How many people do you know that have started a company? Of those people, how many have had that company for more than 5 years? Of those people, how many are doing a minimum of $1 million in revenue a year? My guess is very few.
I meet people all the time that have “just started a business”. While I share a smile and congratulate them on their new entrepreneurial journey, I am generally unimpressed by this simple statement. Anyone can start a company. I started one when I was 17 and had absolutely no clue what I was doing. I had no long term plan, was not committed and it was ultimately dissolved. That was not a success. There was no exit and nothing remains. I made some money but I did not build a business…there is a big difference.
Too often, people start a business for the wrong reason. They believe that becoming a business owner will allow them to make their own hours, pay themselves whatever they want and have more overall freedom. Wrong, wrong, wrong.
Any successful entrepreneur will tell you that you aren’t the boss, the business is the boss. The business dictates everything you do; from when and where you vacation to how well you sleep at night. The best entrepreneurs mitigate risk and gain some level of control, but running a company is nothing short of managing chaos. BAM! Your competitor stole your top client. BAM! Your best employee gets cancer. BAM! The economy goes to hell! Guess who is in charge? You….DOH!
While there are no doubt benefits, the reality is being a business owner (or CEO) is like marrying a company, the only difference is the divorce rate is much higher. The same things that break up marriages often break up companies; money, dependents (employees), chores (work), passion and points of contention.
The bottom line is, running a company requires perseverance. If you want to be a successful entrepreneur you need to be in it for the long haul. Getting married is easy (been there), its staying married that is hard. While most founders don’t stay married to their companies forever, the goal is to stick with it long enough to have a solid exit. Too often things fall apart long before then.
This year, MindComet will celebrate its ten year anniversary and IZEA will celebrate its three year anniversary. Both companies have been through their fair share of ups and downs and have challenged my level of commitment. Some days I feel like I am kicked in the head, but I get up, shake it off, and figure out how to move forward. It’s what I do… I love it even when it sucks.
My message to would-be entrepreneurs is not one of gloom, in fact quite the opposite. My companies and the people I work with have brought me tremendous joy…but only because I stuck with it. If I would have given up at the low point I would have never have seen the next high point. Today’s challenges are but a blip on the radar of my long term vision.
My advice is simple.
Don’t get into business to try and make a quick buck. Chances are you won’t.
Follow your passion. You can’t commit to a company you don’t love.
Embrace change. It is the only constant.
Be persistent. Success won’t happen overnight.
Work your ass off.
