Start-Up…

I had a LinkedIn exchange recently with a woman seeking career advice.  She was exploring a career pivot; going into business for herself; starting her own company.  She told me she “has this idea…”

That phrase reminded me of my volunteer experience at Denver Start-Up Week in 2017.  I staffed the coffee depot at “base camp”, where local restaurants donated free coffee and pastries daily for Start-Up Week attendees.  That year there were over 12,000 attendees!

In my LinkedIn exchange, I related that experience and recommended books by Brad Feld, a highly educated and tremendously successful investor.  He was one of the keynote presenters at Denver Start-Up Week.  I met him at base camp; commented on his Star Wars shoes LoL! 

I cautioned my LinkedIn pen pal though – Brad’s views are; shall we say; direct.  Like this preface in one of his books: 

Trust Me.  Your Idea is Worthless.

He elaborated that we sometimes feel we have an idea that is totally original and unique.  Based on all the “pitches” he has seen over the years; Brad thinks we haven’t.  It’s OK though… investors don’t invest in ideas.  They invest in people.

Atul Gawande wrote in The Checklist Manifesto ©:

But finding a good idea is apparently not all that hard.  Finding an entrepreneur who can execute a good idea is a different matter entirely.

I suggested to this fledgling entrepreneur to solidify exactly how she will start-up; and then “ramp-up” her company.

Several years ago I was a volunteer consultant for the Small Business Development Center (SBDC), part of the Small Business Administration.  I too benefited from the market research they offered on small companies’ successes - and failures.  The stark reality is up to 90% of start-ups fail.  The #1 reason for failure is lack of sales over the first 5 years.  A close 2^nd is lack of capital in the face of slow sales.

Today it’s tempting to turn to investors.  “Hey, I don’t have enough money and our sales are a bit light…  I’ll just ask someone else to fund me… because I have this great idea!  Like Shark Tank.  That’s it; I’ll present my great idea on Shark Tank!”

Makes me think of Mark Cuban who has shared many views on that show as well as in other venues, true?  Starting up a company is so hard they even made a game show out of the premise!  He even summarized his main points in this infographic: https://inc42.com/entrepreneurship/mark-cubans-12-rules-for-startups-infographic/ Rules #1 and #2 standout; Rule #4 is absolutely key to success. I chuckled at Rule #10. 

Still, I have a great deal of respect for the women I have worked for and been mentored by over the years.  I’m meeting with one of my mentors this week.  Teah Bennett was the Female Entrepreneur of the Year in Colorado a few years ago.  Teah started several successful companies; failed at one as well.  She mentors me to this day.  She’s awesome! 

I know that when women put their mind to something, all things are possible.  Our favorite, Unknown Sage offers:

Woman's Equation

Whatever women do, they must do twice as well as men to be thought half as good. Luckily, this is not difficult.

So after cautioning my LinkedIn pen pal that her road ahead would be difficult, I encouraged her to go for it!  After all, running her own company is her dream.  Who am I to say a woman can’t succeed?

GAP

When life gets tough we could get a helmet… or… we could leverage the peace and share the power of a positive perspective.