Ross Hunter, May 2021
Back in 2005, when I announced to my co-workers in an Edinburgh investment company that I was leaving to set up a business, one sharp-tongued wag remarked,
“Good luck. I’ll see you in Edinburgh pushing around a wheelbarrow full of cash!”
When people think of entrepreneurs, the lazy thinking is that we’re driven by making as much money as possible.
It’s easy to see the headlines of IPOs and company acquisitions – all of which lead on the dollars, euros and pounds. But beneath the headline, there’s a story – of a founder with an idea and an ambition to make a difference.
Rarely is a founder driven by money. Cash has no soul. Of course, the bank balance has an important utility. And don’t get me wrong – financial security is important to me too. But it’s not a story that wows the grandchildren.
Most of us want to leave a legacy
The thing is, the word ‘legacy’ is used as a catch-all term for leaving something more behind than just a pile of money (even though the literal meaning is pretty much just that).
More often than not, each founder’s legacy reflects a passion for their craft.
Nike creator Phil Knight knew he’d never make it as a track athlete. But he had an intense love for running and turned that into an obsession for creating better running shoes.
James Dyson stumbled across design engineering and was inspired by the passion to “make things that work better”. His legacy is the transformation of electrical appliances like the vacuum cleaner, hair dryer and air conditioner.
And, of course, there are the well-known stories of Steve Jobs, Jeff Bezos and Elon Musk.
But why does legacy matter?
When entrepreneurs have a clear legacy in mind, it helps us shape how we run our businesses.
An ambitious legacy is not just your vision for the organisation you’re creating. It’s not just the culture and values of the teams.
I think it’s far more personal.
A legacy is how you’ll feel about the company after you leave. It’s the narrative you tell friends and family. It reflects your personal values and vision. It starts “I want to leave behind a company that…”.
When you get some clarity on the legacy you wish you leave, you can create the vision for your organisation, instil your values and embed the culture. Those foundations are what give you the energy and drive to push you through the hard times and reach your goal.
The reverse is also true. Without a clear view of your legacy, you might not care enough or have enough drive to push through when the going gets tough.
Lululemon founder Chip Wilson talks about how he nearly ran out of money three times, and slept in his store for four months as he couldn’t afford to pay for theft insurance.
Jerry Seinfeld was booed off the stage the first time he performed.
And Stephen King’s first book Carrie was rejected by 30 publishers.
There are countless stories of successful people who teetered on the edge of failure. And we know the statistics about the probability of a small company surviving. All other things being equal, I believe the winners are more likely to be those that are led by people who have the extra energy to face up to extreme adversity – the passion and drive to achieve their legacy.
Legacy could be the difference between success and failure.
So what does legacy mean to me?
I want to leave behind a company that creates opportunity for our people. The opportunity to achieve financial security. The opportunity to grow a career inside our firm. The opportunity to travel with work. The opportunity to be part of a small company’s journey. The opportunity to build a global market leader. Or simply the opportunity to write every day and do great work for our clients.
I’m proud that the copywriting agency I founded, Copylab, has “created opportunity” for more than 100 people at the time of writing (May 2021). We’ve promoted almost exclusively from within. We pay everyone above the living wage. And long-term Copylabbers can own a stake in the company.
Maybe it’s not a ‘change the world’ legacy. It’s not romantic. It won’t be a Hollywood blockbuster. But it’s real. It’s my legacy. And it’s founded on my own personal story, which I shared on LinkedIn a few years ago.
That personal story has shaped me. It’s shaped the legacy I want to leave for my company. And it has shaped the vision, the values and the culture of my company.
What’s your legacy? Do you know? Have you even given it a moment’s thought?
It’s a deep question. But it is at the very heart of what makes a successful founder. And if it involves pushing a wheelbarrow, then good for you but, unless you’re a landscape gardener, you’ve missed the point!
theleadstory.co 