Star Gazing

As a Hollywood society we are obsessed with the rich and famous. Magazines, TV Shows, and newspaper columns are dedicated to this phenomenon. We are fascinated by actors, musicians, politicians, and sports figures. Not only are we fascinated by their on-field performances but also their everyday lives. We hang on to every word about their marriages, divorces, trials, etc. What seems like a harmless hobby acts a real detriment to our personal success.

In business, the concept of star gazing is applied to top entrepreneurs and CEOs. Many of these top professionals, such as Steve Jobs, have cult like followings of people that spend their days posting rumors on online forums. In technology they are called nerds, in Hollywood circles these star obsessed cults are called teenage girls.

One of the most detrimental ways to star gaze is in the business world. Once we put other people on a pedestal we handicap our own performance. It no longer becomes that disappointing to underperform. What we often fail to realize is that everyone has different and unique skills. The idea that there is someone who is an overall “excellent business person” and can be successful in all aspects of business is false. Everyone has their niche and the sooner you become aware of yours the sooner you can start to make progress.

There is no question that we are all born with different talents. To make it as an entrepreneur it is crucial to have awareness of your strengths and weaknesses. It is fascinating to see how many different personality types become successful as entrepreneurs.

In business school we are taught to be well rounded and to work on our weaknesses. This is BS and ironically goes against the basic economic concept of competitive advantage. Spending years learning anything past a basic understanding of all aspects of business is a waste of time. Work on your strengths and focus on becoming the best at what you do. Are you the big picture evangelist that can inspire an audience but have trouble executing? Are you the reserved type that is detail oriented and can work day and night on a project? Perhaps the two of you should have lunch. One thing is for certain, both of you should come to the next Young Entrepreneur’s Association meeting (http://www.iub.edu/~yea/) by contacting the newest President Rafael Casto (rtcosta@indiana.edu).

This concept can be best summarized from my dinner conversation with National Lampoon (Ticker: NLN) CEO, Daniel Laikin, when he admitted “I never follow through with anything”. Laikin, a college dropout like his brother Robert, the CEO of Brightpoint (Ticket: CELL), has the street smarts to know his weaknesses thoroughly. He does what top entrepreneurs have done for many years. He surrounds himself with people that are smarter then him and that know how to execute.

What is important to understand is that no one knows precisely whether something will work or not. Even venture capitalists, who make a career out of funding businesses, fail to predict this often. When you read about successful people in business know that they are nothing more than successful people in business. They are human and make mistakes on a daily basis. Absorb as much experience from them and model their behavior, but never fall into the trap of star gazing. At the end of the day, there are only two legitimate distinctions: man and God, and everything in the middle is up for grabs. Take it.