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Forty years ago I began my very own company, (*7*)ComPsychwith an idea and $1,000. Fast forward to today, it is the largest provider of mental health services in the world, serving 78,000 organizations of all sizes, from small businesses to Fortune 500 corporations, helping over 163 million people in 200 countries.
I’m often asked how I did it, and I at all times come back to my guiding principles in business and life. Here are the seven principles I followed to build my company from a startup to what it is today—fulfilling my wildest financial dreams and commitment to my mission—that may aid you build a lucrative and fulfilling business, too.
1. Imagine the unimaginable
Entrepreneurs must necessarily set their goals not only high, but also high. When starting out, don’t limit yourself by setting yourself too modest a vision. “Dream big” appears like a cliché, but it might probably turn out to be a self-fulfilling prophecy. History is filled with entrepreneurs who others thought were crazy before ultimately achieving unimaginable success.
Sure, you will need to set incremental goals along the way, but keep in mind that throughout your journey as a business owner, the only one who can truly limit your organization’s potential is you.
2. Get involvedment versus commitmenttee
One of the business school traps that entrepreneurs fall into is spending too much time trying to build consensus. Instead, focus on building commitment to your vision. Why? Because daring ideas are often not accepted by consensus. I often say that going back to the middle is a compromise for mediocrity: trying to please everyone often results in your ideas becoming a shell of their original conception. A classic example of a “committee” project is a project in which everyone is involved he heard and no one is glad.
Instead, hire a group of people that imagine in you and your unimaginably broad vision, and who are inspired by the future and potential you see.
3. The crowd is often fallacious
Challenging the crowd mentality is not only positive, but essential. If you would like to stand out, why would you do exactly the same thing as your competitors? My advice: Chart your personal course.
When I began my practice, everyone else was trying to provide care in every corner of the country through their very own scattered offices and in-house physicians, which is unattainable to do effectively. I bucked that trend by adopting a nationwide network model. This centralized approach allowed us to offer a broader range of services at a cheaper price while reducing bureaucracy and overhead. We were immediately competitive and grew rapidly as a result.
Fast forward to today, where online-only tools have turn out to be the standard and we are the hybrid provider that gives Both digital tools and telemedicine services, in addition to the industry’s largest personal network and comprehensive organizational support services.
4. Rental on the facade
As you grow from a small team (or even one person!) to a company with dozens, a whole lot, or hundreds of employees, you’ll see how vital it is to hire with intention. I imagine the people you hire make or break your organization. Look for individuals who will move your organization forward.
These people won’t all look the same. Some will have wealthy, invaluable experience in the field, while others will come from a number of backgrounds. The most vital thing is that they exemplify the qualities that are key to your mission and culture. Honestly, I value qualities like mental curiosity, persistence, and discipline as much, if no more, than traditional experience because I know those are the varieties of individuals who thrive in my company.
5. Be smarter than the problem
Most business problems have relatively easy answers. We overcomplicate them. As humans, we tend to catastrophize. This can lead to a lot of additional work and worry.
Instead of going around in circles, I rely on the old Navy axiom: “Keep it simple, stupid.” Just think about what the real problem is (hint: it’s often NO what everyone is talking about) and how to solve it. This easy, thoughtful approach is often not only the most convenient, but also the best.
6. Perfection is the enemy of success
While all of us strive for excellence, keep in mind that focusing too much on perfection will only serve you well. Like Nike’s iconic slogan, sometimes you only have to “Just Do It.” There can be opportunities to iterate and improve in the future. In the meantime, work on executing your vision to the better of your ability, while also recognizing that there’ll literally at all times be room to grow and improve.
If I waited until every thing was perfect, I wouldn’t do most things. The key is to execute quickly but thoughtfully. Over time, you’ll refine your instincts, spot ongoing patterns, and learn to trust your gut when it comes to taking decisive motion. The most vital thing is not to beat yourself up and freeze yourself while considering your options. The worst decision you may make is not to make a decision.
7. Be bulletproof
I imagine that honesty, and subsequently your fame, is the most vital thing in business and in life. When I say “be bulletproof,” I mean live your values 100% of the time. This will ensure your organization never strays from its mission while building a fame that folks trust. It also fosters a culture of accountability and helps protect you from hypocritical criticism.
Almost 20 years ago, Warren Buffett popularized the concept of “newspaper test“—the idea that if you don’t want something you do to be published on the front page of the newspaper, it’s not appropriate. This is an easy way to make sure your actions match your words.
These may seem like simple concepts, and they are. The challenge is implementing them in the face of unforeseen adversity. It’s the rigor and discipline of applying the same set of principles to every situation that will make a difference over time. After 40 years in business, I’ve come to realize that nothing is insurmountable. With unabashedly big dreams, an unwavering commitment to your vision, the confidence to chart your own path, the right people by your side, a mindset of simple, smart action, and strong values to guide you, you’re likely to succeed not only in business but in life.