The Tweezer Times

Reprinted from Score Expert Questions (www.score.org)

© 2008, Phil Bode/Lisa Golden Schroeder

A nationally recognized expert on entrepreneurship, Barry Moltz has founded and run small businesses for the past 15 years, experiencing both great success and great failure along the way. His latest book, BOUNCE!: Failure, Resiliency, and Confidence to Achieve Your Next Great Success, offers entrepreneurs a new perspective on the concept of failure, and how recognizing and even embracing it can set the stage for bigger successes.

Q: How can entrepreneurs change their mindset about failure and develop their own “bounce”?
A: Forget about having “no fear,” or asserting that, “failure is not an option.” Actually, it is a very real option, and often happens. It’s okay to be afraid, and it’s okay to fail. Not everything works. Learn from failure and bounce to the next action and success. It’s about resilience.

Q: And if that action turns into failure, then what?
A: Grieve over failures if you have to, but don’t get demoralized. Being able to recover quickly and move to a new place where success is again possible is what matters. I use the analogy of a baseball team. Your opponent can beat you only once per game, whether it’s by 1 run or 15. But the next day, everything’s even and you have a new chance to succeed.

Q: Your book also advises against following one model or type of success? Why?
A: People want to find the easy, magical steps to success. In reality, success isn’t always a straight line, but a series of ups and downs. There are some great success stories out there, but they rarely apply to anyone else because those individuals have unique experiences and access to certain resources that may not apply to you. If you attempt to follow those same steps, you’re likely to be disappointed.

Q: What are some ways to create your own measurement systems for success and failure?
A: You should look for other things that are important to you—what I call “money-plus goals.” What is it that makes you want to do something to make money and have fun? Are you building customer loyalty? Are you learning things that will be helpful down the road? The key is to establish these systems from the outset so that you know what to work for, and how to recognize success when it arrives.

Q: You use the steps of preparing the business plan to illustrate your point that good process trumps good outcome. Does that mean business plans have no value?
A: Not at all. Business plans are valuable planning tools. But the process of creating them is even more valuable because it forces you to ask questions and search for information. You shouldn’t stop once you have the document, however, because business conditions are continually changing, and what you projected may be not be accurate in a matter of months or even weeks. Instead, you need to continue asking questions.

Q: How can a mentor such as SCORE help with resiliency and rebounding from failure?
A: Other people have traveled this path. Mentors like SCORE can help you assess a situation and figure out the best direction to take. Whenever you find people who can help you in this way, you will have better chance of success.

Q: What can you say about the value of mentoring?
A: Having a mentor–someone who has been there and done it successfully–is absolutely invaluable. No one can, or should, do it alone. Even elite athletes have mentors and coaches. And, in my opinion, every entrepreneur should become best friends with SCORE.

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