Days ago, the biggest single-event sporting competition in the world, The FIFA World Cup Brazil 2014, came to a close with Germany earning the right to be called the 'Greatest football team on earth'. That is a title that many entrepreneurs will give anything for. How nice will it be for your product to be seen as the greatest in its world?
A lot of work went into that achievement and to be as successful in business as Philipp Lahm and his teammates are in soccer, business leaders need to draw lessons from Die Mannschaft. Let's kickoff with three quick questions.
How good is your team?
The Germans were all about the team. With no flashy players or poster boys, they played for each other and as a unit. In their last three games of the competition, seven different players scored a total of nine goals. Practically anybody in the German shirt could deliver the goals.
The benefits of teamwork have long been known. That is why some businesses make it a point to build and maintain quality teams as the source of their strength.
How much have you invested in your team? Startups are normally hard pressed for cash, but do you at least promote learning or simply encourage team members to learn from each other? Are members ready to cover for each other?
What name are you making for yourself ?
The Germans wasted no time in developing a reputation for themselves as the most efficent team in the competition. Efficiency in football has several components, one of which is making sure you don't waste a good scoring chance - like the four they got against Portugal or the seven against Brazil.
Young enterprenuers need to be reminded that the companies that stand the test of time are the ones that build a reputation for something positive over time. Jim Collins' Built to Last explains this point really well.
With every product or service you put out, what reputation are you making for yourself ? How consistent are you with putting out your service ? Are you looking to make a quick buck today or are you building value for generations?
How do you respond to challenge?
Ghana is a team that should be cursing their stars right now. Excluding the final, the West Africans were the only team that gave the Germans a run for their money. At one point, Ghana took the lead and threatened to win the match. The Germans were visibly knocked off balance and showed signs of panic but they quickly made a double substitution that tipped the balance in their favour.
Nothing good goes unchallenged. In the final against Argentina, the Germans had to probe for a goal using different tactics throughout the match and it was only in extra time that their effort paid off.
When difficult competitors show up, do you have the strategies to deal with them? Instead of panic and losing control, will you apply a well thought out solution to your challenges?
Older enterprenuers often tell younger ones to give themselves a lot of time to make their dreams work. The question is how long can you stay at it - probing, trying, only to regroup and retry?
Einsten is reported to have said 'It's not that I'm so smart, it's just I stay with problems longer'. That is wisdom for all young entrepreneurs.
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