Entrepreneurship: A Journey of Lessons Learned
I entered my first big entrepreneurial journey right around the time I turned 30. I had just had my third baby, my dad had died unexpectedly, and life felt short and uncertain. It felt like if I didn't "seize the day" and take a big risk, I might miss out. My dad, a self-employed carpenter, worked 6 days a week for as long as I can remember. His famous line when asked about vacations or bucklist items was, "I'll get to it when I retire." and then that day never came.
So I put on my big girl pants and decided to take the leap.
Embrace the Uniqueness of Each Venture (Every company is different)
When I started my second company it was in a completely different space than my first. But I thought, heck I've been in the startup game awhile, I've earned my stripes and this time around will be much easier. What I didn't foolishly didn't consider was just how different each business is - especially if it's in a different space, which for me was professional services vs. consumer products.
Rather than giving up, I took this as an opportunity to learn new skills in a new space. It taught me to open my mind and not jump right to what I thought was the answer. By embracing the unknown in my new company, it was an opportunity to meet new people and expand my skill set into other areas that I was far less familiar with.
Stay Grounded: The Power of Humility
After a few wins it's easy to ride high and feel on top of the world, but most entrepreneurs will tell you that you can't avoid the lows. Inevitably, something will happen to knock that crown from your head. It's become so important to me to understand that there is a balance between winning and losing that nobody is immune from.
No matter where someone is in their journey, I try to take away a lesson learned from them. Even someone just starting out might surpass you one day. Share your mistakes and humanize what it means to start and run a company.
Choosing Your Co-founder: A Partnership Like No Other
When considering a cofounder, choose wisely. I've learned that a cofounder is often like a spouse—someone with whom you need to work together towards common goals, with whom you will spend a good amount of time problem-solving, and with whom you can be as intense as a divorce.
Think about what happens if it does work out and what happens if it doesn't. How is your equity-split set up? What would happen to the company? Just some of the many questions to consider. Just as in most marriages, you date someone for a while before you tie the knot. Make sure the person you start your company with is someone you can see yourself with for the long haul.
The Power of Networking: Building Connections
Your network is the most powerful tool in your arsenal. From raising capital to gaining customers - you need to maintain and cultivate a broad and diverse network of connections.
Be willing to give your time freely; you'll need to reciprocate at some point. I've avoided some of the biggest mistakes by talking to others who have walked the path before me. It pains me when I see entrepreneurs who have made it, not have time for those trying to follow the same footsteps.
Cultivating Resilience: The Bounce Back Factor
I've never met an entrepreneur whose journey was all hearts and rainbows. No matter how good you are at what you do, you will have a "disaster" moment along the way. Teach yourself the ability to bounce back.
I have a small group of confidants to reach out to when I'm at a low point, which has been really helpful. By allowing myself to be vulnerable with them, I've created a support group that is there when I need it most.
Meditation is a big part of my daily routine. It's a tool I use regularly and has helped me to regulate my emotions and reactions and put things into perspective.
Calculated Risks: Stepping Outside Your Comfort Zone
Don't be afraid to push yourself into new places. Each quarter, I choose something that makes me feel uncomfortable. Once, it was giving a keynote speech, and another time, it was going to a conference by myself where I didn't know anyone.
Take some of the fear out of it by trying to plan. I come up with a written list of what I hope to get out of the situation and what the possible outcomes are. After, I jot down my lessons learned and every time I have gained something new!
Reframing Failure: Lessons in Disguise
Remember that software company I started? You probably don't because it was a failure that didn't take long to shutter its doors. Instead of feeling embarrassed, I share this story because I learned a ton!!
Your failure isn't a reflection on you personally. It doesn't mean you are dumb or lack the skills to be successful. There are so many reasons a company can fail; the only way you lose is if you don't pull value from the experience.
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Entrepreneurship has enriched my life in so many ways, and I hope that others who are interested in this journey will embrace it!