I’ve started 5 companies in Minnesota since the mid-80s, the vast majority of them weather-related. Stick to your passion. Do what you know and love, right? In each of these businesses I drew up a business plan, with what I thought was a sustainable model. In reality not ONE of these companies turned out like I thought it would, through a combination of new competitors, changes in the business landscape, new inventions and things none of us could foresee. I had to adapt, change the model (on the fly) to remain competitive and live to fight another day.

Of all the business attributes that increase the odds of success – the most important, in my humble estimation, is flexibility. Yes, creativity, and an empowered work force, clear-cut goals and incentives are all critical, but the one factor that has emerged above all others in my entrepreneurial walk is the ability to turn on a dime, to adapt, in real-time, to the unforeseen and unpredictable.

Who, in your company, is charged with reinvention, with reimagining what your business will look like 10-20 years from now. Focusing on short-term metrics can be fatal. Who is looking out over the horizon, anticipating change, pushing the boundaries of what is possible? Do you have a skunk works program charged with cannibalizing your own business? If you don’t do it – a competitor will. The reward goes to the nimble, the business owner willing to transform and even eliminate existing lines to meet the needs of future customers.