Tag: entrepreneurship

Don’t Trust The Beast

Lion

 

A re-post from 2010.

You coexist with your business.  It should not be your friend.  It is a beast and not meant to be trusted.  It demands much, but as it is with a circus lion, a chair and whip are in order.  To think of that animal in any other light only invites ruin.

Sadly, many entrepreneurs, corporate slaves and others have wrapped their identities around the beast.  It is a sad love affair.  Just like the lover who swears this is the last one of many, a broken heart sits in waiting.  By the way, you can know how tightly you’re wrapped by how much you think about the beast.  The more you think, the tighter the wrap.

This post is not meant to talk you out of your business pursuits.  As a matter of fact, it can be a fantastic tool for growth.  The issue is one of ownership, not should I or shouldn’t I pursue a business idea/career.

Here are some solutions to the problem(s):

  1. Buy yourself a chair and whip.  It might be in the form of cutting back on your hours or developing a fitness/exercise program.  If you’re wondering what those two have to do with managing your business, look at the statistics around those who work long hours and don’t pay attention to their health.
  2. Look failure in the face and don’t back down.
  3. Start working smarter and stop trying to do everything.  Rugged individualism may sound great in a speech, but it’s highly overrated.
  4. Re-evaluate your needs.  In America two-thirds of the economy is based on consumption.  Nothing wrong with consumption, but do you really need…
  5. Prepare for battle.  The beast will not like you taking back control.  This one is important.  If you’re not careful you might give up, but don’t.

Are You An Entrepreneur Yet?

One of my coaching clients sent me this article on entrepreneurism. Specifically, the coming change in our workplace landscape. Many would say we're under way and I agree. The article includes a telling infographic as well.

So what are you doing about the shift? No drastic measures needed (maybe), just some hard looking and processing. One of the best ways to do this is written planning. Brainstorm the thing and ask lots of questions. By the way, throw the glamour, riches and elation around your employer out the window. This is about your work (the unique talents, gifts and passions forged into one), not your career, not your 401K.

I've written about this topic for some time. It was nice to have a client forward on an article of this magnitude. It encouraged me and it made me realize the work still to be done.

Related articles
What Entrepreneur Means
Why MBA – The entrepreneur Version

Ideas Are Not Enough

Ideas are not enough in business and personal. There was a point in my entrepreneur journey, though, when I believed having a great idea was enough. It isn't.

I attended a breakfast meeting this morning sponsored by a local group, TechColumbus. The presenters were from Clarus Parners and they gave wonderful insights into the art and science of presenting your business for funding/investment.

As I sat in the meeting, I couldn't help but think about how much I've learned over the last 5 years. I'm pleased to be where I'm at today. One of the big lessons is understanding that you can't just rely on a good or great idea. Your ideas need a full-spectrum of attention. It runs from capital to advice.

Here are some notes from the presentation this morning:

  • Know your sales trends. Are they up? Are they down. Is the trend long or short-term in nature?
  • What's the real value of your idea? Warren Buffett said, "Price is what you pay. Value is what you get."
  • Be realistic in your projections.
  • Investors want to see that you've got "skin in the game." How much of what you've got (money, time, intellectual property, etc.) is attached to the idea?
  • Funding comes when both sides see desired value.
  • Surround yourself with quality advisors.

 

Seth Godin on Risk and Failure

  

This interview with Seth Godin will encourage you to try and fail. 

Are you in a workplace where taking a risk and failing are frowned upon?  Do you frown upon it yourself?  Why not begin a small experiment today with risk and failure?  It could liberate you.

In the interview Seth gives some good examples of what a small experiment might look like.  The following are my suggestions:

  • Interact with a client in a different way.  Make a surprise visit to their office and engage with the receptionist and no one else.
  • Sign up for a cooking class, even if you see yourself as a lousy cook.
  • Try something that your kids are good at, but you're not.
  • Suggest a unique place for a work retreat.  Like this spot.
  • Introduce yourself to someone you've never met at work, at school or in your neighborhood.

 

Twisting Fate

Edision 

I can't remember exactly how many times Thomas Edison failed as he tried to bring his light bulb idea to life.  Was it a hundred failed experiments?  Maybe it was a thousand.  Regardless, he failed multiple times. 

This post really isn't about overcoming failure, though that could be helpful.  I really want to explore the mindset of having a willingness to stumble, a willingness to be the fool, the willingness to launch something most in the herd don't see nor understand.

I think we're way to willing to accept dime-store imitations (you fill in the blank here) when it comes to creative and inspiring leaders.  And by the way, creative and inspiring leaders are the types of leaders with substance and reality backing them up.  I'm not referring to a leader of a three-ring-circus or some executive who pulls out talking points from 5 years ago.

I'm not sure we recognize authentic when we see it.

Preserving your rep. at the expense of something given to you by heaven is foolish.  Your mortgage, 401K, bonuses or a nice fat promotion won't be there for you in the long run.  Those are temporary states that can change in a moment.  We know this to be true, whether we're willing to admit it or not.

Could it be that Edison was not so special?  What if everyone was supposed to pursue an end, even if it meant repeated failure?  What separated Edison from his herd was his willingness to take the step of twisting fate even if he didn't know where it would ultimately lead.  I define twisting fate as someone who acts on faith, realizing that the final product/outcome will resemble a mosaic more than a picture-perfect portrait.

This is hard work that many turn away from.