“Business is a marathon, and most of society thinks it’s a sprint” marketing guru Gary Vaynerchuk once remarked. On today’s episode, after finishing tenth overall during his first 100-mile run, Jake takes this analogy one step further by suggesting that business is an ultramarathon. Jake compares his training for and competing in the Daytona 100, a road race from Jacksonville to Daytona, with the long term game of dominating your legal market. If you are in the business of running or run a business, this is the podcast for you!
Jake identifies 10 ways that running an ultramarathon is comparable to growing your practice:
1. Announce Big Goals – to make your running and business dreams into goals, you need to make them as real as possible, which begins with speaking them into existence.
2. Process Improvement – the victory lap of a 100-mile race is the last 100 miles. The result on race day depends on the commitment to the process of self-development. Similarly, in business your processes have to continually improve to maximize your services.
3. Patience – in running, and in business, setbacks are inevitable. Anticipate mistakes and learn from them.
4. The Devil is in the Details – you need to go into an ultra-run zeroed in. Guessing on race-day, and when making important business decisions, will wreck your body, and your firm.
5. Never Stop Learning – to become an elite runner, or lawyer, you need to inundate yourself with knowledge about your area of mastery. As your goals level up, so must your education.
6. Team – you can run a 5K unsupported but to run an ultramarathon you need a team. If you are growing your practice long term you can’t do it alone. Finding a committed team is your greatest competitive advantage.
7. Attack Problems Immediately – in an ultrarun, minor pain in your foot can lead to an enormous blister that wrecks your race if left untreated. Sweeping seemingly small things under the rug in your business likewise can have a massive impact on the culture and finances of your firm over time.
8. Half Time Adjustments – in ultrarunning and in building a business designed to last, you must adjust your race and business strategy when things aren’t working.
9. Rapid Results – while you need to be patient in your running and business careers, noticeable results are achievable when you are putting in max effort.
10. Your Goals Compound – you won’t shoot for 100 miles until you’ve run a marathon and you won’t shoot to create a $5,000,000 firm until you’ve created a $100,000 firm.
11. BONUS: Enjoy the Moment – don’t panic about getting to the finish line or the bottom line or what might derail your race or business. Relish in the journey.