Is
There A Place for Optimism in Business?
If there is one character trait that is common to all entrepreneurs,
especially a first-time business starter, it is that they
are all optimists.
Optimism is defined as believing in and having the confidence
about the future and that any activity will result in something
good. An entrepreneur, in his endeavor to set up a business,
takes risks and works on giving life into his idea, trusting
that all else will fall into place to bring success to himself
and his business.
Is there anything wrong about being an optimist?
Of course not. Faith is interchangeably used with
optimism and I will be the last person to say that faith
is wrong. However, when it comes to business, I
believe that this should not be the sole fuel to keep the
fire going. I learned this lesson the hard way,
it became a classic example of what would-be businessmen
had to learn as was perfectly illustrated as the Stockdale
Paradox from Jim Collins’ book, “Good to Great”.
The Stockdale Paradox is named after US Admiral Jim Stockdale
who was taken hostage in the Hanoi Hotel during the Vietnam
War. He was the highest ranked prisoner and was in captivity
for eight years. In all that time he managed to keep himself
and his fellow prisoners sane. It is quite unimaginable
how a person can keep his sanity in such a situation but
what kept him alive are best drawn out from the Admiral’s
own words.
In his interview with Mr. Collins, he said, “I never
lost faith in the end of the story. I never doubted
not only that I would get out, but also that I would prevail
in the end and turn the experience into the defining event
of my life which, in retrospect, I would not trade.”
He was also quoted as saying, “You must never confuse
faith that you will prevail in the end – which you
can never afford to lose – with the discipline to
confront the most brutal facts of your current reality,
whatever they might be.’
In business, one has to believe that his goals
will be attained and that his vision will come to pass.
Also, one has to exhaust all possible means to make everything
happen. But more than these, one cannot allow his faith
and belief to cloud his ability to confront reality.
Entrepreneurs are truly wired for optimism. Often, companies
are set up and continue to operate – even at a loss
– because owners and/or the corporate leaders refuse
or choose to forget to take a true accounting of the market.
As business people, we should learn to recognize
the difference between the market eventually picking up
and that of the market’s total lack of interest in
the product. Set limits. Know when it is time to throw in
the towel and move on to something else.
In the end, what counts is the experience. For
as long as you were passionate about the business until
the end, enjoyed every moment of the experience, learned
the lessons of how to make it work and what will keep it
afloat, you have every right to claim success.
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