The Strategy for Achieving Success When You Have Nothing to Lose

A military site guarded by 21 soldiers was suddenly besieged by an army of more than 10,000 soldiers. What do you think happened next? Legend has it that these soldiers defeated 600 enemies in an astonishing example of bravery in the face of overwhelming odds. This is known as the Battle of Saragarhi, and it is one of the bravest battles in history.

Back in 2010, when a team of three co-founders of Celsee Inc. wanted to participate in the world's largest business plan competition, Accelerate Michigan, they couldn't afford tickets. So they volunteered, and after a year, they returned to compete in the same event, not only to survive the lack of cash but even to gain credibility in a system that doesn't value startups. In the end, they won the $500,000 grand prize, beating out 300 companies from around the world.

They are two different stories, but both testify to the ability of humans to perform under extraordinary pressure. That is, in the case of "either to be or not to be", literally in the first example and figuratively in the second.

In the business world, this concept is called the "nothing to lose" strategy.

Most modern business plans depend on mitigating risks; however, like warriors on the battlefield, entrepreneurs sometimes have no choice but to take a risk, turn it into an opportunity, and succeed in the face of overwhelming odds.

This strategy is not a magic bullet; it should not be interpreted as a reckless leap into the unknown. In fact, to be successful with this strategy, you must embark on careful planning and execution.

Five keys to mastering this strategy:

1. Find the goal:

Struggling for a positive goal or higher cause helps you rise to greater heights. In fact, science shows that people with a specific goal are 50% more likely to be leaders and 42% more satisfied with their lives. In Celsee's case, it was the drive to develop technology that would save cancer patients that led to their victory. Therefore, when faced with a difficult situation, entrepreneurs must return to their vision and remember their goals. This deep meditation will give you the courage to face any challenge.

2. Teamwork:

Most of us must have been amazed by the stories of fictional superheroes coming to save the world, but can ordinary people achieve heroic victories in the real world? They can do this with teamwork, of course. The three founders of Celsee were all start-up entrepreneurs; however, they pooled their efforts and put their expertise into their new CEO. Because the team focused on the common goal, they worked together harder and smarter. The secret of Celsee's victory was the team's unity to set one goal, remembering that most real wars are won by well-organized military actions, not by one individual.

3. Focus on the goal only:

In an old Indian tale, a teacher tests his students' archery skills. The aim was to hit the eye of a bird sitting on a tree a few meters away. When the students of the archers took their positions, the teacher asked each one of them what they saw in front of them. The answers ranged from a clear blue sky to a vision. The birds nest in the tree according to their color. The teacher refused all the answers except one. When this student was asked, they said they only saw the bird's eye. The teacher asked them again, and the student gave their answer. Once they were allowed to shoot, the arrow pierced the bird's eye with a perfect hit. That is, when you use the "nothing to lose" strategy, there is nothing to distract you from your goal.

4. Overcome your fears:

If you ask any strategist in this world, they will tell you that one can take all risk mitigation measures in the planning and implementation steps; however, no one can guarantee the results of entrepreneurial ventures. There are too many variables; when external circumstances are unpredictable and treacherous, what will you count on? Now is the perfect time to tap into your inner resources.

Most people in this world are constrained by their fear of failure; since trying something new means there is a chance of them failing, they don't try at all. So, what makes entrepreneurs different? Aren't we worried about failure? The truth is that entrepreneurs hate failure as much as anyone else in this world, but what is different is that they overcome their fear of failure. We do not like failure, but we refuse to submit to it. When you feel trapped, use the "nothing to lose" strategy by overcoming your innate fear of failure. Know that when you have nothing to lose, there is nothing to stop you either.

5. Follow up on progress:

Winning or losing is a matter of perspective. It is true that overcoming failures is essential, but so is the ability to escape the trap of early success. A smart businessman knows how to turn losses into a powerful force to move forward without being swayed by early victories.

For example, before the Michigan Accelerator Competition, Celsee's team applied for the Bill and Melinda Gates Award, but unfortunately, the team lost. For an inexperienced team, failure was annoying; however, at this difficult moment, the team made this pain an incentive to focus on a better business plan, and it was this improved plan that ended up winning the jackpot.

This victory was not the end of the startup's struggle; the team will have to fight many battles and face many changes until they reach the end. They lose things, they win others, but they never give up. The secret to mastering the "nothing to lose" strategy lies in the ability to endure and move forward no matter what.

Never before has the world needed innovators and change-makers to bring about a better future, but the odds are scary; more than 90% of startups fail to make it happen. But put your fears aside and take the initiative, dare to use the “nothing to lose” strategy and be armed with the knowledge that you have for a noble deed - regardless of the consequences - humanity will always remember you as a legend, just like those 21 soldiers in the Battle of Saragarhi.