Through
the work I’ve done at Growth Everywhere, I’ve been lucky enough to chat with
notable entrepreneurs such as Jason Lemkin (founder of Echosign, which sold to
Adobe), Mark Organ (co-founder of Eloqua, which sold to Oracle) and others who
are constantly pushing the boundaries of business success with their own
companies.
But
not only has this series of interviews given my followers plenty of
inspirational material to help them take their businesses to the next level,
it’s inspired me as well. Here are just a few of the lessons I’ve taken from
these conversations and applied to my work at Growth Everywhere and my company,
Single Grain.
1. SUCCESS COMES
FROM HANDLING DIFFICULT SITUATIONS WELL.
Want
to hear something inspiring? When Ron Klein,
inventor of the magnetic credit card strip, was 16, he contracted hepatitis and
spent almost two years recovering. During this time, he wasn’t able to go to
school or work, so he kept himself busy by reading 18 volumes of the
Encyclopedia Britannica. While his reading didn’t directly contribute to
his work with credit card strips, they do show how Klein was able to take what
was a difficult situation and turn it into something positive.
The
truth is, we all hit roadblocks and obstacles. We all get frustrated by
projects that don’t go as smoothly as we like. But it’s the way that you handle
these challenges that separates those that will become successful from those
that fail. Take a page out of Klein’s book and be the entrepreneur that makes
the best out of bad situations.
2. NEVER BE AFRAID
TO PIVOT.
All
entrepreneurs think they’re starting out with a brilliant idea, but the reality
is that businesses are often more complicated than they initially appear. Take
the example of eToro, a social-investment network led byYoni Assia.
Initially,
eToro aimed to bring a social-gaming element to financial investing. But when
the company’s first patent wound up being too over-gamified and over-simplified
with consumers, the company was quick to pivot to a more traditional
alternative, and then to a happy medium between the two. Today, eToro has
produced more than $30 million in revenue, despite its rocky start.
If
your initial idea proves unsustainable -- whether due to a lack of
product-market fit, limited consumer interest, incorrect pricing strategies or
some other factor -- don’t beat yourself up over it. Instead of giving up,
look for the seeds of success that exist in all failed ideas and use them to
move on to a stronger alternative.
3. LOOK FOR
UNEXPECTED OPPORTUNITIES.
Yali Elkin was
a pretty unlikely tech entrepreneur. Coming from a background in finance and
data management, Elkin was inspired by the 2012 presidential debates to start
LiveDial, a polling company that distributes surveys on any topic to an
unlimited audience at a moment’s notice. To date, the program has more than
7,000 downloads and is growing every day.
It
would have been easy for Elkin, when the idea for a survey platform crossed his
mind, to say, “I’m a finance guy -- what business do I have founding a tech
company?” But he didn’t. And you shouldn’t let yourself be tied down by
expectations either.
Look
for these types of unexpected opportunities and don’t let them pass you by.
Capitalize on them by taking the action that other wannabe founders aren’t
willing to.
4. SURROUND YOURSELF
WITH GOOD PEOPLE.
Recently,
I had the chance to chat with Finnegan
Faldi, founder of TruEffect, which focuses on first-party cookie
technology. Faldi has a serious sales and business development background, so I
was surprised when he told me that he doesn’t just believe CEOs should spend 25
to 33 percent of their time recruiting, he believes it
should always be a top priority. Instead of posting jobs when he has open
positions, he wants to have eager applicants who are ready, waiting and excited
to work for him.
I’ve
talked about what it takes to find a good CMO before,
but don’t limit yourself there. Every position at your company is critical, so
follow Faldi’s example and make constant recruiting a priority. A good team can
make the difference between a company that barely gets off the ground and one
that’s a runaway success.
5. ALL YOU HAVE TO
DO IS ASK.
While
I’ve been fortunate to be able to connect with some amazing entrepreneurs
through my interview series, what I want to emphasize is that there’s nothing
special about me. I don’t have tons of inside connections, and I haven’t yet
been admitted into any super-secret business-owner societies (if these exist at
all).
I
was able to learn great lessons that will save me a significant amount of time,
money and energy, all because I was willing to ask for it. I get told “no”
plenty of times by prospective interview subjects, but because I’m persistent,
I’m able to chat with fascinating people doing amazing things in the business
world. If there’s something you want out there, ask for it. Even
seemingly-impossible requests might be easier to fulfill than you’d imagine.
- ERIC SIU CONTRIBUTOR CEO, Single Grain. Founder,
Growth Everywhere.
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