I had always wanted to start a business!
For years I tried my hand at inventing stuff, products that I thought would get me rich, if I could only sell a few million of them. First it was a gaming chair, then workout towels and even a handheld flashlight projector. I laugh looking back on those days while in college and the years shortly thereafter at some of the absurd things I did to try and be entrepreneur.
What I would eventually find out are those ideas didn’t work out not because they were bad ideas necessarily but because I was following the wrong dream.
It wasn’t until the summer of 2015 that I would find my way, diving head first into entrepreneurship. Thankfully I had a lot of help from many close people around me (wife, parents, friends) who all were incredibly supportive, as without them I’m not sure I would be here today.
With the first year of entrepreneurship under the belt I’m continually amazed at how much I’ve learned and how much I continue to learn about being an entrepreneur and business in general. These are the eight experiences I’ve had which made the biggest impact being an entrepreneur:
1.Get A Mentor
This is the single second best decision you’ll ever make in business. The first best decision is to become an entrepreneur. Mentors have experience which you can learn from helping you avoid mistakes along the way.
2.Support Gets You Over The Hump
Make sure those close to you understand your vision and support it. They don’t have to buy in 100% but if it’s you against the world there are going to be some very long nights in store. If you are married it’s vital your spouse understands the opportunity and supports it, even in the down times.
3.Some Things CAN Wait
Some people will tell you it’s important to write a business plan, vision, mission, blah blah blah, right away. Unless you’re in a situation where you need to ask for capital to start the business the best thing to do is put those things aside and focus all your efforts on how to make money. Ultimately being an entrepreneur means you’re selling something to someone so the more time you spend on how you’re going to gett paid for the product or service you’re providing the better off you’ll be.
4.You Can’t Be Everything To Everyone
I failed miserably here. When I did start to get customers I tried to offer everything under the sun to get their business. Now, I never over promised and under delivered, however I spent an exorbitant amount of time in areas that weren’t lucrative or didn’t align ultimately with what the companies direction was.
5.Having A Plan-B Is Dangerous
I’ve read countless articles about “the power of having a ‘plan-B’ ” or an alternative course of direction. I hate that advice. As an entrepreneur if you don’t believe in what you’re doing and have a plan-B set up in case you fail you’re almost destined to set yourself up for disappointment. I’m not saying it’s not important plan ahead for bumps in the road but if you’re going to start a business that should be your one and only focus. Anything other than a mentality of success has no place in your new direction. Visualize to materialize.
The first several months I attempted to handle all the accounting and finance portions of the business only to realize two things: 1 – I’m not good at it nor do I like it; 2 – I created more problems than I remedied. Best advice I got was to pay the money to get a good CPA that understood our business and could help us scale it up by making good decisions. Best money I’ve ever spent was on our CPA.
7.The Power Of Saying ‘No’
Crucial to your success as an entrepreneur is the ability to politely and professionally say ‘no’. Similar to ‘you can’t be everything to everyone’ saying ‘no’ is harder than it sounds. Naturally you want to say yes to everyone, making everyone around you happy, especially if it’s a customer. Unfortunately when we do this we get pulled in a hundred directions which causes us to deviate from our destined course. If you are asked to do something and it doesn’t align with your top 2 or 3 priorities politely decline and thank the person for the opportunity to be considered.
8.Breathe, It’ll Be Okay
Very few things in life actually have the ability to stop you from moving forward in your new business. When bumps in the road momentarily derail you (you will experience plenty of bumps along the way) take a deep breath and be thankful for the opportunity to learn and grow as a professional. Stephen Covey put it best when he gave us the 90/10 principle:
“10% of life is made up of what happens to you, 90% of life is decided by how you react.” – Stephen Covey
Last week a friend and I had an interesting conversation over dinner having to do with hiring new grads from college. The two of us agreed that we have seen a rise over recent years with the number of people coming out of college ill-prepared for the working world. But why?
We discussed the disparity that exists with some new grads and their ability to actually put their years of scholastic achievement to work in the real world. Regardless of their GPA many of them struggle and it has employers concerned, especially in the engineering world.
This is where our conversation hit a crucial point and where the rubber meets the road for our recent college graduates: theory versus application.
In academia theory is served up on a silver platter. Students learn by lecture, book and lab. They learn the ideal setting and framework of hundreds of concepts. What they learn is ‘HOW’ something works, where it comes from and should you need to replicate it follow these guidelines, etc. Kind of like a recipe for baking a cake. Follow these instructions and the result will be a nice red velvet cake. My favorite!
Unfortunately what we get a lot of times after the supposed recipe has been followed by new grads is not red velvet cake at all. It’s a pile of crap that doesn’t remotely resemble a cake nor is it edible. Simply being able to follow a recipe, or recite a definition for that matter, does not mean you truly understand the concept which can be a really rude awakening for a newly hired recent graduate in the working world. Our recent engineering grads may be able to tell us the definition of Ohms Law, reciting it verbatim however they struggle to actually use that same theory in practice in the working world when it actually counts.
What academia fails to accomplish is teaching and engraining in its students heads the ‘WHY’ part of the recipe, not just the ‘How’. Learning the ‘WHY’ behind a concept provides us with a larger frame of understanding rather than just surface level information. This articulates the important difference between information and knowledge. (information = theory whereas knowledge = application) When we know why something exists we can better apply said concept to real world settings and or make suitable adjustments when things go array. The ‘WHY’ piece also addresses creativity. When we’re confronted with an issue or challenge in the working world there’s no professor or recipe to help keep us on track. No directions that say ‘substitute this for that if this happens’. One has to be able to draw on their creative juices AND theory to come up with possible solutions.
Why do recent grads struggle with applying their education in the workplace?
My humble opinion falls on two primary contributors:
Don’t worry employers. Fret not new grads, we can fix this challenge so that everyone comes out on top.
How can we change this to help our new grads?
About the Author
Travis Smith is the founder and managing director of Square-1 Engineering, a life sciences consulting firm, providing end to end technical project services to companies which design, develop and or manufacture products in Southern California. He successfully served the life sciences marketplace in SoCal for over 15 years specializing in engineering services, consulting, project outsourcing and leadership development. In 2019 he was recognized as a ‘40 Under 40’ honoree by the Greater Irvine Chamber of Commerce as a top leader in Orange County, CA.