Process > Outcome
Why the hard work never really ends and what to do about it
What is entrepreneurship?
Build a thing
Work really hard
Hit a big number
Exit and make a lot of money
Retire to the beach and finally start relaxing
“Once we get through these next 3-4 big things, then we can settle in for a while.” I caught myself saying this to my business partner after perhaps the busiest quarter of our entire careers.
On a personal level, the past few weeks/months have been absolutely nuts — roughly 20,000 miles traveled for Profit Mastery, closed on an acquisition in the insurance space, completed a divestiture of another business we own, refinanced some loans at another business, and wrapped up the first part of a (first ever) capital raise…
This is a lifetime’s worth of accomplishments, and yet I was (am) still thinking about the next 3-4 big things?
The truth is — things never settle down when you’re running a business. And as a result, you’ve got to lean into the frenzy and enjoy the process…
Business ownership is a lifestyle, not a singular goal, project, or outcome. Sorry friends, there is no “finish line” where the work stops and the relaxation begins. The work is the thing, and we need to learn to love it.
The Work Is The Thing
Here are a few lessons I’ve learned firsthand (and am still working on applying) and through observing others:
Process > Outcomes — In his excellent book, How to Fail at Almost Everything and Still Win Big, Scott Adams preaches this concept. His idea is that goals are just temporary end points, while systems/processes are repeatable behaviors which indirectly lead to good results (outcomes). Imagine you’ve got a goal (revenue/profit target, valuation number, whatever it is). Let’s say you get halfway through the year and that goal no longer looks remotely achievable. Do you throw in the towel and abandon it altogether? Don’t be “anti-goals,” just focus on processes/systems.
Slow is smooth and smooth is fast — This is a favorite Navy SEAL saying of mine (I find myself mentally repeating this during a grueling run/workout). In your business, the moment you complete 10 items on your punchlist, 10 more will appear. Don’t be frantic about getting things done. Find the most important thing, and focus deliberately on it.
Find your purpose — Having “purpose” in life (however you define it) is pretty freaking important. I’m a big believer that Buffett & Munger were so sharp into their late 90’s as a direct result of having purpose (a reason to get up every morning + doing something they enjoyed). Whether it’s solving specific issues for customers, bringing joy to others, whatever; find the purpose in the work you do.
Treat things like a puzzle or riddle to solve — The best owners I’ve seen have a genuine curiosity about how things get done in their business. They find the puzzle interesting. If this thing can be figured out, it could make XYZ faster, better, or more enjoyable for customers. That’s a cool mentality which makes work not feel like work.
Learn to love small wins — Good operators also take satisfaction in small wins (a good hire, fixing a workflow issue, an unsolicited customer review, a big client win, etc.). Stop to appreciate your victories. Give yourself credit before moving on.
Resetting Expectations
Here’s where I struggle with this: what does it look like to “stop and smell the roses” (i.e. acknowledge what we’ve already accomplished)?
Maybe it isn’t an excuse to slow down, but a reminder of where we’ve been motivation to keep going.
An excerpt from a Ryan Holiday article on “not having goals” spoke to me on this subject:1
I don’t have goals.
I know that might seem a little crazy, but it’s true. I don’t.
There’s not a certain amount of books I’m trying to write. There’s not a certain amount of books I’m trying to sell. I don’t have a “number” that I’m trying to hit financially. There’s not a certain number of downloads I’m trying to get my podcast to or followers I want to reach.
I run every day, but I’m not training to run a marathon. I swim a lot and bike, too, but it’s not because I want to do an Iron Man.
That’s sort of the point. What I want to do is run and swim, what I want to do is write — to me that is the win.
I run because I love running, I write because I love writing, I work because I love my work. It’s the activity itself (the journey) = the work is the thing.
When you finish something significant (new key employee hired, a new product launched, resolved some pesky client situation, or hit a new revenue milestone), pause for a second and actually recognize it before moving on to the next thing. Most entrepreneurs are so focused on the next thing, they never register the current thing was actually a win (maybe even a big win).
Warren Buffett has been running Berkshire Hathaway for 60+ years. He still writes the shareholder letter, shows up for work everyday, does interviews, makes deals, etc. This is what it looks like “for the love of the game.” (Purpose)
Building & Compounding
Here’s a thought I keep coming back to: the best businesses in the world (the ones that outlast their founders) are the ones that build real value over time, and they’re almost never built by people chasing an exit or quick gain.
They’re built by people who got genuinely good at something and kept working at it longer than anyone expected.
Don’t treat the journey (i.e. the hard work) as the “price paid” for reaching your goal/outcome. Instead, let’s treat the journey as the destination… the goals will come as a byproduct and we’ll be much happier along the way.
TL;DR
Focus on systems/processes (the activity of what you do) instead of goals/outcomes/destinations (you’ll be much happier)
Slow is smooth / smooth is fast — be focused and deliberate instead of frantic, the work won’t go away so learn to enjoy the work you do
Find your purpose — reframe what you’re doing (i.e. “delivering happiness” > “selling products”) to find meaning/purpose/joy in your day-to-day activities
Solve puzzles, tinker, experiment, try new stuff
Love small wins and take time to appreciate/acknowledge the victories you’ve had
P.S. — I’d love to hear what you’re working on right now… what’s the “big thing” keeping you up at night? Hit reply and tell me… I read every one even if I’m slow to respond :)