I remember it vividly. Mexico City, late January, sitting in an Uber in the front seat, while my MBA classmates were chattering away in the back. I’m sure they were talking about something interesting – my cohort has become my most treasured network – but I was lost in my own thoughts. I was thinking about my goal at the start of the program – how I wanted to move into a Chief Marketing Officer role and then eventually get to a Chief Executive Officer position. And that’s when it hit me: why not just become a CEO now? Why create an unnecessary step when I can just be what I really want to be? Looking back, that question seems so simple, yet it carried immeasurable weight. Here are seven things I’ve learned as a first-time entrepreneur (the CEO of Elemeno).
First-time entrepreneur lessons learned
I had spoken about ‘one day’ scratching that entrepreneurial itch but I never had any real plans for it. If I’m being honest, I figured an opportunity would come to me or I’d wait til I’d climbed to the top of the corporate ladder and then start a little side something. But once that simple question parked itself in my brain, I immediately became clear-headed. I emerged from that Uber a different person. Whereas just days earlier I was scouring LinkedIn for senior marketing roles, now the thought of applying, accepting, onboarding and fulfilling the role actually gave me a queasiness in my stomach. Why would I want to go through all that? Just so it can edge me closer to a CEO? Yuck.
Arriving back in Vancouver, I knew what was next for me. That MEC let me go a few weeks later only cemented what I needed to do. I jumped head-first into entrepreneurism and I haven’t looked back. But it hasn’t been without it’s share of lessons, which I hope can help those of you thinking about doing the same.
But first, shameless plug alert. The venture that I’ve launched is called Elemeno and it aims to solve one universal pain that parents face: kids lunches. ‘Disruption’ gets thrown about a little too often, but it baffles me that we have all these modern, emerging food services – from grocery delivery like Spud to meal delivery like Skip the Dishes to meal kits like Hello Fresh – and yet when it comes to school lunches, we’re forced to use tedious, confusing websites with little information on nutritional content, serving size or imagery. We buy organic and local food for our kids when we’re feeding them, but begrudgingly sign up for pizza day or chicken fingers because it at least gives us a reprieve from making lunch that day.
Elemeno is driven to change this by offering healthy, thoughtful meals that your children will love – delivered to your doorstep in time for school and with the simplicity of a few taps on your phone. Check out my Kickstarters campaign at elemeno.co.
Now, here are my seven most significant learnings and realizations from starting this business.
Entrepreneurism spotlights the young
I just turned 40 and, while that’s not very old, it can feel ancient in the startup community (even if folks over 40 make the best entrepreneurs, according to Inc magazine). The industry glamourizes the 20-something self-starter, and I’ve attended many startup networking events (virtual mostly) where I’m the old guy in the room.
But fear not, my Goonies-loving friends! You can use your age to your advantage. A mentor I worked with gave me great advice: you have a network that a younger person doesn’t have and you can probably get a meeting with just about anyone given your track record.
That single piece of insight has proven invaluable and has pushed me to use it as much as possible. I’ve reached out to so many people over the last few months, and I’ve met some amazing folks who are genuinely interested in my journey.
Momentum > hustle
The COVID-19 pandemic has been a challenge on many fronts. My productivity has been impacted. My wife owns her own business, I’m launching one and we have two children, 5 and 1. COVID wiped out any support in terms of grandparents babysitting, a part-time nanny we hired and of course schools. So I’ve been able to chip away at my business for only a few hours each day. And that has brought stress and guilt. After all, aren’t entrepreneurs supposed to work 24/7/365 at the start? Isn’t your drive and work ethic what gets you through the lean months?
What I’ve learned is that momentum beats hustle. Ensuring I achieve something every single day – yes, even on weekends – helps me accept the fact that I’m no longer working 40 hours a week. Momentum gives me a sense of accomplishment every day which builds energy to take another step the following day.
Yes, there is a time for hustle. But like the tortoise and hare, momentum wins the race.
Don’t procrastinate
You can often get caught up in just one more webinar, masterclass or online course. You can read all the books, listen to all the podcasts and speak to all the mentors at your disposal. But at some point, you have to set the teaching aside and do. If your greatest learnings will be ‘on the job’ then you have to get ‘on the job’.
While I’m continuing to learn and upskill myself, I’m much more disciplined on how much time per week I allot to this, how many networking or mastermind sessions I attend and when I’m actually using a course to procrastinate.
You’re going to feel dumb
Part of being an entrepreneur is learning quickly what you don’t know and seeking guidance. In the corporate world, you can stay nestled in your comfy role and steadily become an expert in your field. Entrepreneurs don’t have that luxury and are constantly learning and iterating. It can be a hit to the ego and you have to be ready for the naysayers and critics. This is the stretch that dissuades most people – it’s painful, tedious and even a little embarrassing. Your ambitions don’t match your success (yet!) and so it’s an unnerving period. But if you can get through this time, the other side is much more rewarding.
I’ve found that labeling it and saying it out loud (I call mine the ‘sucky period’) helps to ground me and accept the place I’m temporarily in.
You’re in sales
I get it, you’re an artist. Or a designer. Or a creative. Or a craftsperson. Or a consultant. Or a visionary. And on and on. You are fully entitled to call yourself what you want.
But make no mistake, you’re a salesperson. Being an entrepreneur is constantly pitching yourself and your business. It’s getting new customers, it’s bringing on stakeholders, banks, investors, whomever. I know for some ‘sales’ conjures up a used car dealership. But get over it and strive for that cheesy salesperson of the month plaque on the wall.
Cash flow is king
In this economy, it isn’t necessarily going to be the best and brightest that survive. Nor will it be the greatest idea or most novel invention. It will be those that manage their cash flow the best. Spend carefully and thoughtfully. Use your colleagues and friends to stretch your dollars, exchange labour, anything that can keep you holding onto your cash.
You will turn this economy around
Despite all these challenges, you must press on for the benefit of society. Why? Because it is you, entrepreneur-in-training, that will create new jobs. It is you that will define the future economy. Not the companies that grew too large and are cutting staff. Not government organizations who face tight fiscal controls after significant spending. You, entrepreneur Padwan. Stand tall. We need you.