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?
It’s amazing at how many things are sold to professionals which claim to be the next best thing in advancing your career. From books and seminars to workshops and online tutorials, there seems to be an endless supply of crap that many of us buy to help our careers yet few ever see any real return on investment.
There is one thing that doesn’t rely on fancy sales pitches or overdone workbooks and it can truly elevate your professional game. Best part is we all have access to it and most often it is completely free of charge.
Welcome to MENTORSHIP.
No matter where you are in your career having a mentor is highly advisable as it can be the difference between you navigating the waters of a successful career versus drowning in the murky depths of the rat race. Mentors aren’t just strategic career advisors they’re the angel over your shoulder whispering sweet nothings into your ear.
So if having a mentor was so impactful how come more people don’t have them?
Typically it’s because we’re scared to ask for help. It’s possible we don’t think we need the help, though many would object. It could also be because we don’t know where to look to find such a connection.
At the start of this year I decided it was high time to get me a new mentor. I’ve been lucky in my life to have a consistent and very good mentor in my father which I’m incredibly thankful and fortunate to have. I was looking for an additional mentor that had specific experience – growing a business from the ground up and doing so with a technical customer base.
After doing some snooping around I landed on the website of Micro Mentor. It’s like a dating site for professionals looking for a mentor, but no hanky panky is involved. You fill out a profile and then your needs and interests are matched with a possible mentor. Both parties get to review one another’s profiles after which they have an initial conversation to see if the match is a good fit. This is where I met Bonnie.
Fast forward Bonnie and I have now been working together for eight months and I’m continually impressed and appreciative of the guidance and thought provoking perspective she brings to the table. Bonnie started a technology service business in San Francisco a couple decades ago by investing a couple thousand dollars to start the company. From that start she grew the business to over 100 employees and has recently retired, earlier nonetheless, as a result of the success she experience along the way. Needless to say I feel like I can accomplish a lot knowing I have Bonnie in my corner. (let’s also not forget my father)
Why am I sharing this with you? If you don’t have a mentor you need to get one!
The relationship, when done right, will positively change every aspect of your career and outlook on business. I’m so passionate about mentoring that I too am a mentor – it’s worth every minute of my day.
Here’s what mentors, like Bonnie and my father, bring to the table and why they’re so incredibly valuable to you and I:
> Business Savvy – they bring experience and knowledge to the table that just can’t be matched by a text book or online workshop. You can’t replace real experience. Learning from a mentor isn’t just about accomplishing big feats it’s also about learning from their mistakes. Yes they’ve made plenty of them just like you and I.
> External Perspective – often times when we need advice we go to people who are close to us, most commonly that work for the same company. While that isn’t necessarily a bad thing what is important to remember is that these people have a certain level of bias in their thoughts and advice. Having a mentor outside your company gives you the chance to get advice which focuses on the situation at hand rather than personal bias or internal company politics. Mentors can also share with you how they have dealt with situations perhaps in other lines of business or industries which could provide you with a fresh approach to handling a situation. When your mentor is outside your company you can also rest easier knowing you can share your true feelings and thoughts and know that information won’t get back to your boss or be passed along at the water cooler.
> Confidant – Mentor are great listeners. Like my mentor Bonnie, she’ll sit on the phone with me and graciously give me ample time to spill my guts at which point she does an excellent job summarizing the situation and delivering exceptional feedback. I trust that I can be open with her which ultimately helps my development process.
> Accountability – Mentors vary greatly in this area and how they approach it. If you are going to ask for a mentor make sure you are willing to actually implement the ideas and suggestions the two of you collectively come up with. There’s no better way to ruin a good mentor relationship than to talk the talk but not walk the walk. If you are one of those people that sometimes needs a swift kick in the ass to get going mentors can also be utilized for that, just be careful how much ass kicking you need. Mentors ultimately aren’t baby sitters and they’re not supposed to run your business or career for you.
> Comfort Zone Executioners – let’s face it, we all love dancing in the comfort zone for longer than we should. Mentors are great at breaking up common thoughts or practices to get you out of your area of complacency. When this happens true growth is right around the corner.
About the Author
Serving over a decade in the technical services industry in Orange County, CA, Travis Smith has developed a talent for assessing technical talent and overseeing technical projects. His other areas of specialty include: leadership development, business development, resource planning and creative solutioning.