Entrepreneurship: Not Always Listening to What They Say
November 12, 2009
Since 1996, Stadion's assets under management have grown from $24 million to over $2.7 billion. Over that time period Stadion launched innovative programs, adapted to legislative changes, and changed the way investors measure investment success. As founder, CEO and Chairman of such a rapidly growing business, Tim Chapman was recently asked to speak to the alumni of the University of Georgia's Terry College of Business. Following are some of the tips from his speech.
1. Be willing to make tough decisions.
Joab Thomas, former President of the University of Alabama and Pennsylvania State University, once said, "Rule #1: If you have to eat a frog, don't stare at it too long. Rule #2: If you have to eat two frogs, eat the biggest one first." Don't be afraid to make tough decisions and don't waste time trying to avoid them.
2. Believe in yourself. Believe in your mission.
Do the things necessary to succeed. For centuries it was thought to be humanly impossible to run a mile in less than 4 minutes. However, that all changed on a gray rainy day in Oxford, England when a young medical student named Roger Bannister ran a sub-four minute mile. It was a great feat that was heralded all over the world, but the most interesting point of the story is that in 1955, 17 other runners ran a sub-four minute mile; in 1956, 300 more runners ran it. How could that happen, when for centuries it was thought to be impossible? Because after Roger Banister did it, those other runners trained believing it could be done. Belief has the power to unlock potential and overcome obstacles.
3. Don't just build a wall, build a cathedral.
It's ok to keep the big picture in mind. But to make it happen, it is important to focus on the day-to-day grind of executing the fundamentals. There is nothing wrong with making goals, writing them down and taping them to the bathroom mirror. But if you focus on the process the outcome will take care of itself.
4. Don't listen to what they say - just fly!
Sometimes the path you take might be contrary to conventional thinking. When you start swimming against the tide there will be plenty of "smart" people telling you why your idea won't work. In the 1930's some engineers determined mathematically that bumblebees could not fly. The math was right but the conclusion was obviously very wrong. Those engineers were making their calculations based on smooth, fixed-wing aerodynamics. It was several decades later before scientist understood that four wings moving rapidly together and apart created enormous lift - enough lift that even a bumblebee could fly. Don't let conventional thinking hold you back. Just fly!