Tag Archives: Growth

Fear Need Not Keep You From Success

 

As an entrepreneur, you must be able to stare fear in the face and be an overcomer. But how? Jaime Tardy (on http://www.under30ceo.com) interviews millionaires to find out how they successfully dealt with their own fears. Excerpts from her takeaways appear below:

You Don’t Have to Be Fearless

You don’t need to be fearless! You just need to overcome it just enough to take action in spite of it. Millionaire Frank McKinney, who calls himself a real estate daredevil and creates $30 million dollar dream homes, said this about fear:

‘Realize there is a force at work subconsciously in your mind that is tempting you to say no. That’s the primary difference between my career and most others, especially in real estate, that I don’t let the fear that is there stop me.’

Recognize the Fear

Before you can get past that fear, the first thing you need to do is recognize it. It’s very easy to ignore fear. If you have tried to recognize it yourself and can’t seem to make your head go there, ask a friend for help. Ask them to pay attention and see if they can figure out what fear you have, in general conversation or when they are asking you questions about it specifically. Getting to the root of that fear–and realizing it is there–is the first step!

Putting Your Fear in Perspective

One millionaire’s mentor shared a story to put fear in perspective about a woman who had her children kidnapped, and the kidnappers were going to kill her children. Now that is true fear. Most of the time in business we fear things that might come true. Or we have fear because we need to step out of our comfort zone and risk something. The next time you are feeling fear, replace it with feeling grateful that you don’t have a life or death situation. Your business risk is not life threatening for you or those you love. Bankruptcy is not life threatening. I’ve interviewed millionaires that lost it all and came back to succeed.

Action Item: Put Fear in Perspective

The next time you feel that fear, put it in perspective in your mind. Imagine how small your issue truly is in the world. It seems big to you right now, but it’s not as big as you think.

Lean on Your Mentors

Another great tip I’ve heard from many millionaires is to find a mentor. Mentors have been where you are and faced the fear you are facing. It’s easier to get past it with their support, and expertise. Armando Montelongo, host of Flip this House on A&E, said:

‘I had the question, Can I really do this? Can this really happen? Is this pie in the sky? But I looked to my mentors for advice and started doing exactly what they told me. It helped me to almost immediately overcome the fear.’

Action Item: Lean on Your Mentors

If you already have a mentor, be honest with them about your fear. They have probably heard it before. It might feel a little vulnerable at first, but that is a good thing.   If you don’t have a mentor yet, find one! You don’t have to pay for one either.

Taking Action with the Fear

It’s not the fear that is the problem; it’s the inactivity that is. So focus on just taking whatever action you need to take in spite of the fear. The inaction will end up costing you a lot more in the long run than the “safety” you received from not doing it. 

Action Item: Commit in Advance

One technique to use to get past your fear is to make it feel farther away. Look at your calendar and pick a date that seems like a far away date. It might be a month for you or even three months. It’s far enough away that it doesn’t seem that scary. But once you commit to it and tell others you will feel obligated to do it. You don’t want to look like a fool if you don’t do it! So you do it anyway, even with the fear. 

Action Item: Logically Counteract It

Another action item you can try is to logically counteract the fear. Imagine you are listening to a great friend of yours talk about their fear. What would you say to them?

Fear is natural in entrepreneurship. Learning how to face it and use it to your advantage is key to your success. Hope these tips help!

A Very Nichey Girl

It’s an old adage, but a true one, that “you can’t be all things to all people” without losing a strong connection to someone specific. In the world of marketing professional services, those who choose not to build an intentional, focused relationship with clients in a niche market segment do so to their own detriment.

Responding to a Jolt

Sally was employed by an AmLaw Top 100 firm about 10-15 years ago when the large firms were targeting vertical markets.  Her firm had targeted the CPA industry and Sally, with prior stints inside CPA firms, was eager to help develop the market.  When her firm shifted priorities from the niche, she had a decision to make.

Instead of trying to take firm clients with her, Sally  opened her own firm, to focus on regional accounting firms in the area where she had attended law school.  This strategic choice was effective for two reasons:

  1. It avoided even the appearance of trying to compete with her former firm, and
  2. It gave her an entree’ to a target group of profitable prospects not being pursued by others

Learning Competitive Advantage

For several years she continued to develop and deliver specialized services offerings tailored to CPA firms, such as partner compensation consulting, strategic planning, partner retreats, organizational restructuring and profit enhancement.  By the 5 year anniversary of being in business for herself, Sally had identified the need to build a team around her with scalable infrastructure that would allow her to focus on client service rather than firm management. She joined a regional law firm with about $7 million in gross revenue and six partners that had begin to see the revenue and profit benefits of pursuing highly specialized niche practices.

For the past decade, Sally has led the firm’s niche practice for CPAs and seen the firm grow to over twice the size it was when she joined.  By getting to know finance executives, CPAs, firms and the industry, she has been able to create a value-added service that goes well beyond compliance into unique complementary offerings.  By choosing to specialize and establish herself as a subject matter expert, she has enjoyed great success.

Not content to only be a service provider, Sally has taken on the coveted roles of a.) trusted advisor and b.) referral source.  Some say she “knows every CPA in town.” Her strong relationships have been maximized to win considerable business for her firm.  While others attend chamber and other networking meetings, she introduces CPAs she knows to firm partners according to their industries and areas of specialty.  Her efforts have developed into a solid channel of business development and referrals for her partners and clients.

Value Proposition

The highly specific niche has permitted the firm to win against many of the area’s most respected law firms that offer the usual corporate business and estate services.  Certainly, the firm can–and does–provide these at the highest level.  But Sally and her colleagues have positioned themselves beautifully – a focused, reputable law firm that can provide the usual suite of legal services and, significantly, knows the industry and its unique challenges and nuances, offering the experience and expertise to help the client become more successful.

Ultimately, specialization is offering a value proposition rather than a reduced-price commodity.  Under Sally’s leadership, her firm has added a tremendous value to traditional legal services by customizing their offerings to keenly understood market segments.

 

5 Ways ‘treps Maximize Mentor Feedback

 

Asking a mentor for feedback is a critical step in turning an idea into a successful business. Noted members of the Young Entrepreneur Council share how they feel ‘treps should make the best use of mentors below–

Draft a Summary

Entrepreneurs’ ideas are often most easily “felt” through passion and an intuitive belief that great potential awaits. When expressed verbally, however, the vision can be easily misunderstood. Avoid this by taking some time to write a concise, one-page Executive Summary that you can share with mentors you respect. This will ensure they understand your idea and offer relevant and quality feedback.

Kent Healy, The Uncommon Life

Time Is Valuable

If you’re in a mentoring relationship with someone who is also an entrepreneur, there is one thing that you both know is ridiculously valuable: time. Regardless of whether your next business venture is the greatest or worst idea you’ve ever had, keep the call focused to keep mentors in your life. Have an agenda and stick to it. You can make small talk later. Time is money; spend it wisely.

Sydney Owen, 3Ring Media

No Hesitation

While preparation is important in pitching a business idea to anyone, the best tip for asking a mentor for feedback is not to hesitate about it. Your mentors are there for you to bounce ideas off. Most mentors are thrilled when you come to them with questions or feedback solicitations, so don’t pause in engaging them in your project. They — and you — will be glad if you don’t wait.

Doreen Bloch, Poshly Inc.

One Small Step

They’re busy and smart, so treat them as such. Don’t ask for a long term commitment up front and don’t waste their time. Start with a short email with options you’ve thought of to a problem you are facing. Ask them to simply reply with which option they think is the best. Implement, thank them, and show them how their advice got you results.

Josh Shipp, JSP, Inc.

Ask For Specific Feedback

If you’ve chosen the right mentor, they have a wide body of expertise and experiences to draw on. Too many entrepreneurs present a lot of information to mentors and then ask something akin to, “What do you think about all this?” That gets nowhere. Better to have structured information and ask for specific feedback: “Is this key assumption realistic?” or “Is this an appropriate place to start?”

Charlie Gilkey, Productive Flourishing

 

How to Maximize an Incubator Experience

In yesterday’s VentureBeat post, entitled “15 Entrepreneurs Give Tips on Getting the Most Out of an Incubator or Accelerator,” the following  insights were offered:

Do your research to find the right fit

You should do your homework on any accelerator you’re considering. What do they offer? What are some of their success stories? What happens to companies that don’t succeed? How often do their teams get funded? Depending on the accelerator you join, you’ll get very different answers to those questions. Make sure to not only talk to the accelerator but also past companies, both successful and not.

Jason Evanish (@Evanish), Greenhorn Connect

Don’t be a perfectionist and accept the guidance

I think these groups are really important to early-stage startup attempts — the mentorship, community, and exposure they offer far outweigh any equity you might share with them in return. Don’t get caught up in trying to build something perfect; focus your efforts on customer development and proving your assumptions, so they can help you move that learning into a solid first product.

Derek Shanahan (@dshanahan ), Foodtree

Accomplish something on your own first

After having a detailed discussion with TechStars graduate and Contently.com co-founder Shane Snow, my takeaway was to have built an impressive resume of personal accomplishments to show you’re capable of actually building a real business. Incubators and accelerators want to train entrepreneurs, but they need to make sure you’re coachable and have actual potential to become a real star.

Danny Wong (@blanklabel), Blank Label Group

Be prepared to immerse yourself and go all in

You need to dedicate your time into this — it’s an endeavor that requires focus 24/7. Also, look at the opportunity as a time to find the right co-founder, strategic partners, and to be honest and upfront with the organizers about what you need. The more you give, the more you get!

Ash Kumra (@AshKumra ), DesiYou

Prove that you are committed

Demonstrate commitment and focus on results; incubators and accelerators invest in people and teams more than markets. It’s important to have a disruptive idea, but the drive and capabilities of the team are much more correlated to success than the size of the market or details of the business plan. They want to see a smart, dedicated team that is passionate about executing.

John Harthorne (@jharthorne), MassChallenge

Don’t settle for any incubator, find the best

If you are thinking of applying to an incubator or accelerator, be sure to find the best. Even if you have to give up a larger portion of your company, it will be worth it for the amount of growth it will help you with in comparison to a lesser organization. Also, look for synergy and people whom you work well with — you want to feel welcomed into your new home.

Louis Lautman (@louislautman), Young Entrepreneur Society

Make sure your goals match up

All incubators and accelerators are not created equal. Some incubators focus on landing funding, others focus more on helping you build a revenue-generating firm. Make sure your goals align with that of your program.

Doreen Bloch (@DoreenBloch), Poshly Inc.

Reach out to alums

Before applying to an accelerator program, I would talk to alums of the program to make sure they had a good experience. It also might help if you could get some time to validate your idea for a business before jumping into one of these programs. Make sure the “proof of concept” even makes sense.

Patrick Curtis (@WallStreetOasis ), WallStreetOasis.com

Perfect your pitch

Many incubators are looking for the entrepreneur to make some type of pitch, so it’s important to practice, practice, practice. The more excited that you can make them about your concept, the higher likelihood that you will get accepted to the accelerator.

Lawrence Watkins (@lawrencewatkins), Great Black Speakers

Paint a picture of success

When creating your pitch, keep in mind that you want to convince the judges that your startup is truly going places. It’s going to be so successful that they will want to attach their name to get behind it. Show them that you’re going to be successful no matter what, so it’s in their best interest to have you affiliated with their program.

Stephanie Kaplan (@stephaniekaplan), Her Campus Media

Tell a great story

Remember, people are investing in you more than your idea. Businesses are fluid in the startup stage. Which means your personality and background is what really counts. While pedigree or experience matter, your curiosity, obsession and commitment matter more. Character trumps credentials. What’s the riddle you’re trying to solve? How have you overcome failure? Make them believe in you.

Michael Margolis (@getstoried), Get Storied

Master the art of explaining your idea clearly

Good entrepreneurs know a lot about their business and their market. But can you communicate this expertise in a way that resonates with decision-makers in the incubator and accelerator programs? Start by reading “The Art of the Start” by Guy Kawasaki and learn the “business of business communication” in the startup phase.

Kent Healy (@Kent_Healy), The Uncommon Life

Timing is everything

Think about what you aim to get out of the incubator or accelerator program in mind. People tend to assume that these are great kickstarters, and they can be, but it all depends on timing. Joining one at the wrong stage of your cycle can be feedback overload, or slow your growth in other ways. Sometimes you need to collect input and test your idea, and sometimes you just need to build.

Caroline Ghosn (@carolineghosn ), The Levo League

Don’t join on your first venture

Entrepreneurs are going to make mistakes and get things wrong more often than not. I suggest getting as much accomplished in the real world before applying for incubation. The more you can do before you need the help, the better your terms will be and the more serious they will take your application.

Lucas Sommer (@audimated), Audimated

There’s life after an accelerator

These are great opportunities, but your business must happen with or without them. It’s easy to get caught up in the excitement and the aspiration of being accepted to a “prestigious program” — after all, it’s validation that you’re on to something! But if things don’t work out, the show must go on. Your goal is to create a company, so don’t lose sight of the bigger picture.

Tony Navarro (@hoostony ), Streamcal

 

No Freakin’, Entrepreneur

In a recent blog post Dharmesh Shah cites 8 examples of  things entrepreneurs freak out about. Do any of them sound familiar?

1. Your lead investor in a funding round backs out in the final stages. (By the way, when this happens, you’re almost never going to hear what the real reason is).

2. You get a certified letter in the mail from some big law firm you’ve never heard of (nobody’s heard of law firms, until they they do). The envelope the letter came in is the nice, creamy, heavy-stock kind. It’s more expensive-looking than the one you used for your wedding invitations. The letter uses a lot of words to basically say “you’re being sued”.

3. Your lead developer leaves. This is about half way into a project to rewrite your product in Scala, which he convinced you to do.

4. A very big customer deal you were just about to close falls through. Normally, this wouldn’t be a big deal, except that you spent a bunch of time and money trying to get this deal done. Time and money you couldn’t really afford to waste.

5. You were about to be acquired, and now the acquirer has “gone dark”. Despite your best intentions, the team and you have been making decisions based on the impending acquisition. “It would be silly to do X, Y and Z when we’re going to be acquired next month…”

6. The production system that hosts all your customers came crashing down. And that live backup system you thought you had isn’t all that live.

7. One of your competitors just went and raised a ton of money. They’re blanketing the industry with PR, marketing, fancy new booths at tradeshows, local events involving a winnebago and taking out ads, seemingly all over the Internet. Potential customers, investors, friends and even your mom ask you about this big, bad competitor. You get tired of saying: “But their product sucks!”

8. Co-founder takes a job somewhere. Feels really badly about it. Promises to help out nights and weekends. You don’t have the heart to say: “Yeah, but it’s the emotional support I’m going to miss the most…”

Any one of these events can cause an entrepreneur to overreact. Rash decisions are often made to the detriment of the business and its team. Instead of knee-jerk reactions, try to remain calm and seek the counsel of your mentor(s). For perspective, consider that many others before you have encountered and survived similar challenges.