In the business world, few roles are as challenging as the ones played by the entrepreneur. Those who choose to birth a new business face long, lonely hours focused on raising the interest, funds, and support needed to bring their dreams to life, and the threshold of success is so high that only 25 percent of new businesses ultimately survive.
Steven Pivnik is well acquainted with the struggles entrepreneurs face, and he knows how to overcome them. He is a serial entrepreneur whose work in the tech space earned his company a spot on the Inc 5000 list of fastest-growing companies for seven years in a row.
One key to Pivnik’s success is the mindset he acquired as a world-class competitor in endurance sports. Pivnik has competed in over a dozen full-distance IRONMAN triathlons, including the IRONMAN World Championship in Kona, Hawaii. The lessons he has learned from his success in both business and endurance sports form the foundation for the insights he now brings to fellow entrepreneurs and business leaders around the world.
“I like to say entrepreneurship is an endurance sport,” says Pivnik. “Anything worthwhile is going to take a lot of work to accomplish. In IRONMAN events, competitors must build up their endurance in swimming, biking, and running before attempting a race. Without the proper endurance, any athlete will bonk and fall short of the finish. The same is true in business — there will be curve balls and obstacles at many points, so having an endurance mindset is key to overcoming and achieving forward progress.”
Through his speaking events, one-on-one advisory services, and his newly released book “Built to Finish,” Pivnik illustrates how the same principles needed to succeed as an IRONMAN triathlete fuel success in the business world. The following are the key principles Pivnik’s work seeks to instill.
Grit undergirds entrepreneurial success
Angela Lee Duckworth in her famous TED Talk defines grit as “passion and perseverance for very long term goals.” It is a “sticktoitiveness” that drives those who are blazing new paths through difficult landscapes.
“It takes a lot of grit to join the ranks of the IRONMAN triathlete,” Pivnik asserts. “It requires a commitment to a long journey of at least six months of training 15 to 20 hours each week. Without a long-term perspective, you have little hope of finishing the event. Similarly, the same amount of grit is required to start a business and begin the long process of getting to the finish line.”
Planning prepares the entrepreneur for the unexpected
Describing IRONMAN events as “races” oversimplifies the complexities involved with getting from the starting line to the finish line. They start with a 2.4-mile swim — after which competitors must transition to the equipment and technique needed to bike 112 miles — then there is another transition to a full marathon.
“A lot can go wrong at any phase of the race,” Pivnik explains. “Consequently, planning your strategy for pacing, fueling, and dealing with the elements and fatigue plays a large role. Similarly, starting and running a business has many moving parts. Detailed planning for each is a critical part of streamlining the process and allowing it to move forward steadily.”
Execution brings strategy to life
Execution is the discipline that propels the entrepreneurial process from dream to reality, and the strategy outlines the plan. Execution involves taking the practical steps needed to work out the plan.
“Execution is the critical sister step to planning,” Pivnik explains. “In the heat of the battle — whether the battle is on an IRONMAN course or in a corporate boardroom — it is easy to lose sight of the plan. Execution is the resolve that keeps strategy from going by the wayside.”
Endurance ensures you reach the finish line
At the core of Pivnik’s message to entrepreneurs is the belief that we are built to finish. The theme permeates his new book, the business coaching he provides, and his keynotes.
“Entrepreneurs pour everything into building their businesses and want to get paid for all the blood, sweat, and tears they contribute with a successful exit,” Pivnik says, “but it’s easy to lose sight of the finish line when you are neck deep in the everyday challenges of the business world. Endurance is the principle that allows you to keep moving toward the goal. Anything worthwhile is going to require a marathon, not a sprint.”
Pivoting allows you to thrive despite setbacks
Even with a perfect plan and steadfast commitment to carrying it out, setbacks will still find their way into the life of the entrepreneur. Pivoting is the key to keeping setbacks from completely derailing the entrepreneurial journey.
“In an IRONMAN event, many setbacks can occur,” Pivnik shares. “Your pace might falter, equipment might fail, or cramps could flare up to challenge your fortitude. The same types of challenges can emerge in the business world. Markets can shift, product launches can bomb, and top talent can resign. In any case, pivoting is the key to dealing with the setback. The ability to pivot separates the winners from the losers.”
Pivnik’s accomplishments in business and endurance sports prove that barriers can be overcome when the right principles are in place. His new mission is to impart to others the insights that have empowered him to be an overcomer.
“To achieve success, whether in business or life, you need more than just skills and resources,” Pivnik says. “You need a focused, determined mindset and unwavering commitment to going the distance. You need to believe with everything in you that you are built to finish.”
