Milestones or measures of success

As we have been discussing, building a venture is a process that is to be unfolded over time. The challenge is compounded when you know that the long, arduous journey is rarely marked in any directions. It is pertinent to ask – Without these benchmarks, how do we know we are progressing, The answer is not easy.

Without benchmarks, entrepreneurs try to make a path to assess their progress by looking around for socially-expected trajectories. But when you don’t have this information readily available, the next best thing to do is to look for some cues in the media – you may subscribe to some magazines. Follow these blogs and look at the conversations, you would immediately anchor yourself on to some categories of articles that are more visible and have gotten a higher viewership.

Entrepreneurship is a journey in a resource-scarce environment. You are more likely to get attention on topics that deal with resource acquisition. One of the widely covered topics is the funding scenario – and articles typically cover startups that have raised funds from an investor (either angels or VCs). This high visibility sets in aspiration, in an otherwise non-benchmarked journey, and the entrepreneur, most likely begins to pursue investment.

On the other hand, the media does not cover stories about getting a large customer order. It does not describe the challenges in the process nor the detail of how the entrepreneur overcame this. Simply put, it’s good to think – “once a customer pays you for the product, it is your money, and you have complete control over how to invest it! But try doing it with investors’ money! You are not as free.” Should you not search for a customer instead?

The argument above is only to illustrate the challenge of not having minimum benchmarks. The solution in such cases is to remain pragmatic and ask about your own standards of success metrics. In most cases, these success metrics are individual specific. You have to also realize that the venture you are building is distinct from you as an individual. You are to act as a custodian of the venture after you have gone past a certain stage. The venture has its own life, and you have to get the right mix to help it realize its potential.

Ask yourself:

What activities am I often engaging myself in? What is driving me to pursue those activities?

Are these activities aligned with the appropriate milestones for the venture? If I am confused, is there anyone with whom I could clarify my confusions with?

Is my notion of success and failure justified? Am I pursuing visibility? If so, what is the visibility translating to for my venture?