I read a guest post by John Doerr on TechCrunch back in April. The article mostly talked about Kleiner Perkins‘ iFund. Kind of self-serving, not terribly interesting on the whole, but I did come away with a couple of quotes related to entrepreneurs that stuck with me. I’ve combined them here:
“I like to define entrepreneurs this way: Entrepreneurs do MORE than anyone thinks possible. With LESS than anyone thinks possible. At Kleiner we’re awed by entrepreneurs. They surprise us with the improbable – they don’t know what’s impossible.” – John Doerr
I found them tonight while going through some notes and it got me thinking. I’ve never seen iFund money or anything close. But I have had my share of dealing with investors along with the ups and downs of launching a dozen or so start-ups over the years.
More if you count the lawn cutting business I started at 9 years old, the custom jewelry I made and sold, crafted from fossilized shark’s teeth and assorted rocks and minerals, and a very brief adventure selling the incredible Rainbow vacuum cleaner, to name a few. All of that before I was old enough for my first drink!
The thing is, every one of my ventures has taught me something. About business, about people, and most important, about myself. Some were successful and others…a little less than successful. One thing I got straight pretty early was that mistakes can be incredible opportunities to learn, especially when you’re filing for bankruptcy.
But like Doerr said, never for one minute did I have even the smallest notion that any of those ventures could or would be anything short of a raging success. I didn’t know what was impossible and failure simply wasn’t an option. Today, many years after I started my first business, failure still isn’t an option in anything I do.
Doerr’s comments, above, definitely gave me pause to reflect on where I’ve been, where I am today, and to consider the things I’ve learned that have really made a difference – and still do today.
I’d like to share a few of them with you.
Success takes hard work. You’ve got to be ready to work your ass off and then, work a little more, to achieve the success you desire. Think about that the next time you see the people running the little grocery on the corner in your neighborhood or near your office. Would you work as hard building and running your business as they do?
One group of entrepreneurs I’ve worked with who have built a valuable business in the technology sector have been described by others like this: “They may not be the smartest guys around, but they’ll outwork anyone. That’s how they’ve built a successful business, by working their competitors to death.” Excellent effort will bring you excellent results every time. Everything else in the package is optional.
Listen to your gut. This is a biggie for me. The times I’ve ignored what my gut tells me are the times I’ve gone wrong. Today, I pay very careful attention to that little voice inside. After a lot of practice listening, I rarely go wrong. Intuition is simply the ability to process not just the information around you, but also information you posses from past experiences and knowledge, in the mind and body. It’s there – tap into it and start making better decisions.
Walk the talk. Execution is (just about) everything. Anyone can have a great idea, but not everyone can make it happen. Talk is cheap, so avoid embarrassment and wasted time by keeping your mouth shut and letting your actions speak volumes about you and your venture. Develop a solid plan and then work that plan flawlessly. Mistakes? Sure, you’re bound to make a couple, but if you listen to your gut, work hard, and focus on walking the talk – execution – you’ll be just fine.
Partner with the right people. Partnerships are tricky. So is making good hires. In both cases, you want to choose people who espouse your core values and vision. Don’t rush the process. Whether it’s a strategic partner, investor, or staff member, you want to take the time to really feel good about your decision. Ask lots of questions (which you prepared as part of your planning process) and listen to your gut. Bad partnerships and bad hires can bring you down faster than a case of Montezuma’s revenge – and they can be much harder to recover from, too.
One more thing. If you’re unhappy about your job, your boss, or anything else related to your professional life, consider becoming an entrepreneur and doing the impossible. In many cases, you can get started and not have to quit your day gig. All you need is an idea, the drive to work your ass off, and a solid plan.
What do you think? Do you have any advice to share based on your own experience or someone you know whose been there, done that, or is doing it right now? I’d love to hear from you.
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