Are you building Camelot or Shalott?

The Lady of Shalott is an Alfred Lord Tennyson poem about a lady ‘cursed’ to view the world through a mirror. Each day she expertly weaves what she sees reflected: the flow of traffic en route to Camelot. When the curse is lifted by Sir Lancelot, her mirror breaks. She sees the world for real, but loses her artistic talent.

This poem is a great metaphor for founder visions. 

We live in a world increasingly preoccupied with purpose and the need for meaningful interactions. More than 2/3 of global consumers are ‘purpose-driven’. They look for and are influenced by brands that represent desirable values. 55% see brands as more influential than governments as forces for good in the world.

Founders have got the message. One of the primary motivations to found a start-up is ability to quickly render yours dreams. It is no longer enough to take away frequent pain points and create new opportunities. Since start-ups have the potential to positively impact the world, they should do so. Consumer behaviour, markets and societies are all waiting to be reshaped. Contemporary Camelots can be created.

But what happens when things don’t go according to plan? A founder may dream of creating a unicorn, but they are rare beasts endowed with mythical properties. If the recent trend in unicorn creation remains constant, then the founders of each cohort (250,000) of tech start-ups launched yearly in the UK and USA have a ~0.02% chance of becoming a unicorn. Some will be, but the vast majority most won’t. 

If you are one of the 99.98%, what will you do? 

If your business fails, you are free to move on to your next venture. It will be a blow but you will learn from it.

But what if your business is not failing but also not succeeding? Partial success is the real dilemma facing founders. You need to be ready for it. 

Here’s a test: imagine it takes 50 years to achieve your purpose, rather than the 5 you had planned for. Will your enthusiasm for your start-up remain undiminished?

If your answer is yes, you are building Camelot one brick at a time. 

If your answer is no, and the thought of running your business indefinitely horrifies you, you are building Shalott. Your image of the business is probably illusory, a reflection rather than something objectively real. When the business hits hard-times – and the odds suggest it will – the carefully crafted image will shatter. What will you do then?     

The Lady of Shalott died soon after her mirror broke. Founders have two alternatives: find a more motivating and truer purpose or reconfigure their businesses, so it is more enjoyable to run and more likely to succeed. 

UP AND TO THE RIGHT.

Sources: Edelman, Earned Brand ; Vivendi/Havas, Meaningful Brands ; CB Insights/Centre for Entrepreneurs/ITIF.org