Having a predetermined plan and having a clear leadership are some of the lessons that can be applied in the business world
Navigation offers some lessons to the corporate world such as the importance of having a clear leadership and a predetermined plan.
As an avid competitive boater, spending time on the water has become an important part of my life. The constantly changing conditions coupled with the adrenaline of the race provide a fun and challenging environment at the same time.
As a holder of the Blavatnik Scholarship for Life Science Entrepreneurs and an Atlas Venture Partner, I work with a variety of aspiring and accomplished entrepreneurs. My experience in these roles has allowed me to discern similarities between what it takes to build a successful yachting team and a successful entrepreneurial endeavor. Here are some of the lessons that can be learned from water sports.
1. Have a plan
Just like when starting a business, having a strategy before a career helps make decisions that may be necessary later. Analyzing the obstacles that may arise allows the team to have contingency plans. In both situations, changes in conditions and competition will be built into the strategy. As you advance on your journey, the new information can be used to evolve the existing plan that provides a basis for decision making.
2. Only one person at the helm
Ultimately there should be a single person who sets the direction and leadership for the larger effort. The CEO or helmsman should be in charge of concentrating on moving the company or vessel efficiently in the right direction. He must choose the orientation and be constantly vigilant to assess the risk before continuing on the same course or changing it.
3. The crew makes up the team
One of the most important things a leader or owner does is build the team. Great leadership is not enough to compensate for poor team execution. Instead, a great crew can lift their helmsman to new levels of ability and success.
4. Focus on the role
Like the CEO or helmsman, each team member has a specific and distinctive role. To build a successful team, it is critical to bring together people who can focus on their role while trusting that other members will do the same. If members are distracted by other responsibilities, they are not effective in their own role.
5. Communication is key
In races, team members have to spread important information quickly and receive confirmation that the message was received. Over-communicating or sharing unrelated information distracts from concentration. The same is true for company driving. Knowing what people need to know and what is not important for effective use of time. Equal understanding by all parties prevents common miscommunication problems.
6. Keep destination in mind
As an entrepreneur, the challenges can be trying to develop the company, go public, or establish a strategic relationship. Navigation is about getting to the finish line as quickly as possible. All activities must be organized so that the team progresses towards the goal. Having a team member responsible for always keeping an eye on the goal, especially when things happen quickly, limits the possibility of wasted effort. Sometimes a slower but more direct path can be the most efficient approach.
Conditions change
On a sailing boat you have to constantly adjust the heading and steer the sails in response to the direction and speed of the wind. If you don’t reassess your priorities in the face of new information, you may not be moving as fast as possible. The conditions faced in building a business are no different. As your studies progress and the market evolves, you have to be prepared to react and change the focus of your activities quickly. Staying alert to impending changes allows you to be proactive rather than reactive.
Both in navigation and in business, the benefits come with a lot of risk. You can’t win by playing it safe all the time. When preparing, don’t allow past failures or successes to divert attention from your next career or endeavor, and efforts should be focused on a well-functioning team. And when you cross the finish line you have to celebrate success, criticize any failures you may have had and prepare to
