Fear of failure is the single greatest motivator for success. Joseph Heller famously wrote, “Just because you're paranoid doesn't mean they aren't after you,” and oddly enough, that idea is my mantra when it comes to the concept of success. Overconfidence, or thinking that you “know it all,” has killed more successful businesses in my view than any other quality in a leader.
As the CEO of a large travel company, what keeps me up at night is not what you might think of if you read the news this quarter: it’s not the ever-present threat of terrorism which has recently inhibited travel, nor the Zika virus, nor even the historic low average ticket prices for air travel lately. What keeps me up is the constant struggle to figure out what I may have missed as we work to understand the future of this complex industry; in other words, I have a fear of not knowing what I don’t know. To fight back, I try to read as much as I can in an attempt to glean insights that may help to solve the puzzle, so that I can continue to add strategic insights and be the catalyst for the business as we move forward.
My other mantra is that no matter how much “success” we may have achieved, we are constantly learning, growing and evolving as a business. That’s why running a business in a dynamic and fast-changing industry is such a creative challenge.
Certainly my company, Ovation Travel Group, has reached a number of milestones over 30+ years: when we won our first large account, when we hit $100 million in sales, being nominated for Entrepreneur of the Year, being named the 5th largest travel management company by Business Travel News and, recently, closing in on $1 billion in sales. All of these accomplishments are wonderful milestones, but none of them caused me to think for a minute that we have achieved a state of “success,” except in the sense that they have been wonderful steps along the way, which deserved to be recognized at the time and celebrated. I often feel like we’re running a long-distance race and you get to stop and have a drink every now and then, so that you can then get up and keep running.
The practice of goal-setting has proven extremely valuable as it places the focus more on the journey and not the destination, as the saying goes. For example, I have specific goals in mind for our business that involve our ability to generate a certain profit margin and certain earnings and to continually use the most innovative technology in order to continue to provide the best service in the industry. One thing I’ve done recently is to create an Executive Committee, comprised of our senior leadership team, that has been tasked with cost savings, revenue enhancing and strategic planning initiatives. Some of our key initiatives are on the technology and infrastructure front and it’s important to bring some of our strongest people together in a room and discuss perspectives across different departments.
Of course, while overconfidence can be fatal to a business, failing to stop, smell the roses and celebrate your achievements along the road to “success” is just as enervating. It’s perhaps not an accident that my favorite movie is “It’s a Wonderful Life.” The main character, George Bailey, is suicidal because he had to give up his dreams of traveling, going to college and serving overseas during wartime. Instead, his father had died and George chose to take over his father’s role at the local bank. George felt stuck and thought his life didn’t measure up to those around him. In the end, with a little help, he is able to see all the wonderful things he has accomplished over the years and the difference he has made in others’ lives. Everyone has to compromise their goals at least a little as life happens, and the worst thing you can do is forget to “be your own best friend” and value your own achievements.
One of the things that I pride myself on is that, while I am always looking to move forward, I am able to appreciate it whenever we do hit a milestone. It’s really all about perspective. Compared to where Ovation started out in 1984, what we’ve achieved is so far beyond what I ever imagined in every category. I look at everything we are doing now as icing on the cake. I’d just much rather enjoy thinking about the cake than actually eating it.
KINGSMITH.
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