First Generation Entrepreneur
First-generation entrepreneurs have a particularly steep learning curve as we oftentimes painstakingly bootstrap our way to the seemingly elusive but greatly envied pinnacle of business ownership—financial freedom.
At any given moment, there are at least 50 to 100 decisions that all need to be made immediately or by the end of the week or some other impossible deadline. All the while in the middle of having to create a marketing campaign, a new sales pitch or product or figure out how to get into the next tradeshow on limited resources or simply how to pay the mortgage.
We constantly assure our fellow entrepreneurial and corporate comrades that we look and feel fabulous and successful too –that business is great–when sometimes that is farthest from the truth. The truth is sometimes that we are in the midst of terror and meltdown and haven’t seen the likes of fabulous or her obscure friend successful. Sometimes as we roll out to that networking event in the best of threads and cleanest car and the impeccable spit polish pitch and style, we never let on (and rightly so) that the threat of bankruptcy is hovering or that the risk of family fallout is now imminent .
But please take heart my entrepreneurial friends. Persistence does pay off. The price you’re now paying (if you can identify with any of that stuff in the above paragraph) is part of the story of many of those first-generation entrepreneurs (and sometimes second generation) who decided to stick with it. Nevertheless, clutching the entrepreneurial staple of “persistence” does not mean that there won’t be any loses or that everything will turn out fine (sorry), what it does mean is that when you finally arrive you will be well-grounded and have a healthy respect for success itself and will be closer to the truth of you. It means that you have emotionally agreed to pay the price of success which in and of itself –at least qualifies you for a winning ticket. Success comes at different paces depending on your resources, your aptitude for adaptation, your attitude and your level of creativity. There is a lot at play in the world of success and for those who have done it, they make it look easier than it is because often the horror and fall out stories (the details are not glamorous enough to make the news)are seldom told for we like to relish in the victories. But before the victory and triumphs are many disappointments, failures, and tries and even longer hours of reflection and study before we get the combination just right.
It is my belief that the pursuit of business success is –simply put –the pursuit of our true selves and that in entrepreneurship we are passionately addicted to that pursuit. So when you’re in the midst of the grind and things aren’t going as well as you want to report or someone in the family or close nit of friends asks that dreaded question: “Why don’t you just get a job?”, just remember what you’re doing, and why you’re doing it and stick to your purpose. I did not say stick to your plan, but stick to your purpose. Often the plan has to change in order to accommodate changing market conditions, but not purpose. So my article is not about the entrepreneur’s right to be stubborn, but to remember that there are many pieces on the game board for success, just don’t stop playing to win. Adjust where you need to, but remember your purpose!
Three Things I’ve learned As An Entrepreneur
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Starting your own venture is no easy feat and can be daunting to say the least. I made a periscope clip to discuss the three lessons I learned over my last 20 years as an entrepreneur. Here is a short recap (see the video on video tab):
1. The difficult times are challengers to your belief. They come to help you discover what you’re really made of, if you have what it takes to stay the course and if you really believe what you say you believe. They also come to challenge you to be true to yourself. If you really believe that you can do it, then you will, if you don’t, then you won’t.
2. Know who you are and be confident in the person you claim to be. By knowing who you are, it becomes more difficult for the hard times, the difficult people and negative opportunities to discourage you and/or to get you off your game. When you know who you are, you are less concerned about convincing others of who you are and more concerned with just being who you are. You’re comfortable letting the nay sayers find their way elsewhere.
3. Let Passion guide you. When all else fails, you’re out of money, friends and fresh ideas, passion will propel you to create a new path. Having passion about your purpose or business can create authentic ideas and open doors that would otherwise be closed. Passion, properly directed, can bring out the best support and help you overcome in otherwise difficult journey. Passion is authentic and speaks volumes. Be sure and pack this jewel with you for your entrepreneurial journey.
There’s a lot to learn on the E journey. Don’t let the boogey man scare you. Some things will be easy, but many of them will be difficult. Tweak your plan and stay in the game until you get the desired end.
Rhonda Novak
[/cherry_col] [/cherry_row]When You Don’t Have Time to Plan Your Corporate Exit Strategy
What do you do when there is no time or money to plan an exit strategy? So you’ve been thrown off the corporate mother ship– your company is downsizing or right sizing or moving business to India, whatever the case may be, you’re being told that you only have a couple of weeks or maybe a couple of months before you will no longer have a job with your current company. You’ve got to come up with a new plan to make money. So you’ve been thinking about starting your own business…would this be the perfect time to do it?
Well, I say that really depends on your circumstances. If you live on your own, you’ve got a bit of cash saved up to float you for a several months and you’re going to get a rather decent severance package on your way out the door then maybe this is the perfect time. Or if you can move in with a relative while you live on your severance package and you’re willing to make some serious sacrifices, you’re in a good position to consider taking the leap.
On the other hand, if you’re a single parent with a couple of dependents, very little savings and the corporate severance package is MIA then maybe you want to re-consider going it on your own for the moment. “But” you say, “I’ve got enough money for at least 3 or 4 months and I will get unemployment”. My response is that you have no idea how long it’s really going to take to launch the new venture nor do you really know how much it might cost to get the puppy to the launch pad. In other words, for a successful launch, you will still need to put money into the business (even if it’s just for marketing—you know, telling people you’re in business) as well as maintain your regular bills. So in essence, you’re going to be ADDING a bill to the monthly outflow. It could take 3 months, or it could take 10. If you’re only prepared for 3 months and it takes you more than 3 months to launch then you’re going to start having a whole lot of sleepless nights and create a whirl wind of frustration for you and your family if you don’t plan responsibly. (Can you say bankruptcy and financial ruin?) I would recommend getting a job for the short term and then began to properly plan your exit strategy. You may experience frustration for doing a job you don’t really want to do, but the idea is to leave the corporate world without having to return.
Once you’ve tasted the fresh taste of corporate liberation it becomes difficult to blend back in again, even when you have to. There have been many of us who have returned to the corporate world for one reason or the other, but most of the ones I know that have done it, including myself experience even higher levels of frustration than in the beginning because the two cultures are so extreme.
So a word to the wise…really think about how you leave the corporate ranks. As I always say, create a plan. Plan to leave when it’s convenient for you. Plan the new concept. Plan, to have some resources saved. That’s money saved for the venture and money saved for the household expenses. And a resounding YES to Christian entrepreneurs…even Christian entrepreneurs should plan to have some money banked for the journey—it’s just good business sense and shows responsible planning towards and for the family and it eliminates a certain level of anxiety. Use this time to really put your feet on the ground and create a solid plan so you won’t be forced to go back if it’s not really what you want to do. Sure it may take a little longer, but in the end you will feel much better about your venture if you can launch it without unnecessary financial frustration. Just keep your eye on the prize, you shall soon arrive.
Rhonda Novak
Why Are You Cheating On Your Business?
We all know someone, or know OF someone who has either cheated or been cheated ON with respect to a relationship; meaning that at least one party of a supposedly committed relationship gave the valuables—either emotional or otherwise -to a third party. So what do I mean when I say cheating as it relates to the business vision? I mean you won’t or you don’t validate the vision with the proper revenue request or with the proper commitment. Here’s a popular example: you consistently give your products and/or services away, OR you sell them consistently at a discount –never fully validating the vision or its worth. In other words, they’re always free or forever discounted which means the Business has no chance of supporting itself or you for that matter.
In order for you to really get serious about earning a living outside of the corporate world, there has to be a proper value placed on your goods and services. If you put the wrong value on those goods or services, you’re in effect cheating the purpose of the vision. Begin to notice how you relate to your entrepreneurial vision. Are you extremely casual and nonchalant…even a bit squeamish? Do you give away your valuables just for the cheap thrill of an “oh my gosh that looks great” Or do you give it away for something like this: “gee thanks can you do one of those for my friend?”
Stop cheating and get serious about committing to your vision. Take yourself and your business concept serious enough to compete in the market place for real money and real customers. Take heart and be of good courage, there will be some “no thank-yous”, but that’s the nature of legitimate business—sometimes customers say no. Friends and family as well as friends of family will generally take whatever you give away. Your vision is validated when you find marketplace customers that appreciate the products and services enough to pay a competitive rate that yields the business a decent profit.
Be faithful to the vision, create value for it and sell that value in the market place for a profit. Period. Anything other than that is cheating. I am by no means suggesting that you gouge your clients and customers, only that you give your vision a chance to flourish in the marketplace as a viable business. Operate with integrity and honesty and begin to sell out to your vision faithfully.
Rhonda W. Novak