Starting up in a pandemic: Learning’s of a 12 months old entrepreneur
Expect a few more unique challenges when starting up in a pandemic.
Simply put, the job of an entrepreneur is to find a solution to a problem. A problem that enough people have. In a way, the pain of living with a problem should be more than the pain of leaving behind a comfortable life. Many compromise, only a handful take up the risk of venturing out. In this blog, I share my experience with an adventure – starting up in a pandemic. What led me to it and what I’ve learned. I share with the hope that you may gain some insights before you take the leap of faith. Here are my startup lessons.
We all need a calling. It is not the right time, short on money, more time to research, kids in school, and the list goes on. There are many more reasons why someone may not start their entrepreneurial journey. My story you ask, well…
I left my well-paying job in March 2020, not knowing that in only about a week, I will be in an indefinite lockdown. After 15 years of back-to-back challenging roles, I was hoping to return after a few weeks of a well-deserved break. I had just begun unwinding that the ominous news broke. Corona was wreaking havoc. I was going to be under self-imposed house arrest for the next 9 months. I took the pandemic to be my calling. My friends and family gave me confidence. I started Revenue Growth Architect, a strategic business growth partner to early-stage and mid-size companies. I was an entrepreneur!
We’ve all learned from our mentors, leaders, and friends that to be a successful entrepreneur you have to;
- Find a problem that you want solved
- Ensure there are no existing solutions
- Ensure that you are not the only one having this problem
- Find an intuitive solution
- Market it well
The formula looks so straightforward. Is it, though? I’m sharing what I’ve discovered after sipping the cool-aid. This is an honest retrospection (and introspection) of my journey so far. I am not done yet. I am only 12 months old. Yet a little travel-back is due.
Learning’s in no particular order
- Start with what you love
What you start with is not what you must do for the rest of your life. Marketing was never my first choice. But today, if you ask me, it’s what I absolutely love. It took me almost 10 years to figure out. Through dedication to work, soon you will discover what you truly love doing. Be the best you can be at it.
- You should have a good Rolodex…
Many enterprising individuals jump on to building a solution and then hit a dead end. Many discover that starting up is not a one-man’s job. You need a circle of ‘friends’ who are brutally honest yet love you. This will help greatly, especially when you are starting up in a pandemic. I highly recommend working for a few years before starting up. I mean, it worked for me!
- …but more importantly, be known for your work
Over everything else, be the best you can be at your work. Have an insatiable hunger to learn and implement. Consistently take feedback. Don’t worry about negative reviews. Use them to improve yourself.
Many entrepreneurs make the mistake of prioritizing acquiring new accounts over focusing on improving serving existing ones.
- Lack of cash will pit you against the wall of dues
Oh yeah…this will keep you up at night. For me, what worked well was having an alternate source of recurring income – just enough to stay afloat. My wife is a networking specialist and that helped too. Whatever your situation, ensure 3 years of expenses are planned for. You don’t need that in the bank, just need it planned out.
- Not all work will be exiting
If it makes money, it ain’t boring. Writing a blog or a press brief, designing a logo, developing a website… I had moved on from day-to-day marketing execution to a more strategic role. But never too far away from the frontline. Rolling up my sleeves and going to work was nothing new for me. If you have a team, and they call it boring, explain how the venture is making money (and their salaries).
- Be good to as many as you can – not all
Being agile is not the same as being formless or unorganized. Now and then, your demanding colleagues and clients will need you to be more flexible with your work rules, and it’s okay. However, you will have to draw the line in the sand. Remember, losing a client may be good at times. Even in a pandemic.
- Make your family your strength
Cliché but 100% true. Family is central to my peace of mind and contentment. If starting up in a pandemic wasn’t precarious enough, you want to do everything to stay sane! You will have to talk it out with your inner circle (your immediate family). If they are on your side, nothing will look impossible.
- Always wear an infectious smile
Meet everyone with an honest smile.
You won’t believe how many in the business world have forgotten to smile at their colleagues. They will if they see a client though (excuse my mild rant). Clients, like your colleagues, will open up and let you in. Always, always smile at people you work with. They may be needing it!
Helping CXOs of companies discover their true product and service potential is exciting. I’m loving the fact that I’m a part of their growth journey. A catalyst in the bigger scheme of things. There’s so much to learn. I’ve learned that being humble and curious is progressive.
Are you sitting on the fence about starting up? What’s stopping you? Is starting up in a pandemic keeping you away? If you have already leaped, what are your learning’s so far? I’d love to learn from your experience.
