I’ve got my thumb pressed on the lighter with hand held high for the CEO/Founders of fast-growth companies. In his fascinating and sobering book, The 4th Turning, William Strauss chronicles the patterns of America’s economic history. He describes these patterns as cyclical “Turnings” that have occurred in our economy since the first ringing of the Liberty Bell:
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A High
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An Awakening
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An Unraveling
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A Crisis
Although The 4th Turning was published in the mid 1990’s it received little attention until 9/11, when many took notice of how that disaster fit into the 4 turnings, specifically the 4th. In the author’s opinion we are currently in the Crisis, and could be for the next decade. But there is good news.
The good news is that “heroes” have surfaced in every 4th turn to rescue our economy from things like “fiscal cliffs” that we seem determined to jump off like lemmings.
Let’s face it, Economy Heroes are the individuals who generate jobs and take the risks that change our lives. They’ve beaten the odds, survived No Man’s Land, and scaled their business. It’s easy to credit the Fortune 1000 monoliths as the job creators, even when it means pumping stimulus money through a pipeline large enough to house the Enterprise for them to do it. But who’s really responsible for the lion share of employment in this country?
It takes a special type of individual to shoulder the weight of a business while the company scales. I’ve seen consistent traits that these second stage starters exhibit that are worthy to note, but 5 strike me as the secret sauce ingredients of their success.
The 5 Secret Sauce Ingredients of an Economy Hero
1. Entrepreneurial
I know it sounds like I’m stating the obvious but the reality is that most entrepreneurs aren’t made, they’re born. Several years ago I attended a one-day workshop led by one of my favorite authors, Bob Biehl. It was an exclusive event; 250 industry and non-profit leaders flew in from around the country to hear Bob’s observations. In the middle of the morning, Biehl made a random, pupil popping statement:
Most entrepreneurs surface in the 4th grade.
Laughter filled the room and I looked around to see smiling faces and shaking heads. Biehl smiled too, and then asked, “How many of you in this room are entrepreneurs?” Over 90% of the attendees raised their hands. Biehl pointed to a few and asked, “What were you doing in the 4th grade?” Some of the responses:
“I had a paper route.”
“I had a lawn service.”
“I sold magazines door to door as an independent distributor.”
“I bought candy at the local store and sold it to students at school.”
They were all entrepreneurs in the 4th grade. I’ve asked Biehl’s question to dozens of Founders. It never fails. There are other reasons starters surface of course, like when executives engage with “the mother of invention” because they’re booted into unemployment during a downturn. But for the most part, Economy Heroes are entrepreneurial because they can’t be otherwise.
2. Resiliently Optimistic
"In a childhood of artful dodging, Louie made more than just mischief. He shaped who he would be in manhood. Confident that he was clever, resourceful, and bold enough to escape any predicament, he was almost incapable of discouragement. When history carried him into war, this resilient optimism would define him."
Hillenbrand, Laura (2010-11-16). Unbroken: A World War II Story of Survival, Resilience, and Redemption (p. 7). Random House, Inc.
In his surreal biography, Unbroken, we learn how Louie Zamperini survived unthinkable circumstances including 40 days riding a tub-size raft in shark infested Pacific waters with two other men, and several tortuous years in a Japanese concentration camp. Yet through it all he remained resiliently optimistic; a paradigm that enabled him to survive and even thrive during the trauma.
Economy Heroes share Louie’s mental toughness. They may fear getting stuck in their growth, but their positivity defies logic. My friend Waymon Armstrong, founder and President of Engineering & Computer Simulations Inc. (ECS), maxed out 27 credit cards in the early days of his venture to pay the bills. When he hit the plastic limit, Waymon took out 25 more cards in his wife’s name. A few years later, after he retired his credit card debt, Waymon shook hands with the President of the United States while he received an entrepreneurship award. Whether he’s submerged in debt or walking across the stage to collect accolades, Waymon Armstrong remains resiliently optimistic.
3. Persistently Resourceful
Economy Heroes generate most of the innovation in this country. Listen to best-selling author, Doug Tatum:
"According to the National Commission on Entrepreneurship, growth firms create “two-thirds of all the new jobs; more than two-thirds of the innovation in the economy; and…two-thirds of the differences in economic growth rates among industrialized nations.” Conversely, when growth firms fail, American business cannot compete globally as well as it might."
Tatum, Doug (2008-12-30). No Man’s Land: A Survival Manual for Growing Midsize Companies (p. 7). Penguin Group.
Economy Heroes launch an idea and sustain it to the point where the GEs of the world need their innovation enough to reward them for their effort. They are so innovative, in fact, that their creativity can get them sidetracked down bunny trails and away from the company’s value proposition. But we’re fascinated by their ideas, and their stories. Consider Kevin Systrom’s formula for Instagram:
New photo sharing app + 12 employees + 2 years + no revenue model = $1 billion.
Gotta love that.
4. Unflappable
Economy Heroes are the Special Forces of capitalism. I’ve had numerous conversations with our military’s elite. I envy their ability to relax in the midst of conflict. In fact, the more tenuous the condition the calmer these warriors get. The Navy Seal Creed communicates the mental framework that enables them to keep their emotions in check:
"We expect to lead and be led. In the absence of orders I will take charge, lead my teammates and accomplish the mission. I lead by example in all situations. I will never quit. I persevere and thrive on adversity. My Nation expects me to be physically harder and mentally stronger than my enemies. If knocked down, I will get back up, every time. I will draw on every remaining ounce of strength to protect my teammates and to accomplish our mission. I am never out of the fight."
“…never out of the fight.” Economy Heroes also love what they do and they thrive on adversity. If knocked down by failure they get back up…every time. They, like our Special Forces, are unflappable.
5. Mission Minded
I’ve had the privilege to interview over 50 Economy Heroes in the past year for the Economy Heroes blog. I’m constantly impressed with their level of mission and participation in their community as well as their business. For example:
Tom Hennell - he wants to create a Culture of Generosity by giving significantly to local and national charities.
Bryan Finnerty – he created Mission 321, a philanthropic program that makes donations to local and national charities. Employees decide where the money goes. His company, ProtectCell donates 40 hours for each employee to invest in themselves in their communities.
Mike Vaughn and Sara Moola – this husband and wife team want two things: to grow a successful company that takes care of the people who make it successful; and to always be a company that is doing something important for our nation.
Steve Parker - he sets a goal to give to non-profits in Charleston. Last year he invested over $2000 per employee that included donated work time by his company.
You can see why (Economy) hero worship is more than a hobby for me. I’m all-in that entrepreneurs are the heroes William Strauss identifies to break through the wall of this Crisis and back into the High of economic health and freedom. Economy Heroes have more battles to fight today than any other time in our nation’s history.
Economy Heroes are the individuals who have the secret sauce in their DNA to take risk, generate innovation, and create jobs. Let’s do what we must to keep them open for business.
Brent Sapp is CEO and Co-Founder of Inc. Navigator, as well as the Founder of the Economy Heroes movement (@EconomyHeroes). Inc. Navigator serves as Newport's strategic technology provider. You can contact Brent by email at brent@incnav.com or learn more about him on the Economy Heroes website.
