Hi David,<\/p>\n
Thank you for your post response! Measuring commitment is essential. Studies reveal \u201cIt takes commitment to build a business \u2013 or for that matter, to build anything. But what exactly does that word mean? Commitment is not measured by how strongly you feel about something, but by what you are willing to give up<\/em>. At one extreme there are causes and beliefs and people that folks are willing to give up their life for. At the other extreme sometimes you\u2019re not willing to give up your seat on the couch for something. We often hear talk of pursuing your dream relentlessly as if commitment is the only thing you need for success. I believe the problem is not the level of commitment, but the mis-match of commitment. The relative (rather than absolute) level of commitment. Some businesses require more commitment than others. It\u2019s often a function of context. If you\u2019re in startup mode, or if there\u2019s a lot of uncertainty in your market, then the level of commitment needed to succeed is likely to be high. If you\u2019re executing on a plan that\u2019s been working well for a while, then maybe you don\u2019t need to give up so many weekends to keep things going \u2013 it requires less commitment. What you give up may be more important than how much.<\/p>\n We\u2019ve all heard about successful companies that get complacent \u2013 their plan has been working so well they\u2019re no longer willing to give up the old ways of doing things. Then another company comes along and eats their lunch. In these cases the successful company maybe more willing to give money and even time to the problem. It\u2019s just that what\u2019s needed is to give up something else: old habits. Here you can measure commitment by willingness to give up old ideas and practices.This is why we say to startups when getting out there with an MVP, \u201cFind those early adopters.\u201d They are more willing to give up some of the niceties and features that less committed (more mainstream) customers will require. You can deal with them later: after you\u2019ve found a business model that can scale. Business partners and especially co-founders need to match their level of commitment: to each other and to the requirements of the company. If they assume a willingness to give up equivalent\u00a0 levels of money or time and that proves not to be the case, it\u2019s a recipe for trouble. This is why investors encourage founders to\u00a0 have a vesting schedule. If things change and someone\u2019s level of commitment to the company wanes, then their compensation (in the form of stock) should as well.<\/p>\n Takeaways:<\/u><\/strong><\/p>\n David, how do we assess how much leaders are willing to give up?<\/p>\n Reference:<\/p>\n Seiffer, J. (n.d.). How do we Measure Commitment? Business Owner’s Blog. Retrieved October 12, 2018, from http:\/\/betterceo.com\/2012\/12\/28\/how-do-we-measure-commitment\/<\/p>\n","protected":false},"excerpt":{"rendered":"\n
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