Business success is a marathon, not a sprint

To celebrate my 30 year anniversary of setting up Freedman, I'm going to share some of my business learnings and lessons. I hope they'll be interesting and helpful to other current or aspiring business owners.

My first topic is going to focus on why business success is a marathon, not a sprint.

In today's fast-paced, PE funded, social media world where everything has to happen now (and everyone you've ever heard of has become an overnight success worth a gazillion amount of money) it's unfashionable to say that good things take time. But it’s true, things that take time "taste" that much better. A beautifully cooked meal, a ten year old whisky, a long lazy walk across an unspoilt landscape…I could go on. I think there's something very important about being willing to stick things out for the long term, to take the time to get really good at your chosen profession, and to work out how to survive (in the beginning), how to navigate (in the middle) and how to enjoy (after a good while) the journey - with all its ups and downs - of business life. 

Starting Freedman at 28 - with no prior background in marketing or advertising - I was excited, ambitious, rather over-confident and completely naive. A perfect combination for any one starting up. For me, winning was as easy as building a spreadsheet with all the numbers moving steadily upwards. Little did I realise what a roller-coaster I was in for. But I was a marathon runner, so I knew the race would not be won in the first few years.

One of the earliest business books I read was Managing by Harold Geneen. Geneen was an American accountant who built up a huge conglomerate called ITC back in the 60s. One of the first chapters in his book was entitled "Experience Before Cash". His advice was not to chase the biggest payback in your early years. He emphasised the need to get the right experience and be prepared to stick at your chosen area - the money will come when you are proven. Clever advice that I have always heeded.

When I think about some of my business "heroes", these are all people that found their niche and stuck at it. People like: Ray Croc, Walt Disney, Henry Ford, Jeff Bezos, Bill Gates, Phil Knight, Dan Wieden and Ed Catmull. 

So if you go into business, be in it for the long term. Don't fall for get-rich-quick scams; don't let the private equity merchants sell you a dream that will only serve their interests; don't sell out at the first opportunity, and don't give up when the going gets tough. The fun is in the journey, not the destination. Bon voyage!

K