Sep 052011
 
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Entrepreneur – Be True To Who You Are

It took me a while to figure this out, but now I see it as a truism.  You must be true to who you are.  I think this is particularly important as an entrepreneur, as when you are charting new and different paths, there will never be a shortage of naysayers.  You must be true to who you are so that you will have an inner confidence that allows you to look beyond the negativity and press on in the direction of your goals and dreams.

I’ll give you an example in my own case, which was one of my early indications that it was futile for me to fight my entrepreneurial tendencies.  I had been an entrepreneur since a very young age, had done very well with it, and most importantly, loved every minute of being my own boss.  Yet, when I finished undergrad, I somehow thought it would be a good idea to go work for a large company.  As if that wasn’t enough, I went into a staid, high-end consulting environment.  The pay was good, the nice offices and prestige were abundant, and I was miserable.  In fact, I don’t remember a time in my work life when I felt more like a fish out of water!  I watched the work being piled on and the partners making excellent money.  I felt like an indentured servant.

At the point when I started “sharing” my work with other people at my “lowest on the totem pole” level, everything started to go seriously downhill.  One partner comment I remember:  “It’s not your job to delegate!  You need to do the work we give you.”  My response, “But he doesn’t have any work on his plate and I’m inundated.  Don’t worry; I’ll make sure it’s correct.”  There were many mildly humorous incidents like this.  I lasted just seven months, then left, probably shortly before they asked me to leave, to take a job with a small, entrepreneurial software company, where I felt much more at home.

It was a good learning experience for me.  I learned that I was not cut out for a large corporate job and all the realities inherent in such an environment.  I’ve had quite a bit of success in advising such companies, but as an outside advisor, not an employee.  I went through a phase, probably before maturing a bit, of thinking that one environment is better than the other, or said more directly, that entrepreneurship is better than working in corporate.  However, with time, I have come to realize that it’s not what’s better or worse.  In reality, we need both.  It’s about what works for you.  You have to be true to who you are.  My Dad spent over thirty years with the same large company, and if you asked him, I don’t think he’d tell you he regrets it.  I maxed out at seven months in such an environment.  Is one of us right and the other wrong?  I don’t think so.  You just have to be true to yourself.

So thus far I’ve talked about being true to yourself mainly when choosing between entrepreneurship and corporate.  Now let’s talk about it in a bit more depth, assuming you’ve taken the entrepreneurial path.  You must also be true to who you are as an entrepreneur.  What do I mean by that?  Well, you can take a lot of paths as an entrepreneur.  You can sell professional services.  You can open a convenience store.  You can develop proprietary technology, assemble an A-level management team, raise venture capital, and try to take your company public or sell it to a strategic buyer.  In other words, there is a very wide range of possible ways to pursue being an entrepreneur.  Before you start your venture, you should take some time to think about who you are as a person.  Consider what you like to do.  Take into account what skills you bring to the table.  Think about whether you want to work with a team or grow something yourself.  In short, you need to figure out what type of business you want to start up.

As you consider these questions, be true to who you are.  Start a business that makes sense for you.  It may not be what others recommend.  They may not even “approve”.  Who cares?  It’s your business.  You will be the one who has to run it, day in and day out.  Make sure that it suits you!  It will be your “blood, sweat and tears”.  If you start a business to try to please other people, trust me, you will never be happy doing it.

First, make sure you understand the difference between an idea and an opportunity.  Once you screen your business ideas and identify true opportunities, all else being roughly equal, choose the one that you feel the best about.  Once you’ve identified business opportunities that truly have a chance of succeeding, go with your heart!  Remember, you will spend a ton of time working on your business.  Make sure it’s something you enjoy.  Be sure it’s something that suits you at a visceral level.  Be true to who you are and you cannot go wrong.

I look forward to your thoughts and questions.  Please leave a comment (“response”) below or in the upper right corner of this post.

Paul Morin

paul@companyfounder.com

www.companyfounder.com.

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Jun 232011
 
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Don’t Fear Making Mistakes

Don’t fear making mistakes; fear not making enough of them. Let’s consider two scenarios: 1.) The person who hardly ever makes mistakes; 2.) The person who makes A LOT of mistakes, but is careful to learn from them each time. Who do you think will accomplish more in their chosen endeavor (and in life in general)?

In my experience, chances are very high that the person who is willing to make mistakes, but also very careful to learn from each one, is likely to accomplish significantly more than the person who is not willing to make mistakes. Let’s look at a simple scenario to understand why this is so.

Let’s say you are an entrepreneur and you are launching a new product. As a good entrepreneur, you have developed the product because you saw an unmet need in the market and validated your perception by talking to potential buyers and even receiving substantial orders in advance of the release. In fact, the pre-launch orders were so substantial that you decide, for the time-being at least, not to seek other channels of distribution or pursue other potential customers for your new product. You feel comfortable with the $2,000,000 million in first year sales due to pre-launch orders and don’t want to risk going after other potential markets/customers that are not a “sure thing”. In other words, you’d prefer not to make a mistake and decide you are satisfied with the results of your initial foray.

Across town is another entrepreneur, a competitor of yours, in fact, who has developed a similar product. It only does about 80% of what your product does, but that competitor is confident that it is the “80% that matters” and that it will not limit the ultimate success of the product. Because the product does not have all the bells and whistles that yours does, your competitor only achieves $500,000 of pre-launch sales. Not satisfied with this, your competitor aggressively begins to explore alternative markets, uses, and distribution channels for the product. At first she finds little success, spending several months with very little to show for her incessant efforts. In the fourth month post-launch the competitor hits “pay-dirt” and strikes a relationship with a then little-known (in America, at least) Asian distributor of similar products. The relationship yields first year sales of $4.25 million, with strong profit margins, despite the distribution cost, as it turns out the Japanese demand is through the roof, permitting higher prices. The exchange rate also helps your competitor out.

So, in the end, your competitor achieves more than double your first year sales on a similar, competing product. What happened here? First, your competitor was not content with the pre-launch sales achieved, whereas you were. Second, for a wide variety of reasons, potentially including having a strong enough level of self-confidence to not be daunted by the prospect of encountering a bunch of “failure” before success, your competitor pressed on in looking for alternative markets and sales channels. Finally, your competitor viewed every “mistake” as an opportunity to learn and a step in the direction of their ultimate goal of maximizing sales and profitability of the newly launched product.

This situation repeats itself endlessly in the business world and in all other endeavors. Certain “players” become content with their achievements very quickly, long before achieving their ultimate potential. They become comfortable. They become afraid to make mistakes. Their ego is not strong enough to take any hits. They like their position as it is and they like the recognition they are receiving, so they don’t want to risk making mistakes and damaging their self-perception and the positive opinion others may have of them.

On the other hand, there are players who experiment endlessly, enjoying their successes, learning from their “failures,” but never completely content that they have achieved all that they can. They see mistakes and “failures” as opportunities to learn, not as a hit to their sense of self-worth. They learn to make as many mistakes as possible, as quickly as possible, so they can achieve their goals more rapidly and not stagnate. They understand the importance of making incremental progress and make smaller mistakes where possible — mistakes that will not “kill the company”. They’re not indiscriminate risk-takers betting the farm at every chance they get. Rather, they take a constant series of incremental risks, in order to learn, gaining whatever insights they can from each mistake, and then moving on. They do not dwell on mistakes.

Do you fear making mistakes, or do you see them as an opportunity to advance toward your ultimate objective(s)?

I look forward to your thoughts and comments.

Paul Morin
paul@CompanyFounder.com
www.CompanyFounder.com.

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Jun 202011
 
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Where Does Greatness Come From?

Let’s focus in on human greatness here, as there are a lot of types of greatness in the world. So, where does human greatness come from? No one knows exactly, but I will give you some ideas of the steps to get there, based on my in-depth study of over 250 of the all-time great historical figures in a variety of fields, as well as my interviews and conversations with a large sample of contemporary greats, in fields ranging from entrepreneurship, to the military, to science, sports and many others.

The first and most important lesson is that generally speaking, people are not “born great,” simply knowing from the very start that they are gifted in a certain area and that they will become one of the “greats” in that area. As previously discussed, as much as there’s a great deal of folklore and exaggerated stories out there to that effect, most human beings do not become great at something from one minute to the next, without a huge, concerted and inspired effort. The common wisdom now is that it takes roughly 10,000 hours of deliberate practice to move from beginner to expert in a particular endeavor. That does not necessarily make you “great” of course, but usually, if done correctly, it will at least get you to “expert” status. You will know more and be better at your chosen endeavor than the vast majority of the remainder of the human population.

So if it’s relatively clear what it typically takes to become an expert in a field, is it also clear what it takes to achieve “greatness” in a particular endeavor or field? Unfortunately, not really. In my experience as an advisor and coach and in my research, I have found a wide variety of paths to greatness. That’s good news and bad news, as the saying goes. It’s good news, since even if you are not or have not been on a particular path, it doesn’t, de facto, mean that you cannot become great in your chosen field or endeavor. It’s bad news because it doesn’t give us one well-defined path to zoom in on in an effort to achieve greatness. That being said, in my experience and my research, I have found some common threads of the path to greatness. I will lay out those commonalities in the form of a ten-step process to become great at anything. There are no guarantees, of course, as most of the hard work rests on your shoulders, but by using this approach, in my opinion, you will maximize the probability that you can become “one of the greats” in your endeavor.

The first step is to identify the area of greatness that you are pursuing. You should be as specific as you can, given that the more nebulous you leave it, the more difficult you will find it to make focused efforts toward achieving your goal in the steps that follow.

The second step is to uncover the key requirements to become great in your chosen endeavor. The four main approaches you will pursue in uncovering these requirements will be the following:

a. Go directly to the “horse’s mouth”. That is, you should contact one or several people who have already done what you’re trying to do – become great in your field – and ask them how they did it. Try to get as many specifics as possible.

b. Talk to one or several coaches in that domain. These could also be referred to as subject matter experts (SMEs) or maybe even SMEs with a bit extra, as they have chosen to be coaches and thus are likely oriented toward understanding how to maximize performance in your particular endeavor.

c. Read books by experts in the field. Reading appeals to some folks and does not appeal to others. There are also many books on tape now, which you can listen to when you are driving or exercising. If you are more oriented toward learning from video, you should also be able to find plenty of resources in that medium.

d. Watch true professionals in action. If what you’re trying to become great at is a sport, watch as many events as you can, but don’t just watch as a fan or casual observer; watch as a student of the game. Likewise, if your focus is in business or another area, become a curious student of all that happens in your field.

The third step is to take stock of your natural abilities. Take a look at your physical and mental attributes. Don’t judge yourself or determine whether these attributes are good or bad at this point, just take stock. Are you exceptionally tall? Are you great with numbers? Etc.

The fourth step is to look at your strengths and weaknesses relative to what you’ve determined that it takes to be great in your chosen endeavor. You’ll want to go into great depth here, as understanding where your weaknesses are, for example, will allow you to structure your practice in a way that helps you to optimize your use of time and accelerate your road to greatness.

The fifth step is to focus in on your “why”? That is, why do you want to become great at this endeavor? What is it that’s driving you? Is it a “strong why”? In other words, do you think it is sufficiently strong to drive you to put in and maintain the extraordinary effort and concentration level that will be required to become great?

The sixth step is to set goals for yourself. You will want to set short-, medium- and long-term goals that take into account the requirements to become great, as well as the specific areas you’ve determined where you need to make improvements. Monitor progress toward your goals and make sure that you set a timeline for completion of each goal.

The seventh step is to constantly reinforce your belief that you can attain the goals that you’ve set for yourself to become great in your endeavor. This belief will be reinforced regularly if you have set your goals in a way that they are achievable on an incremental basis. Allow yourself to achieve small victories along the way, as this will nurture your belief. As with the later step of maintaining calm, you will also want to use positive self-talk and visualizations in this step.

The eighth step is to develop a detailed preparation schedule that is oriented toward reaching your goals and achieving greatness. Regardless of what your endeavor is, you may want to work with a coach or other qualified third party to ensure that your preparation schedule makes sense in terms of getting you to where you want to be without burning you out in the meantime.

The ninth step is to make sure that you have in place a calming mantra and approach for when you get into stressful situations on the road to achieving your goals. If you are trying to become great at anything, no matter what the field, it is inevitable that you will encounter some, maybe even a huge amount of stress along the way. You need an approach to deal with fear and stress and keep progressing toward greatness. That approach will likely involve extensive use of positive self-talk and visualization.

The tenth step is to constantly work on and nourish your will to succeed and concentrate. In fact, based on my experience and research, this may be the most important step and factor in your success. There are very few exceptions among the historical and contemporary greats that did not have to exercise enormous power of will and concentration, usually on many, many occasions. Becoming an expert is challenging enough. Becoming great is another whole level and it almost always requires many instances of calling on massive willpower to overcome the inevitable obstacles that lie in the path to greatness.

We’ll go into each of these steps in much more detail, but this summary gives you an idea of the path you need to follow to move from beginner to expert, and then, if your “why,” your belief and your willpower are strong enough, on to greatness.

I look forward to your thoughts, comments and questions.

Paul Morin
paul@CompanyFounder.com
www.CompanyFounder.com.

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Jun 132011
 
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Self-Doubt:  Your Best Friend or Your Worst Enemy

As an entrepreneur or anyone trying to achieve something, self-doubt can be your best friend or your worst enemy.

In my coaching, consulting and my own entrepreneurial endeavors over the last 30 years, I have noticed that while some people seem to have unflappable self-confidence, most seem to vacillate between self-confidence and self-doubt. By the way, I’ve also noticed that when you dig below the surface even just a bit on those who seemingly have “unflappable self-confidence,” they too have plenty of self-doubt, often times much more than everyone else. They just have well developed mechanisms for hiding their doubts from the rest of the world.

As it turns out, self-confidence and self-doubt are two sides of the same coin. Self-doubt and wanting more are an important part of the built-in mechanism that has allowed human beings to adapt and evolve over time. Self-doubt is also what fuels us to try harder and to learn more, so that we can feel that desired mental state of self-confidence, even if just briefly and periodically.

In the end, it’s really only possible to overcome self-doubt with action. You need to do something, overcome your fears and achieve something you never thought possible. That will do wonders for your self-confidence. You know how the story goes though: after a brief period of satisfaction with your accomplishment, you will likely then start to experience self-doubt again and feel the need to push on and accomplish more. If handled well, it’s what is often referred to as a “virtuous cycle.” If not handled correctly, it is likely to devolve into its evil cousin, the “vicious cycle.” Let me explain.

So let’s say you’re experiencing a serious bout of self-doubt. You’re in a funk, as the saying goes. You’re wondering if you’ll ever do anything successfully. Ask yourself a couple of questions: Am I a perfectionist? Am I always setting goals for myself that I have no possibility of attaining in the allotted timeframe? I see it all the time in the people and companies to which I coach and consult. They set impossible goals then wonder why they don’t reach them. I’ve certainly been guilty of it myself as well.

Here’s the key: set incremental goals that will allow you to reach your ultimate goal(s). Allow yourself to be successful along the journey to achieving your major goals. Will you still experience self-doubt along the way? Yes. But use it to your advantage. Use it to fuel your desire and give you energy to practice enough and correctly. Use it to motivate you to set incremental goals that will allow you to have successes and believe that you can reach your bigger goals. Use it to give you the determination you need to chart your own course to accomplishing your goals.

Don’t set yourself up for failure and constant self-doubt by setting impossible goals. Allow yourself to succeed incrementally along the way and you will be shocked how much better your results are, how much happier you feel and how much you enjoy those moments of self-confidence, even it they come and go as part of the virtuous cycle you’ve created.

I look forward to your thoughts and comments.

Paul Morin
paul@CompanyFounder.com
www.CompanyFounder.com.

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