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Entrepreneurship: Building Rewarding Ventures

What Does Success Look Like?

Professor Scott DeRue discusses the ways success looks differently depending on goals, teams, and other entrepreneurial factors. This video is part of our Inspiring and Motivating Individuals MOOC.

Excerpt From

Transcript

0:09 so we've talked about the first question 0:10 why do we do what we do the core purpose 0:13 the second question that we've 0:16 discovered as part of these visions that 0:18 really compel people and create a shared 0:19 sense of direction the second question 0:22 that you have to be able to answer for 0:24 your team 0:25 is what does success look like 0:29 some organ organizations that i've 0:31 worked with call this their definition 0:34 of victory 0:35 or their definition of success 0:38 i'm going to share with you a couple of 0:40 examples and just like the former 0:42 question then i'm going to ask you 0:44 to for your team think about what does 0:47 success look like and how clearly is 0:49 that defined 0:50 today so here's an example of a core 0:53 purpose statement 0:54 this organization answered the first 0:56 question why do we do 0:58 what we do as follows to prevent and 1:00 alleviate human suffering 1:02 in the face of emergencies by mobilizing 1:06 the power of volunteers 1:08 and the generosity of donors any guesses 1:11 as to what organization this is 1:15 this is ultimately still to this day 1:18 the american red cross who operates 1:20 globally 1:21 when there are events that cause human 1:25 suffering 1:26 and their purpose is to prevent and 1:28 alleviate that human suffering by 1:30 mobilizing their resources both people 1:33 and money but what's really interesting 1:36 about the american red cross 1:37 as a global organization is how they've 1:41 defined 1:42 success for the organization for the 1:44 teams within that organization 1:46 and ultimately the employees that choose 1:48 to be part of this organization 1:51 as well as all the partners that work 1:53 with the american red cross 1:56 this is how the american red cross has 1:58 answered the question 2:00 what does success look like i want you 2:02 to think about the organizations that 2:04 you either work in today or that you 2:06 worked in before were those 2:08 organizations 2:09 as crystal clear as the american red 2:11 cross about defining what 2:13 success ultimately looked like the 2:16 american red cross through its strong 2:17 network of volunteers donors partners 2:21 is always there in a time of need we 2:23 aspire to turn compassion into action 2:26 so that and this is the real really 2:28 important piece 2:29 of what the american red cross is doing 2:31 here is they're defining for all of 2:34 their various stakeholders 2:35 their quote unquote customers what 2:38 success looks like 2:39 so for all people affected by disaster 2:42 across the country around the world 2:44 that they receive care shelter and hope 2:48 our communities are ready and prepared 2:51 for disasters 2:53 everyone in our country has access to 2:56 safe 2:56 life saving blood and blood products 3:00 all members of our armed services and 3:02 their families 3:04 find support and comfort whenever needed 3:06 and finally 3:08 in a time of emergency there are always 3:10 trained individuals nearby 3:12 ready to use their red cross skills to 3:15 save lives 3:17 want you to think about what you see 3:20 here 3:22 how is the american red cross defining 3:24 its vision 3:25 of what success ultimately looks like 3:28 one key point is they're defining each 3:31 of their stakeholders whether it's the 3:32 people affected by disaster whether it's 3:34 the communities they work in 3:36 their home country members of the armed 3:38 services 3:40 again people affected by emergency or 3:43 the people who 3:44 need to go to these emergencies to help 3:48 the folks who are in a time of need 3:51 it identifies all the various 3:53 stakeholders but then it goes one step 3:54 further which is to say 3:56 if we are successful as the american red 3:58 cross then what is true for each of 4:00 those stakeholders 4:02 so for the people affected by disaster 4:03 they receive care shelter and hope 4:06 for the communities that we work in they 4:08 are ready and prepared 4:11 for people everyone in our country they 4:13 have access to blood and blood products 4:16 so they're defining what this vision of 4:18 success ultimately looks like 4:21 in historical military terms commanders 4:24 often called this the commander's intent 4:27 they knew that when soldiers got onto 4:29 the battlefield lots 4:30 would change everything they had planned 4:33 for 4:34 there would always be something that was 4:35 uncertain and so they talked about a 4:37 commander's intent as being the vision 4:39 for ultimately what success looked like 4:42 so that when the soldiers went to battle 4:44 they ultimately could figure it out 4:47 in times of changing markets or changing 4:51 resources or changing environment 4:55 but they still had a vision for what 4:57 success looked like at the end of the 4:59 day 4:59 and they could adapt accordingly and 5:01 that's why it's so critical so important 5:03 that you answer this second question 5:05 about what does success ultimately look 5:07 like 5:08 i would encourage you to go around to 5:10 all of your team members 5:11 even if you're not the formal leader of 5:13 that team 5:14 and ask them do you have a clear 5:16 understanding of of what success looks 5:19 like if we're successful what does our 5:20 world look like 5:22 for our customers for our employees for 5:23 any other stakeholders that you might 5:25 have 5:26 and see if you can get clear answers to 5:28 that question if you cannot that 5:29 presents an opportunity for you 5:31 to then go engage with those team 5:34 members 5:35 and work together to define what success 5:38 looks like 5:39 let me give you another example we've 5:41 done the american red cross now let's go 5:42 to a for-profit example 5:45 this is again back to 1950 we've talked 5:49 about this company so now you'll know it 5:51 this is again from a historical document 5:54 with the company articulating if we're 5:57 successful as a company 5:58 here's what the world will look like 6:01 here's what they said 6:02 we will experience the sheer joy of 6:04 innovation let me stop there 6:07 how many of you have ever worked in a 6:08 team a company an 6:10 organization where that company was 6:12 about the sheer joy of anything 6:15 in this company ultimately sony 6:18 their first statement about if we're 6:21 successful 6:22 was we will experience the sheer joy of 6:25 innovation 6:26 and to continue the application of 6:28 technology for the benefit and pleasure 6:30 of the general public 6:32 we will create products that become 6:34 pervasive around the world we will be 6:36 the first 6:36 japanese company to go into the u.s 6:38 market and distribute directly 6:41 we will succeed with innovations that 6:42 u.s companies have failed at such as the 6:44 transistor radio 6:45 remember this is 1950 if you do not know 6:47 what a transition to radio is 6:50 you should go search on the internet to 6:52 find out 6:53 50 years from now our brand name will be 6:56 as well known as any in the world 6:58 and will signify innovation and quality 7:00 that rival the most innovative 7:02 companies anywhere important made in 7:05 japan will mean something fine 7:07 not something shoddy again if we think 7:10 about 7:11 this vision of what success looks like i 7:13 would say sony was pretty 7:15 successful in their pursuit of 7:18 that vision of success and their answer 7:21 to 7:22 the second question which is 7:25 if we're successful what will the world 7:27 look like what's our definition of 7:29 success