Blend great expectations with realism for success

Optimism is a personality trait that is usually found in abundance in successful entrepreneurs.

It is an attitude that is essential to fuel creativity and to build the determination that is necessary to persevere against great odds. Optimism is responsible for keeping you clearly focused on your goal rather than being sidetracked by obstacles along the way. It helps you to endure the inherent risks, and face each new challenge with the resolve to win as you build your successful venture.

I learned many years ago that pessimists are rarely, if ever, found among the close associates of successful business people. They are seldom happy and are not pleasant to be around. Their negative attitude drains the energy and strength from your management team. The cloud of doom and gloom and the divisive dialogue that accompanies that attitude will destroy creativity and team relationships that are critical to your success.

As essential as optimism is, it is not the universal remedy that guarantees success. We have all been encouraged by statements such as, "If you believe it, you can achieve it," and "Whether you think you can, or think you can't, you are right." Certainly, there is some truth and even some wisdom in these and many other motivational cliches. Even so, we need to remember that optimism alone is not a guarantee of success. In fact, I suspect that wild and unbridled optimism has preceded virtually every colossal failure in the history of the world.

Optimism will never replace fundamental skills, talent, experience and thorough preparation. It must be accompanied by a well- researched and professionally written business plan. There must be an undisputed need for your product or service, and you must have the ability to satisfy that need better than your competitors. The marketing strategy must be thorough and defensible, and the financial plan must be reasonable.

I have met with bright and extremely passionate entrepreneurs who were devoting all of their time and their personal resources to a venture that had all the earmarks of pure fantasy. The idea may be great, and the goal may actually be achievable, but the resources, the financing and the skills that are available to the entrepreneur are totally inadequate to the challenge. Regardless of the brilliance of your great idea, you must remember that some gigantic projects can only be performed by business entities that have deep pockets. Remember that if you want to float a really big ship, you need to make sure that you're not in a small shallow pond.

Somewhere between the optimist and the pessimist is that rare person who we call a realist. Since friends and family of the entrepreneur typically want to encourage his optimism, often the first realist that an entrepreneur encounters is a prospective investor. Separating people from their money is the acid test in passing the first major reality hurdle. Some fantasy business plans are met with such skepticism from the money people that it is the equivalent of dropping a live grenade on the conference room table. If the prospective investors scatter like cockroaches under a sudden spotlight, you have failed the reality test.

Optimism is an indispensable characteristic for a successful entrepreneur, and there is absolutely no room for pessimism. However, as important as optimism is, it should never be the excuse or justification to pursue unrealistic goals. Finding and achieving a healthy balance between optimism and realism is one of the keys to entrepreneurial success.

David M. Brown is associated with the BYU Center for Entrepreneurship. He can be reached via e-mail at [email protected].

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