I don’t make widgets. Instead, I help create works of art. For me, success is based upon my ability to take an idea from conception to commercialization. I’ve learned, that at that point, I need to step back and let others take over. That doesn’t necessarily mean I let go completely but I certainly try and keep my fingers and toes out of the day-to-day operations of what we’ve built.
How the project mentality looks
About a decade ago, I spent a good deal of time in Hollywood. (Yes, that Hollywood where they make movies.) I never had anything to do with the movie business, but I had several customers in southern California and traveled there for four to five days every five or six weeks. I ended up staying at the same hotel on Sunset strip and frequenting a restaurant many evenings that is really a locals’ joint. Over time, I became friends with dozens of folks in the entertainment industry.
On some trips, I would see certain individuals at Mirabelle every night. Then, I might not see that individual for several months. I started to wonder about that and then asked questions about it. The movie and TV industry is very project-oriented. I learned that when you are making a movie you work 12-18 hours a day, seven days a week until the production is complete. It’s an expensive process and the investors want their money tied up for as short a period of time as possible. So, that’s the project side of the equation. You work your butt off for some period of time to bring the project to a revenue-generating stage.
When my Hollywood friends were in town, they still were working; just not at such a frantic pace. Many times, I’d venture to Mirabelle for dinner only to find a friend or two reviewing a script or looking over a TV pilot proposal. For a time, there was a part of me that wanted to get into the entertainment business – on the business side of things, of course. I recognized that this “start, finish, start” mentality fit my way of working.
How to apply the project mentality to your business
First, you have to find the right ideas. This is what I was thinking about when I wrote “How I Convert Ideas to Profit.” When my friends in Hollywood read scripts and reviewed TV and movie proposals, this is what they were doing. This is the most crucial part of the process. Think of how many movies with casts made up of A-list stars fail to deliver because the story stinks.
Next, you need to build a team. In Hollywood, it’s the cast you see and the much larger support staff you don’t really think about until you watch the credits of a movie roll. Picking the right people is key and just this year I’ve shared “Building Successful Teams,” and “Effective team building at 47 years and counting.”
With the right people and the right idea in place, it’s time to work our butts off until the project starts generating revenue. Then, it’s time to slowly turn control over to an operational team. Operational and creation mentalities are different and thank goodness for that.
Start again
Then, it’s time to slow down, rest and start looking for the next idea worthy of converting to reality. It’s good to actually be looking for the ideas while in furious work mode; but you shouldn’t spend too much time evaluating until you are in a more restful state. Your mileage may vary and I’d love to hear your approach to getting things done.