Adam Froman and Delvinia, the company he founded, have survived their fair share of adversity in the business world: a dot-com meltdown, a global economic downturn, and the hundreds of smaller dramas that play out every day in self-started companies. Froman’s new book, Delve In, Dig Deep: An Entrepreneurial Journey, outlines his strategy for enduring adversity and the tactics he used to make it to Delvinia’s 15th anniversary.
Adam Froman
Reflecting on the past 15 years, five years at a time, helps to frame the next five years, and the five after that. Hopefully, this story I’ve shared will provide context for those employees, clients and partners who have and will be part of my journey. Perhaps it will even help them embark on their own journeys.
I have learned through trial and error what works and what doesn’t in building a business. What has gotten me through and kept me going can be broken down into what I call my five Ps of success.
PASSION
My passion for what I do has always been what fuels my fire and defines who I am. You can apply your passion towards building success in the following ways:
• Be authentic: Passion translates to authenticity. In today’s world, where information flows so freely, it is imperative to be transparent and authentic in everything you do. Be real—clients and employees will respond.
• Trust your instincts: I am a firm believer in always trusting your gut. Following your instincts means keeping your vision intact. While things may not always work out the way you hope, you have to take a leap of faith for what you believe in.
• Share your knowledge: Articulate your passion through sharing your thoughts with others. Engaging in thought leadership allows you to round out your own ideas and vision; it also helps others learn from your experiences.
PATIENCE
Learning patience helps you to manage your anxiety when you can’t control your environment, and allows you to recognize opportunities when they aren’t obvious from the start. The only constant in my career has been change. Patience has never come naturally to me, but I have learned to work on that. You can, too.
• Don’t be afraid of failure: Confidence comes not from the easy successes, but from the struggles we go through. Obstacles, hardships and setbacks aren’t failures if you can learn from them and move forward. Do not be afraid to get out of your comfort zone; this is where you will really learn. You may have to work at something several times before you get it right, but in the end, patience always pays off.
• Visualize your success: Creating end-goals for yourself helps to keep you on track. Visualize where you’re going, where you want to be and how you can get yourself there. The road may be long and winding, but you can stay motivated by identifying milestones and goals.
• Promote your accomplishments: If you’re not getting the recognition you want from your industry, make it happen for yourself. The beauty of self-promotion is that you can highlight the work you’re doing and portray yourself as you want to be seen. Create the noise and others just may listen. But be tactful: don’t over-promote to the point of seeming self-righteous.
PERSEVERANCE
Never allow yourself to be defeated—the only way you ever truly fail is if you give up. I have been called a bull in a china shop, but my perseverance has allowed me to forge ahead and come out stronger. Here are some key ways to keep yourself going when it might seem easier to just walk away:
• Manage your cash flow: Cash flow is king. Very few entrepreneurs are able to get the necessary financing to fully pursue their vision. You are running a business, and a successful business is measured by its ability to manage cash flow and be profitable. There will always be ups and downs, but stick to your plan and eventually all your hard work will (quite literally) pay off.
• Be an accountable leader: Always be accountable for the decisions you make, and accept responsibility for your actions. Don’t blame others when things don’t go the way you want them to. Instead of saying something isn’t working, figure out what you can do to change it. You can only hold others to a standard that you yourself can uphold. Learn to inspire others, and set an example that you would be proud to follow. If you don’t lose confidence in yourself and your vision, others won’t either.
• Utilize government funding: Funding is very difficult for start-ups. Once you’re a going concern and have an established track record, there are a number of government funding services to support R&D and growth. Allow these opportunities to become part of your strategy.
PERSPECTIVE
Most obstacles can be overcome if you can maintain your perspective. The important thing is to not dwell on having lost perspective, but instead to figure out what tools you have in order to gain it back. Understand the situation and use the resources at hand to make the right decisions. Here are some ways you can regain your perspective when business pressures cause you to lose it:
• Maintain humility: When you start to succeed, it can be easy to get wrapped up in yourself. Always stay grounded, and remember where you came from. Give everybody the time of day: you were once in their shoes, and you never know how this simple courtesy may come back to you in the future.
• Never stop learning: Getting comfortable and set in your ways is one of the most dangerous obstacles to progression. As much as you think you know, there is always an infinite amount of knowledge still to be gained. Keep your mind open to learning new things and entertaining new ideas. Sometimes, what seems like a setback can be a great learning opportunity.
• Give back: Find ways to acknowledge the people and the industry that have gotten you to where you are. Volunteer, sit on boards, mentor students and share your expertise in whichever ways you can. You can help to shape the future of the industry you’re passionate about.
PEOPLE
When you boil everything down, your greatest assets are the people who support you, personally and professionally. Make sure that you are using those assets to the best of their ability and yours. Here are some strategies to try:
• Build your support system: Having a stable support structure, whether family, friends or professional advisors, is imperative to staying sane as an entrepreneur. I have been fortunate to have an incredible support structure of family and close friends who have stood behind me during the good times and bad. These people are your sounding boards, your conscience and your cheerleaders. They will be there to support you when you’re thriving as well as when you’re flailing.
• Learn to delegate: Find people that will work to earn your trust, so you feel comfortable delegating tasks and letting go. You hired your employees based on their skills, so trust them to do what you need them to do. This allows you to continue to grow your business and your vision.
• Reward loyalty: You need people to get behind your vision both when it’s succeeding and when the path isn’t as straight. Everybody needs to feel that their contributions are important and that their work is being recognized. This will help them to know that you, in turn, will stand behind them through good or bad. Show your employees and clients that you value them by rewarding their loyalty and staying loyal to them.
These principles are part of what has kept me going over the past 15 years. Taking the time to reflect has provided me with the opportunity to appreciate what we have achieved as an organization, and to look forward with a renewed focus.
Adam Froman is the CEO of Delvinia, a Toronto-based digital strategy firm he founded in 1998
