The 8 Things I Wholeheartedly Believe about Entrepreneurship
Last month marked my 8th anniversary as an entrepreneur. My first “real” company, 9 Clouds, just turned eight years old. I tend to get nostalgic every year in late June when I reach another entrepreneurial anniversary and I decided to reflect on the core lessons and fundamental tenants I believe to be true about entrepreneurship.
1. People and Teams Win
You’ve all heard that ideas are a dime a dozen, execution is what wins. It’s true, but behind good execution is good people and great teams. Technology continues to strengthen its roots in all aspects of business and life, and artificial intelligence (AI) is here to stay, but behind all of the 1’s and o’s is a person.
Hire good people. Invest in growing those people through training and professional development. Give those people room to take risks, make mistakes, and learn. Then put those good people together to build great teams and your company will win.
2. Freedom > Finance
If you’re becoming an entrepreneur because of the money, stop right now. There are many other ways to make money easier and quicker. It turns out that entrepreneurship CAN be great from a finance standpoint, but the real value is the freedom. There is no greater reward than becoming your own boss and being in control of your own destiny.
As my 19-month old daughter grows up, the flexibility to make her soccer game, parent-teacher conferences, or whatever other events/needs come up will be invaluable. Get in to entrepreneurship for the freedom and control; kick ass as an entrepreneur and you’ll reap financial benefits too. That’s the icing on the cake!
3. Entrepreneurship is Lonely
Recognizing the entrepreneurship movement across the country in the last five or so years is unavoidable. Certainly we’ve had entrepreneurs for decades, centuries even, but the last few years the entrepreneur or startup CEO role has been glorified. It’s the sexy thing to do and will get your face on magazine covers, TV interviews, and yield a handful of rewards or maybe even a movie like Mark Zuckerberg. Truth is, entrepreneurship is really damn lonely. And hard.
I’ve spent countless sleepless nights worrying about the business and the responsibility of employing 19 other people who have kids, mortgages, healthcare benefits, and more.
4. Grow or Die
I joke that at Lemonly the one constant is change. We question everything we do. We always ask ourselves is there is a better way? In the Japanese business world they call this kaizen (a business philosophy of continuous improvement of working practices and personal efficiency). The lesson is you MUST be willing to change because if you don’t, you’ll be left in the dust.
The sooner you embrace the constant change and the feeling that you never quite understand everything the better. Take comfort in knowing that every year you hit another anniversary for your company you’ll look back at the person you were a year ago and realize that you are stronger, smarter, and wiser.
5. Risk is Relative
I wanted to say there is no risk, but I realize some people literally lay everything on the line to try and make their company work. If you’re smart though, I think the risk of becoming an entrepreneur is not as serious as advertised. I hate the narrative of folks who say, I’ll start my company when (insert excuse of time, money, market, or luck). Think about it, you’re betting on yourself — is there anyone else you’d rather bet on?
No job is guaranteed and not taking that risk or chasing that dream might become your biggest regret. I am glad that I started my company as a 23-year-old single guy with no commitments as opposed to a 31-year-old husband/father with a mortgage, but what’s the worse that could happen? Your company fails and everything you just learned from being an entrepreneur makes you more marketable for getting a “real job.”
6. Self-Awareness is Paramount
The best entrepreneurs know their strengths and weaknesses. More importantly, they know to dive headfirst in to their strengths and punt on their weaknesses. This takes a lot of self-awareness.
I already mentioned that growth is essential and continuous. Along that journey, becoming self-aware of your strengths and weaknesses and then surrounding yourself with the people to maximize or minimize both those strengths and weaknesses will yield great success. It’s ok to admit when you’re wrong.
7. Your Company Can’t Be Everything
Some days it will be, it just happens that way, but on the whole you need more than your company. Do not lose sight of family and friends. Hopefully you have some hobbies, fitness, or faith of whatever type you choose. Both for you and your company, a life outside of entrepreneurship is essential.
In today’s 24/7 connected world I think the idea of work-life balance is a bit disillusioned. It won’t be a nicely balanced scale every day where family, friends, fitness, faith, and your company get their equal due. But I’ve heard the term work-life integration — realizing the constant dance of integrating all the key aspects in to your life to some degree. I’m striving for integration.
8. Do It
That’s all I can say. I wouldn’t change a thing.
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