The Entrepreneur’s Survival Kit
We were recently awarded our second “Entrepreneur of the Year” award, which is very flattering and humbling at the same time. Awards like this simply are not possible without having an incredible team around you so spotlighting one person with awards like these can be somewhat uncomfortable. We have been very fortunate over the last couple of years, thanks to the right people, partners, and clients supporting us, and as a result have found some early success.
My partner Brandon and I started a new digital marketing and website development agency at the end of 2012. This isn’t our first venture and likely isn’t our last. What makes this venture different is that we both have several startups - some successful, some total failures - under our belts. We were able to leverage nearly 20 years of business experience into the start of B² Interactive. We have grown quickly, going from no employees two years ago to just about 80 today. We acquired a complementary firm, Hurrdat Social Media, and expanded from Omaha into Lincoln, Neb., this last summer. We represent nearly 200 clients. In addition to client work, over the past 2 years we have acquired the rights to Storage.com and several other self storage websites making us the operators of the largest online self storage network.
As part of a recent awards ceremony, I was asked to share my thoughts on what being an entrepreneur means to me. There are plenty of resources to tell you about all of the “glorious” parts of being an entrepreneur. Rarely do you get the truth about what you are about to get yourself into. So, instead of the typical speech, I shared what I thought should be in a survival kit for all new entrepreneurs.
In life, there seem to be “survival kits” for mostly everything. Zombies, the end of the world, in-laws, holidays. The list is really longer than there’s room to write for. As we turned two years old as a company last week, we thought it would be a nice time to share our Entrepreneur’s Survival Kit.
So without further ado, I present to you our version of the:
The Entrepreneur’s Survival Kit
The Clock
This may not seem like the best thing to have, especially because it’s your biggest enemy, but having it makes sense. Here’s why:
• You can’t get more hours in the day. Use time wisely. Treat time as your most valuable resource.
• In order to get the most out of your time, you need to have priorities set before the clock starts on your business. Find efficiencies early wherever you can.
• Set real expectations with your family. The first two to three years will be draining on your time with your family. If your family, especially your significant other, knows this upfront and everyone buys into the necessary time investment, it makes everything a little bit easier.
• If you know when too much time is truly too much, then it’s time to take a step back. If you leave for a day to be with family, your business will still be standing when you come back in 24 hours. I hope.
Caffeine
Much like time in the day, there is often never enough caffeine in your vicinity. Coffee, energy drinks, or tea - whichever suits you best, it’s a must. What’s even better is that much like kryptonite is Superman’s weak spot, caffeine does the same thing to the clock. Sure, it may be 2 a.m. the next day, but it’s not tomorrow until you fall asleep.
Greeting Cards
Always have a stack within arm’s reach. You will owe your family and significant other a lot of these over the course of your business’s life. Especially if you are starting a new venture with wife and/or kids in place like my partner and I have. Be ready to say some of the following:
• Sorry I fell asleep downstairs. Again.
• Sorry I forgot today was “_________” (insert special occasion).
• Sorry I didn’t know we have your cousin’s wedding this weekend, even though you told me dozens of times.
Actual apologies may differ; however, the apology rate is probably fairly consistent for all entrepreneurs with a significant other, so count on doing something requiring an apology at least once a week
In addition to cards to say “I’m sorry” and “I appreciate you,” find a great florist and work a deal for regular flowers. Whether necessary to apologize or just in general, send flowers on a regular basis to your significant other.
Thank you cards are a must as well. A short handwritten thank you, good job, or congratulations card sent to a client, employee, or partner may mean so much more than an email saying the same thing.
Magic 8 Ball
The benefit of a magic 8 ball is that it tells you “no” or “maybe later,” and you can’t do anything about it. When you’re getting a business started, sometimes you have to say “no” or tell yourself to wait. Doing so will help to keep you on the path you should be on rather than diverting down the hundreds of bunny trails that you will cross along your way.
Cash
Most often, this is the second most important item you need next to time. Capital is both an asset and something that eats away at you constantly. Capital is finite, just like time, and getting the highest return on the few dollars you have available is priority #1. Here’s why:
• Whatever the amount of capital you think you will need, you’re wrong. Try tripling your expected capital resource needs to come close to building the capital runway necessary for your new venture to be successful. A venture strangled by capital needs or an entrepreneur worried constantly about how to keep the lights on from month-to-month is going to struggle more than it would if funded properly.
• This concerns both personal wealth and company capital. Don’t go in thinking that you’ll be taking home a paycheck every month during the first few years. Be willing to reinvest as much as you can throughout the first couple of years, especially if you really want to grow.
• Lastly, get paid for what you do, and don’t be afraid to ask for market value for the time you invest. You’re more of an expert in what you do than you may think, so give yourself the credit and know you deserve to be paid fairly for your time.
The “Easy Button”
You've seen the commercials. Something is going wrong and a family, a business, or an individual needs the easy solution, so they hit the “easy button.” In entrepreneurship, do the same and be willing to hit the easy button in times of self-doubt. No matter how much you think there won’t be tough times, there will be, and that’s okay.
When you hit those tough moments of self-doubt, don’t slow down or start dwelling on them. Step on the gas and power through. Once you’re on the other side, hit the “easy button” again.
Cotton Balls
This is an addition to the “easy button.” As much as you try to avoid negativity from others, it will still find you. So take the cotton balls, place them kindly into your ears, and shut everyone out. To know when this is most helpful, consider this:
• You just did something new, and it created fear in others. This fear manifests to their own self-doubt and may lead to them trying to talk you out of it. With the cotton balls, you don’t have to hear them.
• Social media plays a large role in business these days. While you can’t literally listen to social media, you can be plagued by people attacking you and your ideas. Don’t listen to it. While it’s easier said than done, doing it will make you much happier.
While we’re on the topic, social media offers you the chance to instantly connect with others in your industry and beyond. While this is great, it leaves the door open for someone to be “that person.” With everything inside of you, don’t be “that person.”
Be willing to have a disruptive idea or product, but don’t go out of your way to tear people down because of something they've done. Many cities in the country where innovation is at an all-time high are tightly knit communities. If you’re “that person,” then everyone will know.
Books
Everyone and their partner will tell you, “You have to read this book!” or “Check out this author!” While the book and author may have great intentions, not many “how-tos” are really going to help you with what you’re dealing with because every experience is different. You’re the only one who can write a how-to for your business, so follow your instinct, and not someone’s step-by-step.
While a how-to book may be tough to find solace in, consider books about communication to read and understand. Being able to communicate with clients, bankers, investors, and potential employees is important, especially in today’s world of texting and email. The power of communication can far exceed the power of your idea in the early stages of startup.
Competent Legal Counsel
Tough to fit in the box so just include the business card of great general business counsel. Being able to get your business up and running involves legalities. With good counsel, you can spend more time working on improving your business than dealing with legal issues that take away from your ultimate goals. Surround yourself with great people and invest in their professional help.
Once you've finished getting all of these “big things,” as we’ll call them, remember to get the little things, too.
The Little Things
The necessary meds:
• Antacids: If you don’t have a Costco or Sam’s membership, get one, and then buy the tub of antacids. Do it now. Do it right now. For the tough days, break out the Pepto.
• Aleve: This will help you to survive the long, repetitive days and nights.
• Excedrin: When Aleve only takes away the aches and pains, take this to get rid of the pounding headache that you’ve acquired.
Comfortable shoes and a great hoodie:
You’re going to be up and moving around when you’re running a company, so being comfortable daily is important. Not going to lie, this is daily attire in the office, and no one has anything to say about it.
And finally, two last must haves:
Toilet Paper:
Hopefully, you won’t literally need this, but included in the kit in a figurative way. A roll of TP to remind you of the “oh crap” moments. For good and bad, there are going to be many of these, and that’s fine. Be prepared to mess up, and don’t be afraid to do so. Sometimes risks don’t go well, but they wouldn’t be a risk with the chance of it going poorly.
Beverage of Choice:
When all else fails, this multipurpose tool is there. Just remember don’t use it for everything, and let it represent the good times instead of the bad. The less you use it, the better you’ll be.
Take this “kit” and begin building or keep building your business. There are going to be ups and downs, but celebrate the ups and power through the downs. When used correctly, the kit will leave you, your family, and your business much, much happier.
About Bill Hipsher: Co-founder of B² Interactive, managing partner at Hurrdat Social Media, CEO of Storage.com, Board Member at Start Center for Entrepreneurs.
