Fred Wilson has a post at AVC that isn’t mind blowing, but it is oh so right:
I recently had breakfast with a friend who is an entrepreneur. He had a really rough start to 2015. His business had a tough year in 2014 and he realized at the start of 2015 that if he didn’t make some big changes to the team and operating structure and costs he was going to hit the wall. He sort of did hit the wall to be honest.
He cut out a layer of management, he cut costs across his entire operation, he got back involved in his product and operations, he worked harder and longer than he has ever worked, including when he started the company…
After he told me all of this, I told him that I’ve never met a successful entrepreneur who didn’t get knocked down in the ring at least once or twice. I told him that you can read all you want and get all the advice and coaching that is available and you still will not learn the hard lessons that one has to learn to become best in class at what you do. I’ve come to the conclusion that you have to learn some things the hard way to really learn them well.
Back in the 90s I started a small b-to-b newsletter publishing company. For the first couple of years things went well, and then they didn’t. Before long the business was running on fumes and my personal life was in a shambles. In retrospect the traits that allowed me to start the business in the first place – being young, dumb and brash enough to think I could do it – ended up being my greatest weakness when the business struggled. I didn’t know how, or who, to ask for help. I thought I could figure it out on my own and I couldn’t.
In the end I shut the business down because I didn’t have the energy to save it and my marriage/family life. I moved on to another publishing company and actually got to do some pretty cool things for them that I probably wouldn’t have been able to do on my own. My marriage and family stayed intact and became stronger as a result. Eventually I went back out on my own as a consultant and had a great run before taking the job that I’ve enjoyed for six years (and counting).
The lessons learned from that “failure” included:
- Family first. Always, and forever.
- Know the value of humility. You can’t, and shouldn’t, do it all and you should surround yourself with people who can do the things you can’t.
- People actually like being asked to help, and if you do ask almost everyone will do what they can to help you.
- Never stop learning and trying to grow. This applies both professionally and personally, and as Fred points out in his post, your failures are actually great opportunities to learn and grow.
- Don’t be penny wise and pound foolish. Small example: I didn’t use a payroll company because I didn’t want to spend the $100/month for their service. Let’s just say the mistakes I made ended up costing far more than that. One of the first things I did at my current job? Got us set up with a payroll company.
Are these common sense bromides that you can find in any small business/entrepreneurial website, book, blog or magazine? Yep. So why am I sharing? Because I read all those things and the lessons still didn’t sink in until I lived through them. I’m hoping at least one of you will be spared the pain if you hear it from one more source.
I also believe in paying it forward, so if you ever find yourself in a bind and think there’s no way out I’m more than willing to listen and hopefully find a way to help. If nothing else I can offer a sympathetic ear.
There’s no shame in failing but it’s a huge mistake to not get back up and push on. Another well worn sentiment that you’ve probably heard a thousand times, but it’s worth saying again because it’s true. Believe me, I learned the hard way.