Not long ago my wife and I went to Costco to do some shopping. While we were in the parking lot, we ran into a family friend and her middle-school aged son. The four of us walked into the store, got carts, and soon went on our separate ways. Five minutes later we saw our friend running frantically around the store. She had placed her car keys into her cart and walked away to look at something. When she returned, her cart – and her keys – were gone, and she was running from person to person, asking if they had seen her car keys.

She kept this up for five minutes.

No keys.

We offered her a ride home, and we offered her the use of our cell phone to call her husband. We offered other suggestions, too, but she wasn’t interested.

Her only goal was to look for her keys – and look for them she did, flitting from person to person.

Five minutes later we ran into her again. Her pace was even more frantic than before, and she was continuing to run from person to person, asking if anyone had seen her keys. At this point, I told her that this didn’t seem to be an effective way for her to look for her keys. Instead, I suggested that she stand by the exit and ask each shopper leaving the store if he or she had seen the keys.

After all, everyone who was in the store was eventually going to pass through the exit, and by catching them there, she had the best chance of finding her keys.

She didn't initially agree that this was the best strategy, but when I pointed out that by running around she was missing some of the shoppers, she agreed that standing in the front of the exit would offer the greatest likelihood of success. 

Later that evening, my wife and I ran into this woman at a family function. Sure enough, she found her keys by standing next to the exit and querying each shopper who passed by her. 

Why would a business advisor spend so much time telling a crazy story about a lady who lost a set of car keys? In my experience, the way this woman initially responded to her lost keys was the way that most entrepreneurs go about their business – especially when they’re in search of capital. They look under every stone, they ask every person, and they run around, frantically trying to find someone who will throw them a bone and say “yes” – or at least say “maybe.”

I counsel entrepreneurs on this topic every day: this is not the way you should look for money. If you want to be successful, the scattergun approach isn’t going to do it. If you want to be successful, you have to be a sharpshooter. You have to target the right people at the right time and ask for the right amount.

If you don’t, your shots will miss the mark, and you won’t have the kind of success that you want. 

So remember, as you're working hard every day to grow your business, don't be random. Don't run around and expend unnecessary energy on initiatives that aren’t likely to bear fruit. Be systematic, have a plan, and execute that plan with great precision. That's the way you'll find the keys to your success.

About Joel G. Block

Often dubbed a "Growth Architect" by his clients, Joel Block advises companies on explosive growth strategies by driving revenue and sales. Well known in the capital markets, Joel is a successful entrepreneur, speaker and advisor. Would you like to get a private phone consultation with Joel? Visit www.joelblock.com/capital for details.

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