A few days ago, I received a host of congratulatory comments from LinkedIn connections recognizing my 6th anniversary as the founder of Northwind Pharmaceuticals. Other than the simple good news that we are still serving our customers and providing gainful employment to our team members, there is nothing particularly special about the 6th year.
However, the anniversary triggered a number of interesting conversations around the notion of independence, business ownership and risk. During discussions of entrepreneurship and business ownership, I often hear someone say: I wish I had the courage to do my own thing.
I actually receive this comment fairly frequently from folks working in larger companies and feeling in some way trapped, unfulfilled, unchallenged or underpaid. My standard, off-the-cuff, response is that no one would hire me so I had to create a job for myself. Though my comment is meant to be tongue-in-cheek and to lighten what might otherwise be a heavy conversation – there is something to it. I did create a job for myself because I wanted/needed something different. Actually, I wanted many things different. I just had to reach a point where that desire outweighed the numerous negatives – money, risk of failure, time required etc. And, perhaps more importantly, I had to reach the point where it was almost more risk NOT to jump into my own venture – at least in my mind. Here are some random thoughts about courage and doing your own thing.
- You don’t really want to do your own thing. Surprised? Let’s face it, it is not for everyone. First of all, there are many forms of “doing your own thing.” From just keeping yourself busy to being responsible for employees, it is a lot of work. There is a certain glamor when we consider the image of the entrepreneur setting forth and conquering to become rich and famous. Alas, that is most often not the case and there are many harsh realities – even if your business survives. Courage? Intestinal fortitude, endurance, desperation and perhaps a sizable dose of blissful ignorance may be more apt descriptions.
- Your biggest limiter is between your ears. I know, cliche. However, it is very true. Even if you don’t want to buy-in to the spiritual, sense of destiny element that drives some, there is a profound logic to that statement. Outside factors will almost always act against you: competition, banking, regulation, potential customers, family etc. The world is built to walk along established paths and will almost always push against change. The odds are against your success. So, if that deck is stacked against you already, what possible chance do you have if you don’t absolutely believe you can be successful? Now, think of it the other way. The world is also built to respond to momentum. You see this in sports all of the time. Your team is down 17 points with five minutes to go. The star shooter drains a couple of three pointers and all of a sudden, BAM! The opposing team starts making mistakes, the referees begin to make calls the other way, the agnostic announcers suddenly seem to favor the other squad…that is momentum. Once it is turned-on, it seems to exponentially benefit the team that has it. Is this a law of physics or a mystery of the human mind? I’m no scientist but I’ve seen it happen in business as well as sports. The best service, product, pricing, operation, team etc. does not always win. As a start-up or small business, you often won’t be able to muster first place in any of those categories. However, you might just be able to build enough momentum in one or two to create a viable business.
- Doing your own thing doesn’t necessarily mean the Silicon Valley version. I dreamt of building my own company for many years. My model came from successful tech companies. The model? 1) brainstorm a brilliant, unique, world changing idea 2) build a brilliant business plan, 3) find brilliant people to help execute the plan, 4) shop it to brilliant investors who were not only prescient enough to know the idea would work, but also had the wisdom to guide and develop me along the way, 5) work hard and become fabulously wealthy while changing the world. Needless to say, my files are littered with not-so-brilliant business plans that I was never quite able to get launched. Don’t get me wrong; some of the plans and ideas were interesting and I’ve seen others build successes from similar ideas. However, I thought they had to be unique, brilliant and world changing. Worthy targets but I discovered that another path existed for me. We know of the world changing ideas and companies – their success is akin to hitting the lottery. I don’t mean in the sense that they just got lucky, hard work is always involved. The reality is that the odds of lining up all of the stars for Microsoft, Apple, or Facebook-type success is like hitting the lottery – it happens but it is extremely rare. For me, doing my own thing meant taking an existing company and making it better than it was before. It meant entering existing markets with existing customers and trying to find creative ways to serve them. It meant competing with established players and trying to differentiate on nimbleness and service. It meant financing my dreams with mechanisms other than venture capitalists, private equity groups or angel investors. Then, it meant doing it again with another company.
- Timing is everything. Sorry, I can’t help it. Some things are just universal even if they sound trite. Of course, timing is critical. My point here is not just hitting the right investor, right market, right customer etc. at the right time. For me, the critical timing involved my readiness. Before I launched into my own venture, I had to have the right set of experiences, the right financial situation, the right set of relationships and the right stomach for risk. The most brilliant idea and smartest plan in the world would not have helped me if I wasn’t in the right place. Only you (and your significant other – see below) can decide if you are in the right place.
- Get buy-in at home. If you step out on your own at any level, there are going to be bumps. There are tolls in time, money and state of mind. You will need support and it is impossible to overstate the importance of your significant other. Your partner needs to be in the know every step of the way. Not only is this critical so there are no surprises, it is critical to have additional perspective. If you trusted this person enough to commit to them, then you can and need to look for their input on key decisions. Will you always agree? Absolutely not. When it comes to pursuing entrepreneurial dreams, your partner will almost always be more conservative than you. That is great. You’ve both got to agree on an acceptable level of risk and you both need to understand potential consequences of decisions. It is also important for you to have some level of accountability and your significant other is particularly helpful in this capacity if you are flying solo.
- Courage? From my perspective, courage is the soldier braving enemy fire to save his comrades. Or the firefighter entering a burning building to save a family. Or the child standing up to a group of kids bullying her friend. In my case, I was far more afraid of what would happen to me if I didn’t go for it. It seemed unimaginable not to jump when the time seemed right. Sure, there are risks but I believe we are all called to risk something in the pursuit of the things that matter. Maybe, courage is saying “no” to entrepreneurship though it seems sexy and cool – knowing that it isn’t your right time.
Six years? Wow. It has been crazy, scary, fun, overwhelming, fulfilling, humbling…and on and on. It has flown by and in many ways, I still feel that I am just getting started. Would I do it again? Absolutely. Is it for everyone? Absolutely not. One of my favorite Stephen Covey lines is: It’s easy to say no, when there is a deeper yes burning inside. Perhaps the ultimate courage is trusting yourself enough to know when the time is right.
