How to achieve the right headspace to succeed as an entrepreneur
Entrepreneurship is rarely a choice — it’s a compulsion. Oftentimes, entrepreneurs feel powerless over their own entrepreneurial drive. The compulsion to solve problems and build new things can be a great blessing, but also a curse. Being an entrepreneur empowers us with the opportunity to change the world, however, it can be extremely destructive if not practiced with a high level of introspection and humility.
The first decade of my entrepreneurial journey was a miserable nightmare that I wouldn’t wish on my worst enemies. Don’t get me wrong, there were a lot of great experiences, but the failures and pitfalls were so harrowing that it almost killed me…literally.
In hindsight, I am profoundly grateful for all of the hardships I experienced. Through trial and error, I learned incomparable life lessons and acquired practical tools along the way.
Some of the lessons that I learned, I had to experience first hand (I was the kid that needed to touch the stove three times to learn that it was hot). However the majority of these painful experiences could have been prevented if I had asked the right questions and sought out help from others. These are some of the lessons that I have learned:
The artist’s dilemma
I’ve always been a daydreamer. Growing up, and still to this day, my head has always been in the clouds. I am able to create elaborate and detailed visions in my head and put myself in a place that is far more interesting than the physical world.
As an entrepreneur, this tendency can be both a creative blessing and a terrible curse. The space in my head is a canvas to come up with (what I believe is) an awesome and innovative solution to a problem; an idea that will change the world. I use thought experiments and run every possible scenario that I can drum up. In the end, when that my masterpiece is complete, I set out on a mission to build this vision that I have invested so much passion into. I am compelled to make the idea real, pixel by pixel. It needs to be perfect and I won’t be satisfied until my vision is forced into reality, even if it will take a decade or a lifetime to create.
Some think this style of entrepreneurship is great. They say, “Wow, that idea is great….you need to make that happen,” or “Don’t sacrifice your vision… stay on course.” Terrible advice. I have learned empirically, multiple times, that following a rigid vision is a recipe for disaster.
If your mission is to create the masterpiece that you’ve passionately devised in your head, then you are not an entrepreneur…you are an artist. Entrepreneurs focus on a problem and experiment with solutions. They get a product in the hands of users as quickly possible and start learning their users needs immediately. Users paint the masterpiece, not the entrepreneur. Don’t let your vision for the product get in the way.
Ideas are worthless
Due to the fact that I (and most entrepreneurs) put such an large amount of emotional value in my ideas, I felt compelled to protect them. Rather than spending time building cool shit and testing my assumptions, I spent time and money trying to protect my idea.
I practiced extreme draconian secrecy. I would keep my ideas to myself and force people to sign NDAs before seeking help. I filed trademarks and patents on business methods only to watch them expire because I couldn’t produce a specimen of use in the market.
Because I assumed that people would steal my ideas, I focused on building defenses and completely neglected building the product, team, and business. In the end, nothing ever got built and the ‘business’ failed.
The reality is that ideas rarely ever get stolen. If you are sharing your ideas with an someone that is capable of execution, it is likely they have a their own backlog of ideas that they are passionate about building. The notion that your exact vision (if articulated and communicated perfectly) would rise to the top of their list is presumptuous and misguided.
But what if the idea really is good enough to be stolen? If that does end up happening, feel flattered and indulge in the validation of your idea! Here is why:
Given the scenario that two capable entrepreneurs have the exact same idea with the exact same market and they both set out to build it, statistically, they will end up with two completely different products that appeal to different sub-markets. This is because of the vast number of decisions, variables, and details that are part of starting a business.
A better path for me to take — and one I currently strive to tread on a daily basis — is share my ideas openly and freely. Catalogue priceless feedback from the collective intelligence of the community that surrounds you . This level of trust and vulnerability gives the people around you a vested interest in your success and soon enough, they will go the extra mile to help, not steal, your ideas.
Competitive entrepreneurship
It’s easy to feel uncomfortable and down on yourself when other entrepreneurs succeed. I used to feel jealous and insecure and assume that because others succeeded, my chances of succeeding somehow went down. This notion is a prime example of the zero-sum fallacy and a flawed thinking. There’s no limit to the value that can be created and therefore there’s no limit or quota on the number of entrepreneurs that can become successful.
Actually, the best way to improve your chances of success is to not only surround yourself with other capable entrepreneurs, but to also do everything in your power to help them succeed — even if they are a potential competitor. The reality is that you don’t have any true competition until you actually have a business. Give freely of your ideas and take action to help others make their ideas come to life.
The best way to become wealthy, both financially and socially, is to make other people wealthy. If you can accomplish this, then the bi-product will be your own wealth and happiness. Make it your mission to make other people successful and rich! However, be very selective of the people that you choose to share your gifts with. Understanding your intentions and criteria for building friendships and partnerships is critical. Entering into a partnership is like getting married — don’t be impulsive about it.
Selecting a co-founder based on insecurities
Before I began tech entrepreneurship, my background was in private equity and financial services. I had zero understanding of technology and I was extremely intimidated by what I didn’t understand. I felt insecure and couldn’t help but think of myself as a “wantrepreneur”. Because I felt insecure about lack of experience, I wanted to find a business partner that could fill in the gaps and make me whole. This was a fatal mistake.
As an entrepreneur, your personal needs will rarely be in line with what your startup needs. Rather than finding a partner that was best for the business, I looked for a partner that would compensate for my flaws and make me feel whole. In theory, this strategy is strong, but in application, it’s an unhealthy coping mechanism that can lead to disaster.
What happened was that my partner never relieved my insecurity and the choices he made were wrong for the business. He couldn’t play the role that I wanted him to play (because, realistically, no one could) and I ended up resenting him for it. Once resentment set in, the relationship began to die a slow and painful death. The motivation behind bringing him onboard was bad for the company and also unfair to him.
When finding co-founders or employees, it is of vital importance that you bring on people based on the needs of the company, not based on your own personal needs.
Unmanageable life = unmanageable business
Throughout my life, like many people, I have struggled with my own inner demons. At times my life was completely unmanageable. From personal finances to relationship problems, there were issues that created wreckage in my life and held me back from reaching anything close to my full potential.
I often made the mistake of labeling my life struggles as symptoms of the entrepreneurial experience. I would justify my path by saying things like “if only I can get this startup off the ground, then I can fix my broken relationships” or “if I could just get some funding, then my personal finances will be in order.”
Flight attendants tell us in the pre-flight safety briefing: if there is a loss in cabin pressure, first, secure your own mask, and then you can help others put their mask on. It’s the same way with starting a company. First, address your own problems and only then will you be empowered to solve problems out in the world.
Entrepreneurship is a game of survival. You need to survive long enough to be successful. Survival is all about having the right tools to solve problems. Find a problem, solve it, and then move on to the next problem. Anyone can find and solve problems, however, make sure your house is in order, first. And don’t forget to have fun along the way. The rewards are endless!
