Achieve Inner Peace & Abundance | Sukhinder Singh Cassidy EP 428

0:00Hi, my name is Lewis Howes and welcome to the Daily Motivation Show.

0:10Around 65 % of businesses failed during the first 10 years. And you worked with a lot of multi-billion dollar companies, as well as some failed startups. Yes, yes, there should be at both. Why do you think most businesses fail, and what can we do to build stronger businesses? First and foremost, in anything we execute as entrepreneurs, you know, let's take the example of being an entrepreneur, because it's totally related to running a startup. We tend to believe that it's all about us. But most times when you look at businesses, there's like macro and micro. If you want to understand why you're failing and succeeding, you can say it all comes down to my execution.

0:46What could I be doing better, right? And that's true. You should go take the feedback on what you can be doing and optimizing we're going to talk about in a moment. But first I'm like, lift your head up. What's going on around you that's impacting your success or failures? When you look at businesses that thrive, I'm always like, okay, look at the tailwinds that they're riding. Tailwinds that they might be riding with the headwinds they're facing. So I think the first reason that businesses might succeed or fail is they are overly attuned to their execution and maybe not as attuned to the macro tailwinds and headwinds.

1:15Okay, that's piece one. Now let's come to the part that is all about you, which is we sort of want to make one decision and stick with it. We think it's one decision to success. We think it's one choice to success. Okay, well, whether you want to or not, the conditions around and you keep changing. You may want them to stay static, but they're not. What if I told you that for you to keep succeeding, you need to keep choosing? It's like actively keep choosing. You have to keep choosing. Choosing new decisions, taking new risks, getting in tighter feedback loops, adjusting, adjusting, adjusting.

1:45Always. Always. So obviously tech is very good at this, right? But we're not this good at this in small businesses or in our own careers. You say, you know how like you, like you want to, you want to just do something and set it, right? Set it and forget it. Life doesn't work that way. Right? So like businesses don't work that way. So like you want to set it and forget it, but then something adjusts and then you need to adjust and then you need to keep adjusting. So like this is the way our lives unfold. This is the way businesses unfold. Sometimes to make it, you have to survive. And surviving is about pivoting, pivoting, pivoting, pivoting, pivoting.

2:15Constantly. Constantly. And so I think if you want to set it and forget it, I don't know if many businesses now that work that way because every single business is being disrupted. And by the way, they're not being disrupted by technology. Even small businesses. Being disrupted by the pandemic or politics. or whatever local politics a competitor down the street right so you have to keep adjusting some new innovation that comes out or some new technology so whether it's micro or macro remember we said life lives in possibility so you have to keep pursuing the next possibility because at the minute you're like at stasis whether you're a small business or whether you're a gigantic startup you know with plenty of money you have to keep adjusting so first of all i think people are not nearly heads down enough when it comes to adjustments adjusting they're not willing to, they're not willing to adjust?

2:59Yeah, they're not willing to adjust. Like, you know, it's like, as I said, they want to set it and forget it. And then number two, so I'm like, you have to be heads down, but heads down to pivoting. And then you have to be heads up to like the environment around you and the stuff that's not all about you and then find your responses. So I know that sounds like a very simplistic thing for like, why do some businesses, you know, take 10 years to, you know, just like, look, the board list is five years old. It's my own startup, right? It just race is planning the board list is always adjusting like i can't tell you what it'll be in five years it's not the same thing now as it was when it started it wasn't and by the way if we want to be there in five years like we're going to keep adjusting as we go and like there's going to be new entrance and new competition and new legislation and like and so sometimes i understand that that's like tiring but that's the way the world that's the way business will thrive the only way it'll thrive the only way it'll thrive is if you're willing to keep adjusting now the good news is like if it's a small business that doesn't mean you have to go you know like your adjustments might be micro adjustments, right?

3:56But it's like this. You'll have to change the whole product line and everything. Yeah, exactly, right? And maybe you're going to make a thousand adjustments and one day you'll end up in an entirely new business. Or maybe you'll make a thousand adjustments and your business will be just a better version of what it is today. I don't know the answer. But if you say to me, like, why do startups fail? And I know that's a long answer to your question. I'm sort of like, first of all, it's not all about you. Heads up. And then the part that is about you is about adjusting and pivoting. So like, heads down, keep pivoting.

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5:19Again, have an amazing day and I'll see you tomorrow with another episode of the Daily Motivation Show.