Euphoric super fans tout entrepreneurship as the
best thing since the iPhone. Others describe it as
a never-ending slog of busywork. The truth lies
somewhere in the middle. If you’re a new
entrepreneur, or an aspiring one, read on to see
which phase of entrepreneurship you’re at right
now, and how to prepare for what’s next.
Phase 1: I Wish
As with any 12-step program, the first step is
admitting you have a problem. In this case, your
problem is that you want to be an entrepreneur,
but you’re not. Yet.
Many people live in the “I wish” zone for years
before they make a move. Watching from the
sidelines can be a good way to learn, but there’s
only so much you can soak up as a spectator.
When you’re ready to get in the game, talk to
people about your desire. Say it out loud. It takes
the edge off. “My name is __________, and I want
to start my own business.”
Now you’ve put it out into the universe. It’s a
small but important first step.
Phase 2: I Will
Starting a business takes more than just talk.
This is where you actually do something about it.
Have no idea where to start? Join the club. That’s
where all entrepreneurs begin. You’re in good
company.
There’s no need to abruptly quit your job or
immediately sink your life savings into product
development. Take it slow. Slow is good. Slow
gives you time to learn.
Take a class. Hire a coach. Join a mastermind
group. Attend a conference. Write a business
plan. These are wonderful ways to invest your
time and money when you’re just dipping your toe
into entrepreneurial waters.
Phase 3: Plan, Plan, Plan
You will need to do a lot of planning when you’ve
committed to starting your own business. This
includes a formal business plan. Do one even if
you’re a simple one-man-show and you don’t
need a cent of funding. Why? It will force you to
consider everything, so you’re really prepared for
launch. There are a ton of business planning tools
out there. Find one that works for you.
A word to the wise: You may be tempted to stay in
planning mode indefinitely, especially if you’re a
details person. But you will never know
everything there is to know. At some point you
have to jump. Much of entrepreneurship involves
tweaking along the way, so when you have your
ducks in a row it’s time to launch.
Phase 4: Ta-da!
Jazz hands! Neon lights! Confetti! Like Rafiki
holding the little lion king out for the world to see,
your launch is when you introduce your baby to
the world. This is an exciting step for a new
entrepreneur.
When you hang up that OPEN sign, enjoy it. Be
proud. You’ll be exhausted from the work it took
to get there, and there are sure to be hiccups, but
take a moment. Pop some champagne and drink it
all in.
Related: Why Slow and Steady Wins the Race
Phase 5: Crickets
Maybe there wasn’t a line-up around the corner
on launch day. Or maybe there was, but the
launch rush has now subsided. You may wonder,
where did everybody go? Do. Not. Panic.
The post-launch lull is when you take a deep
breath and regroup. Go back to your business
plan. Are you following it? Is there something you
missed? What adjustments need to be made? If
you did not create a business plan, for the love of
Pete get some help and create one! Pronto. Seek
feedback from clients, industry veterans,
successful sophomores, anyone who will give it
to you straight. Ask them to tell you what isn’t
working.
Gloria Steinem said, “The truth will set you free,
but first it will piss you off.” Listen to the
(potentially frustrating) feedback and make your
adjustments.
Phase 6: Impostor Syndrome
Impostor syndrome is a psychological
phenomenon associated with the fear of being
discovered as stupid or unworthy. It happens to
all entrepreneurs at some point.
You will occasionally (or often) feel like you are
out of your league. You will feel like you don’t
speak the language. Venture capital or equity
funding? And what does “bootstrapping” mean,
anyway? Everyone else seems to know more
than you do. The learning curve for entrepreneurs
is steep, and you will feel incompetent at times.
This is normal. Breathe.
Aristotle said, “The more you know, the more you
know you don’t know.” As you learn more about
running your own business, you will also identify
your knowledge gaps. Notice them, and find a
way to learn. Don’t compare yourself as a newbie
to the guy who’s 20 years in. You will learn in due
time.
Phase 7: Sponge
This is where you soak up information to fill your
knowledge gaps. Note: I did not say this is where
you learn everything about everything. That isn’t
remotely possible, so don’t try, lest you burn
yourself out or feel the urge to throw yourself off
a cliff.
Decide what’s important for you to learn during
this stage of your business. To avoid
entrepreneur overwhelm, pick one or two things
to learn about. What’s one thing you can do this
week to help you get there?
You will return to the sponge phase again and
again as your business evolves. There will
always be something new to learn. Embrace it as
a part of the process.
Phase 8: Everything is Awesome!
You’re doing exactly what you dreamed of and
you’re getting paid for it! These moments are why
you became an entrepreneur. You’re most likely
to experience the “everything is awesome!” high
when you first quit your job to become an
entrepreneur, at launch, after an especially
lucrative month of business, when you work with
a dream client or when you take a random Friday
off work just because you can.
Enjoy these moments. They don’t happen all of
the time, but they’re damn satisfying when they
do.
Phase 9: Panic!
You may encounter entrepreneur “bag lady”
fears. They go something like this: I have no idea
what I’m doing and I will never make money
doing this. I never should have left the security of
my job. Soon, I will be forced to live out of a
shopping cart on the street corner. My old
colleagues will point and laugh at me on their way
to work.
Fine. Allow yourself to indulge in this ridiculous
dystopian fantasy for exactly two minutes. Do
you feel better? I didn’t think so. Feel the
fear, then do something about it. What’s one small
action you can take to help your business today?
Do it.
As an entrepreneur you will likely vacillate
between "everything is awesome'' and panic. Try
not to spend too much time here. Panic breeds
paralysis. Keep moving.
Phase 10: Buddy up
By now, you’ve realized that you can’t do it all by
yourself. If you try, you’ll burn out. It’s time to
focus on your forte and outsource the other bits
to strategic partners. Hire a designer, a
distributor, tech support, admin support, an
accountant, a social media partner. Getting stuff
off your plate frees up more time and energy for
you to do your best work.
Phase 11: Switcheroo
You’ve learned enough about your business to
realize that you need to make some changes.
Perhaps you need to refine your offering to two
core services instead of ten. Or maybe you need
to make a radical shift in the direction of your
business.
Face-saving entrepreneurs will call this a “pivot,”
which basically means, “I was doing this one
thing, and now I realize I should be doing this
other thing instead.” You might feel like a fool for
not getting it right the first time around, but I
challenge you to find any entrepreneur who got
everything right from the get-go.
A switcheroo of some sort happens to many
entrepreneurs over time. You can think of it as a
rite of passage.
Phase 12: Business as Usual
Business as usual for an entrepreneur means
juggling a little bit of everything. As you've
learned, the only constant is change. There will
be ups and downs, celebration and panic and
LOTS of learning. You’re ready for all of it. You’re
a bona fide entrepreneur now. Welcome to the
club.
No comments:
Post a Comment