Business scion stresses elements of tenacity

Vision, faith, adaptability and execution are the four components of tenacity, which Utah business scion James Lee Sorenson called necessary to success.

Sorenson, vice chairman of Sorenson Development and chief executive of Sorenson Media, spoke at the Salt Lake Chamber's Small Business Awards Wednesday to tell the story of Sorenson Media and support Utah's small businesses.

Tenacity, according to Sorenson, is "an underestimated quality that brings about the reality that all small-business owners dream of — that point where small things end and great things begin."

Tenacity pushed Sorenson Media through a potentially disastrous year in 2002, when the company contemplated laying off 70 percent of its work force, to the following year, when the company reported 3,000 percent growth. The company provides video compression, video communication technology and video services.

But success rarely comes overnight, Sorenson said, and rarely easily.

"Usually, there's a lot of trial and error, a lot of perseverance," Sorenson said. In Sorenson Media's case, he said, "it has taken 10 years to achieve what has happened in the last two years."

It takes vision, faith the ability to adapt and excellence in execution to succeed, he said.

"You have to believe in your ideas and in the market opportunities," he said. "You have to be willing to take the risk, and you have to be willing to deal with failure."

Successful businesses also learn to adapt when market conditions change — and they always change, he said. Finally, successful businesses execute their strategies.

Quoting Gen. George Patton, Sorenson said, "A good plan violently executed now is better than a perfect plan executed next week."

Lane Beattie, chief executive of the Salt Lake Chamber, called Sorenson "one of the leaders in this nation of what small business is all about" and touted the benefits of learning from others' successes.

"In a community, we constantly look for examples," said Beattie. "Every day, we turn on the news and maybe see things we don't want to associate with. But rarely do we get an opportunity, as a business community, to not only honor businesses but also learn from their accomplishments."

Knowing what helped others to succeed and what obstacles they overcame — knowing that it is possible to overcome and succeed — is "what fuels the future of the state of Utah," Beattie said.

The 2005 Small Business Award winners are:

• Small Business of the Year — Webb Audio Visual Communication.

• Entrepreneurial Success Award — LoveSac Corp.

• Community Service Award — Wasatch Baskets & Gifts.

• Minority Small Business Award — Samba Grill Brazilian Skewerhouse.

• President's Award for Excellence — United Way of Salt Lake.

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E-mail: jnii@desnews.com