Entrepreneurs: How Far Do YOU Need to See in the Dark?
Most entrepreneurs will admit that when they got started in their first business, they didn’t spend a whole lot of time on doing their homework! Most entrepreneurs have had multiple business failures too, and it doesn’t bother them one bit.
The entrepreneur is usually focused on action, not research. A great metaphor for an entrepreneur’s thinking looks like this:
Imagine driving down the road at night. The headlights on your car light up the next 200 yards of the highway, and even going 70 mph, you feel confident that you could maneuver around any obstacles, pull off the road, or even stop completely in those 200 yards.
So, as long as you can see 200 yards ahead, you feel confident to drive the speed limit, in the dark, safe in the knowledge that you can handle anything that shows up in your path.
An entrepreneur’s business is the same. He doesn’t need to know what’s going on a mile ahead. In fact, most of the time he cannot possibly know what’s waiting for him a mile down the road. But he has the confidence that he can handle anything that shows up in the foreseeable future.
The Importance of Doing Your Homework
However, most entrepreneurs will also tell you that when they started their first business, they found all kinds of obstacles in their way and spent way too much of their time, money, and energy trying to avoid them.
Some eventually succumbed to those obstacles. Their business spluttered, misfired, and eventually stopped altogether.
With the benefit of hindsight, it’s easy to see why some things don’t work as expected.
- If only they had the opportunity to drive that route in the daylight, when they could see everything.
- If only they could have talked to people who travel that route on a daily basis.
- If only they had done their homework BEFORE they encountered the obstacles!
The business might still have failed, but look at the time, money, and energy that would have been saved.
Consider this:
- Good entrepreneurs learn very well from their own mistakes.
- Seasoned entrepreneurs learn even better from other people’s mistakes!
Seek Out Experience
The very best entrepreneurial minds who have started and owned multiple businesses seek out others who have ‘been there, done that.’
They are always trying to be more efficient, more effective, and quicker in all that they do. For entrepreneurs, speed is always more appealing.
They want to find the guy who made the path and ask him how he did it:
- How long did it take?
- How much did it cost?
- If he had to do it over again, what would he do differently?
They want to find out exactly what worked and what didn’t, so they can take the best tried and tested strategies, improve on them, and create a new track of their own to run on. They always like to create their own path.
Questions Find Solutions
One of the best skills any entrepreneur can develop is the skill of asking great questions. Then, listen to the answers!
Not only will it save you time, money, and energy, but you’ll also learn and grow in direct proportion to the number and quality of the questions you ask.
Learning how to ask effective questions bodes very well for talking to future partners, customers, and people who are likely to endorse you and promote your business.
When you engage with someone for the first time, there is always the temptation to tell, tell, tell. However, if you ask, ask, ask instead, you’ll create a more compelling impression, and they will never forget you.
Which Strategy Is Best?
Doing your homework means finding out exactly what works and what doesn’t. However, it’s important to be aware that not every strategy works for everyone all the time. In fact, you’ll find that there are some strategies in growing a business that don’t fit you at all.
You will always need alternatives that are a good fit for you.
But you do need to have an awareness of everything that works, even if you’re not using that strategy. You might need to collaborate with someone one day who turns out to be a poor fit for all the strategies that you’ve found to work so well for you but are brilliant at using all the strategies that don’t fit you at all!
This happens more often than you might think!
An essential part of building a business is finding techniques that work well for business partners or team members, even if they’re opposite to your own best efforts. This can build an incredibly strong overall business strategy.
You play to your strengths, they play to theirs, and you don’t have to worry about any weaknesses.
Mindset is Everything
Mindset is everything when it comes to starting and growing a business.
The strategies for building your business are usually very straightforward and easy to grasp.
What makes the difference is the mindset and the application of those strategies with consistency, determination, and enthusiasm for long enough to reap long-term rewards.
The more time you spend with fellow entrepreneurs, the more questions you ask, the faster you’ll learn, and the quicker your business will grow… and it is way more fun than working for an employer too!
About the author.
Robert Mitchell is an award winning serial entrepreneur, executive coach, strategy consultant and the founder of ExecHero, SafeHarbour and Safe Harbour Wellness. When he isn’t leading his organizations, he is passionately coaching other entrepreneurs on how to position their business and personal lives for massive success. Rob enjoys spending time with his family, working out, martial arts, writing, traveling and acting. If you are ready to begin your journey towards your optimal self, email the ExecHero Team at: CS@ExecHero.com .
"Challenge the ordinary, seek the extraordinary and live unapologetically outside of the box."
There is Always a Way Forward
2020 has been an especially difficult year for small business. Sadly, many businesses have been forced to shut down permanently, due to the plethora of difficulties encountered. Still, there are others whom have successfully navigated the storm that is COVID, overcoming an uncommon and at times overwhelming mix of hurdles; forced closures, decreased consumer spending, employee shortages, reduced revenue and tapped cash reserves. For those businesses still fighting to keep their entrepreneurial dreams alive, know there is hope.
Hope.
Wikipedia defines hope as:
“Hope is an optimistic state of mind that is based on an expectation of positive outcomes with respect to events and circumstances in one’s life or the world at large”.
I would add that hope is not the denial of, nor ignorance about the challenges one faces, but rather, it is the willingness to look at the bigger picture and actively choose to focus on potential solutions instead of the problems at hand.
These entrepreneurial fighters are the captains of their business vessels. It is their duty to successfully navigate the seas of change and to also bare the burden and pleasure of their success or failure. Of these captains, some have successfully optimized or pivoted their business models, arising from the storm as a stronger, leaner more savvy organization. Others have been less fortunate and are still experiencing the turbulence of the crashing waves while trying to steer their ship to clearer waters. These particular captains still believe for and envision a bright future ahead, but fear they don’t possess the needed capital nor qualify for the business loans needed to ride out the remainder of the storm. This needed capital is required to fund business pivots, marketing efforts or new talent acquisitions. These business owners are living with the constant angst of potential closure and despite their overwhelming hope, cannot see the path to move forward in success. For those whose future is uncertain, I would like to postulate the following:
Seek out alternative means of capital.
Typically, entrepreneurs fund their ventures with bank loans or second mortgages on their homes. Although these are relevant options for those that qualify, they are not the only options. Some alternatives to consider:
- Independent Lenders. With interest rates at an all time low, savvy investors will look for alternative means to improve their interest yield. You would be surprised how many people within your community would potential lend, given the right yield.
- Angel Investors. An angel investor (also known as a private investor, seed investor or angel funder) is a high-net-worth individual who provides financial backing for small startups or entrepreneurs, typically in exchange for ownership equity in the company. Often, angel investors are found among an entrepreneur’s family and friends (Google).
- Take on Investors. An Investor is a person or organization that puts money into financial plans, property, etc. with the expectation of achieving a profit. These investors can function as an independent lender or expect ownership shares of your company (Google).
- Crowd Funding. Crowdfunding is the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet. Crowdfunding is a form of crowdsourcing and alternative finance. In 2015, over US$34 billion was raised worldwide by crowdfunding (Wikipedia). Popular platforms are: KickStarter.com, Indiegogo.com, etc.
- Take on a Partner. Before accepting defeat and the closure of your business, consider taking on a business partner. Yes, you will have to give up some ownership shares and a bit of control, but access to needed capital and experience can pay off in dividend overtime.
Hire an Executive Coach
Why would you hire an executive coach when your business is struggling? Hiring the right executive coach can help your business to flourish in many ways, especially in times of difficulty. Here are just a few of the ways the right coach can add value:
They lend an experienced ear. The right executive coach will act as a neutral sounding board for brainstorming sessions and can draw on their vast experience to council on potential strategies. Further, they are not blinded by the passion of starting and raising a business. This allows them clear sight to better assess the current challenge and potential solutions. Their sole focus is serving their clients needs.
Access to Wisdom. The right coach will have the knowledge, wisdom, experience and business acumen necessary to point out and advise to possible options you have not yet considered. These coaches have likely encountered similar situations in their career and can help steer your organization through the mine field allowing you to come out the other side intact and stronger than before.
They Lend Focus. Your coach can help you to sift through the plethora of entrepreneurial ideas and focus on those ideas with the highest probability of success.
Drive Accountability. They help to foster an environment of accountability. The right coach will achieve this through regular communication and scheduled follow up calls at predetermined intervals; daily, weekly, bi-weekly or monthly.
An Affordable Investment. The right service focused coach will offer different finical options to meet most budgets. These investments are typically more affordable than one would think and generally, the return on investment for you can be substantial. In fact, most offer a FREE consultation to determine fit.
What to Look for in a Coach. Selecting the right executive coach is a very personal process. However, there are a few key points to consider:
Have they successfully founded and scaled a prior business outside of consulting?
How large was the business they scaled and thus, can they advise you through the differing stages of growing pains associated with a high growth company?
Are they limited to one specific industry, say manufacturing, or are they experienced in multiple industries?
Have they demonstrated a pattern of success across multiple business verticals?
Have they personally ever successfully navigated a business pivot, added aligned verticals and/or saved a company through strategic planning and action?
Have they won awards for their exceptional abilities in business or sales?
- Have they built and led large teams? If so, how large and were they operationally focused or sales focused?
- Have they built and led remote teams? If so, how large were the teams?
- Have they successfully implemented key technological pushes and/or are they familiar with leveraging technology for better process efficiencies and positive outcomes?
- Are they familiar with a startup environment in addition to large corporate structures ( each requires a different skillset)?
- Have they ever created a USP (Universal Sales Position) and can they give examples of its success?
- Do they appear both competent and easy to work with?
- Do they appear to have a service minded approach with a teaching spirit?
Don't be afraid to create a temporary bridge.
If you sense your business is viable, but are in need of personal earnings to keep going, in addition to your business’s needs, consider:
- Become an Independent Contractor. If you have marketable services that can add value to other business owners, being an independent is a wonderful way to maximize your income, control your time and help your client gain valuable insight and cost savings over time.
- Fractional Leadership. If you have leadership experience and are talented at driving accountability, and fostering alignment, consider offering fractional leadership services. In other words, sell your leadership talent in time blocks. This allows smaller companies to benefit from the experience and talent of someone seasoned, that they may not need full-time or currently cannot afford. It also allows you to only work part-time for someone else while freeing you to pursue your personal business endeavors.
- Accept a Job. Although I am a huge advocate and proponent for entrepreneurship, there is nothing wrong with working for someone else while you regroup and rebuild your business. In order to do this successfully, one should:
- Add Value. Look for an organization they can add value to as an employee, aka, an “intrapreneur”(an entrepreneur who takes ownership of their role within another organization)
- Be Dedicated. Commit to help them for as long as it take to ensure they are positioned well for success, even if your business begins to take off; it is the right thing to do and it ensures you build a stellar reputation.
- Think Differently. Think in terms of adding a second career versus taking a temporary job to bandaid your present situation.
- Become hyper vigilant at remaining organized. You will need to properly portion your time in such a manner that allows you to add value to the company you are working for, while also dedicating time to build your dreams. If Elon Musk can run two large companies simultaneously, then why can’t you?
- Remember. Many an entrepreneur leveraged a day job to fund their dream job. There is no reason one cannot take a step backward to move forward. After all, an arrow cannot be launched without first being pulled back.
Do you have what it takes?
Regardless of the sector your business serves, the universal function of an entrepreneur is to solve the problems others cannot, or the problems others are not willing to sit with long enough to see the solution. Remember, for every hurdle and every obstacle that is thrown in your path, there is always a solution; a hidden opportunity if you will. The challenge is that sometimes the opportunities are hidden so well, or the obstacle is so large, that one must act creatively to move forward. In business, as in life, it is ok to stumble, to falter, to fail. It is through trying, failing and challenging oneself that we learn and grow both personally and professionally. But one only truly fails if they quit.
My challenge to you? Seek out alternatives to keep your dream alive; be it alternative lending, taking on partners or investors, hiring an executive coach or even creating a bridge by helping build someone else’s dream. In the game of business, creativity, consistency and an indomitable spirit are the true champions of success. Commit to never, never, never give up and remember, “You cannot beat someone who never quits”...
About the author.
Robert Mitchell is an award winning serial entrepreneur, executive coach, strategy consultant and the founder of ExecHero, SafeHarbour and Safe Harbour Wellness. When he isn’t leading his organizations, he is passionately coaching other entrepreneurs on how to position their business and personal lives for massive success. Rob enjoys spending time with his family, working out, martial arts, writing, traveling and acting. If you are ready to begin your journey towards your optimal self, email the ExecHero Team at: CS@ExecHero.com .
"Challenge the ordinary, seek the extraordinary and live unapologetically outside of the box."
Every Great Tragedy Brings Great Opportunity
COVID-19 has fundamentally changed our world and accelerated business concepts that were already emerging, albeit at a significantly slower rate. These emerging verticals may have been adopted out of necessity, but now that they are here and being adopted successfully, they will become part of the new business as usual. Two such emerging industries are SAAS solutions for remote working and telemedicine platforms. Both have the potential to grow in scale and are ripe for those savvy enough to offer solutions to streamline efficiencies and functionality.
Many hardworking Americans have lost their jobs and a staggering number of small business owners have or will soon be forced to permanently close their doors. As the majority of working Americans are employed by small businesses, many a good American worker will be displaced.
Given the current sate of the economy, it would be easy to focus on the negatives of these unprecedented times and let fear creep into your thoughts; you certainly wouldn’t be alone in this thinking. However, I challenge you to adopt a different perspective. Instead of allowing oneself to be engulfed in the quicksand of fear and uncertainty, why not take this time to refocus your gaze upon the many opportunities that now lie before you.
Business Owners
If you are a business owner, I would challenge you to do the following:
- Look for additional verticals to add to your business. In order to position well for success, these additional offerings should be in alignment with your company’s “WHY”, with a focus on better serving your patrons versus merely creating an additional revenue stream. An example of proper product alignment, would be a pencil manufacturer adding paper products or pencil erasers to their product line up. These additions are a solid fit, since both are aligned with the company’s purpose of providing their customers with tools for the written word.
- Cut out all unnecessary expenses. Invest the time required to properly review and audit all expenses. Cutout any non essentials, source comparable solutions that are lower priced. Also, do not be afraid to contact your landlord to inquire about possible lease abatement or payment deferrals. Essentially, authentically share your struggles with the goal of renegotiating your lease for longterm mutual benefit; reducing financial pressures for you and ensuring a consistent longterm revenue stream for the landlord.
- Evaluate the need for a physical location. Take a look at how you currently perform business and ask yourself if your business can survive or even thrive as a fully remote organization. Given the plethora of existing and emerging tools to optimize remote team collaboration, going remote has great potential for your business and your team. If you determine transitioning to a remote company is doable, contact your landlord, share your fear of the inability to make good on your lease commitment due to the unforeseen economic changes to your industry and ask if you can buy out the remainder of your lease term for an upfront lump some. Many landlords will entertain this option as they would prefer to gain some income form your relationship versus loosing all income due to a tenant defaulting and vacating their unit. The worst thing that could happen is they say no, but if you ask, they just might agree to help.
Individuals
If you are an individual and have been displaced, hopefully any struggles caused by your current situation will only be temporary. Should you find your anxiety level growing and the fear of attaining another job in your industry as a W-2 employee building, I challenge you to consider adapting to the evolving landscape. A few items to consider:
- Look at fractionalizing your talents as an independent. By fractionalizing your talents, you will essentially begin offering your services to many different businesses as an independent contractor versus a w-2 employee. This affords the businesses to gain access to needed talent without making long term commitments they financially cannot commit to. It also allows you to distribute your risk of job loss amongst what will hopefully be many satisfied clients. Further, as an added bonus, becoming an independent will allow you to command more for your talents than a salaried role would provide.
Hope
In times of economic shifts and make no mistake, we are in the throes of a shift currently, money does not disappear, rather it merely changes hands. The key to succeeding in these uncertain times is to develop the foresight required to navigate this sea of change. In order to successfully steer through the turbulence, you must determine which direction the money is flowing and do everything in your power to position yourself within its path. With the right foresight, determination and luck, you just find income from new opportunities beginning flowing into your pockets.
Change is Never Easy, but Change is Necessary For Growth
Change is never easy and for many, merely the thought of changing careers, pivoting a business or restructuring the manner in which one contracts their talents from employed to independent, is paralyzing. However, fear or not, comfortable or not, the economic landscape has changed and will continue to change fundamentally. Challenge yourself to appreciate the opportunity for growth brought by each tragedy and hardship you face. Acknowledge what is happening around you, but don’t allow your mind to spend too much time on all the happenings of the situation. Instead, fix your gaze on the many opportunities that abound, search within yourself to discover the strength required to take charge of your prosperity, take action towards your goals and learn to appreciate who you become as you traverse this journey we call life.
About the author.
Robert Mitchell is an award winning serial entrepreneur, executive coach, strategy consultant and the founder of ExecHero, SafeHarbour and Safe Harbour Wellness. When he isn’t leading his organizations, he is passionately coaching other entrepreneurs on how to position their business and personal lives for massive success. Rob enjoys spending time with his family, working out, martial arts, writing, traveling and acting. If you are ready to begin your journey towards your optimal self, email the ExecHero Team at: CS@ExecHero.com .
"Challenge the ordinary, seek the extraordinary and live unapologetically outside of the box."