Playing the Long Game in the Wellness Industry

It is important to understand at this stage, that building a successful business in any industry, including in the wellness industry, will require a big commitment of both time and energy. We refer to this as ‘playing the long game’.

For many entrepreneurs in the ideation stage, there is a sense that things should work immediately or that if the business is not an overnight success then it has failed in some way. Instead, we need to focus on the ways in which you will learn and grow and fail and make mistakes, and how all of this culminates in a more robust and thoughtful business that can stand the test of time.

You will need to prove that you can play the long game to both yourself and to external stakeholders. For example, investors want to see examples of your forward planning, future projections, and understanding of whether there will in fact be a market for your product or service in the longer term. This will determine the viability of your business. Remember too, that this is your career and that your career is a lifetime commitment that involves learning, growth, and resilience (as we’ve discussed).

As well as playing the long game, you need to be decisive and ready to pivot. Rather than being single-minded about where you’re going and where you’d like to end up, you also need to be open to side-ways steps or new opportunities that call for you to pivot and respond. The global coronavirus pandemic was certainly a test for many businesses in their ability to adapt the long-term vision in the short-term in order to respond to a global crisis. In other words, playing the long game also requires you to be agile and responsive in the short and medium-term, too.

In a fast-moving industry like wellness, you need to ideally be thinking about where your business will be in the context of an evolving market in 3-, 5- and even 10-years time. You might begin to ask yourself questions like:

• What kind of impact do we want to have?
• Do we have an exit strategy?
• Who do we need to be responding to?
• What are we willing to sacrifice or become, to get to our long-term goals?

Yes, there will be sacrifices and compromises along the way, so considering what these are and how far you are willing to go, will help you to shape a long-term vision that you can truly commit to.

What do you think?

What kind of sacrifices and compromises do you think entrepreneurs face in playing the long game?. Have you considered what these might be for you?

How do these fit with your own personal goals and values, and the legacy that you’d ultimately like to create by launching and growing a business in wellness?