether you think you can, or you think you can’t–you’re right.”