Passion is an unbelievable thing. It’s often what motivates me to get up in the morning, and it definitely what fuels me to be exceptional at my job. You need passion to start something new, to go above and beyond, or even to approach something in a completely original way. Passion is what differentiates a “Financial Analyst II” at Fidelity from Ryan Smith, the founder of TimeOff (a young innovator who works 9-5 to pay rent and 5 to 9 because he is an entrepreneur).
However, as great as passion is and as far as it can take you…you have to be careful. Sometimes this energy and excitement can be blinding. Some people are so tremendously passionate, yet lack the ability to take ownership and really get things done. At times this can even result in overlooking an obstacle so simple, and right in front of you. Coming from someone who is so passionate that he earned the title of “Ambassador of Buzz”; I wanted to share a few insights and common mistakes I have seen entrepreneurs make when trying to take their idea and grow it into a business:
1. Trying to be interesting, and not imperative
I wish I could take credit for this one, but I was lucky enough to learn this lesson from Michael Troiano, a brand/advertising expert here in Boston. People tend to think that because their ideas are interesting they will sell – but that is often not the case. Maybe 10 years ago interesting would have been enough, but consumers aren’t buying just to buy anymore. You now need to be imperative. Your end user might be more worried about if they are going to make payroll next week, or how they are going to pay their rent. Make your value added proposition short, clear, and jump out at them. And if all else fails remember these wise words from Troiano:
“Startups fail because the dog won’t eat the dog food”.
2. Hiring the best technical fit
Seth Godin makes a really interesting point in his new book “LinchPin”, that I think really helps drive this idea home
“In a factory, doing a job that’s not yours is dangerous. Now, if you’re a linchpin, doing a job that’s not getting done is essential”.
A linchpin is a single person or thing that is critical to the whole; a central source of stability and security. As you grow your company you will need to hire people who can help you accomplish your goals. It’s not always hard to find someone who is a technical fit for the job…but remember you are an entrepreneur not a factory owner. Make sure that your new hires are not only people you like working with, but people who understand and see the same vision that you see. Make sure they identify with your core purpose. Surround yourself with linchpins and they will find a way to make your business successful.
3. Waiting until things are “perfect” before you launch
We now live in a world where “failing fast” is essential. By waiting to grow your idea into a business and making sure every little thing is perfect, all you are doing is giving the rest of the world more of an opportunity to create something similar. Some of the best advice I’ve ever been given was, “Just go out and do something…anything”. You might fail. I am not saying you are sure to succeed; however, what I can guarantee is that you will learn something. You never know, what you end up learning might be even more valuable than the idea you started with. But if you never got out there and started something, you would still be sitting there just talking….and what fun is that?
What mistakes have you made? What lessons have you learned along the way that made you who you are today?
Jonathan Kay is the Ambassador of Buzz at Grasshopper Group. Read more about Jonathan here.
I totally agree with point 3, “Waiting until things are “perfect” before you launch”.
I’m waaaay to much of a perfectionist for my own good, and I’m even doing it now on my web start-up. Part of me says “launch it into beta already” other part says “doesn’t look right yet, hold off, it needs to be spot on”.
The fact of the matter is myself, and any one else in a similar situation, should use the label Beta as an excuse just to get the rough product out there. Then fine tune it and make it look pretty once users have had a play.
Good read.
I have made so many mistakes that I can’t even remember and it just frustrates me to think about it, but after you’ve gone through it, it was worth it for all the time that you spend on it.
Nice article Jonathan. Your article sums up what it’s all about:
1. Solve an important problem
2. Fail fast
3. Hire people that will help you reach your goals
If you can check off all 3 of these things when starting your business, you’re going to be very successful. Neglecting even one can cause failure though. Good read.
Jason
Great post.
I’ve made more mistakes trying to create a profitable startup (and failing) in the past 2 years than at any other time in my whole life – Funnily enough I’ve had a great time and in the process I’ve learnt many valuable lessons.
1.) Old adage – fail fast. A lot of time was wasted umming and ahhing without actually launching anything. In the meantime competitors were out there reaching real life customers, making mistakes with minimum viable products and iterating quickly.
2.) Hire the right people. I was more concerned about having someone on my team rather than finding the right person for the job. This backfired on me 3 times in succession. Within reason, take your time finding co-founders – it’s one of the most important decisions you make in a startup.
3.) Spend some money. Don’t splash it about, but spend it to get results. A lot of my problems were caused by trying to save too much money. Fact: people working for free have a next-to-no incentive unless your reality distortion field is Jobsian. The great thing about being an entrepreneur today is that you can outsource a lot of the work to experienced overseas professionals at very low cost. The internet is your friend.
Cheers,
Jake
Jason & Jake…thanks so much for the kind words as well as taking a minute to share some of your own personal experiences.
I probably have to give credit to my parents for this one, but some of the best lessons i have ever learned have simply been from making mistakes.
Its also good to hear you guys are having fun along the way, thats what its all about for me.
Jonathan (@grasshopperbuzz)
The key, I think, is not being stubborn. It may be your dream and your ideas, but having a person to give you a dose of reality and point out problems is necessary rather than having someone who’s going to agree with you on everything.
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All great points Jonathan! I especially like point # 3 – waiting thing to be perfect before launching.
This seems to be a unfortunate side effect of being an entrepreneur… which is understandable since we always want to put our best foot forward. And if it doesn’t look right than we get stopped.
I can only speak for myself, of course
, but I find it takes practice letting go of the need for perfection and stop judging your work so much. But I’m glad to say it DOES get better in time.
Thanks for the great post!
Thank Michele! Whats so great about the time period we live in, is we don’t need to judge ourselves so hard as the community will actually do it for us! Communication is as open as ever before. Especially with all of the customer feedback tools available now, you can learn so much by just putting something out there and seeing what happens!
Thanks again for the kind words.
Jonathan
I am sorry house but i totally disagree with point three. True entrepreneurs are not perfectionist and will never be. If you are looking for perfectionist, check out professionals such as doctors, accountants, etc.
Smart entrepreneurs start with what they have at hand and pick the rest along the way. Don’t wait for all lights to go green before you launch your business, a perfect time does not exist. It only exist in the mind of fools and dreamers.
After all, Henry Ford said “I thank for my customers, they but my products before they are perfected.” A word is enough for the wise.