Thomas Edison’s famous quote, “Genius is 1% inspiration, and 99% perspiration” is the embodiment of a startup. There is often a lot said about the value of overcoming adversity – but I think the context of this advice is often too dramatic. The real stresses of starting a new business come from the combination of chronic day to day failures and rejection combined with the acute disasters and fire drills.
Managing this stress is quite possible – but it’s important to know it’s there and that it’s unavoidable. The part of starting a business most people romanticize usually ends up with a business plan on a cocktail napkin. This is a really fun preamble to starting a business – and it’s basically stress free. This is where you have your eureka moment and invent, connect, or otherwise discover the great idea that is the seed of your new business.
The rest of your life as an entrepreneur will be very different.
Great ideas aren’t enoughI’ve posted previously about How much value is in an idea? This topic truly fascinates me. Trying to tease out who should get what share of an innovative new business is always a challenge when the skill sets of the team members involved are so varied.
On thing everyone can agree on – just having a great idea or great technology/research/whatever is not a business. A business is a very different beast – it is the sum total of activities which your customers are willing to pay for. Great ideas and cool technology generally solve your problem not your customer’s problem! You have to do more to combine that idea with hard work to package it in a way that it really satisfies your customers’ needs.
This is an important distinction and why it’s necessary to abandon the “cool technology” or “revolutionary research” pitches when you move into the mainstream from the early adopters.
The takeaway is this – if you have a great idea for a new business you’re not half way there – you’re just getting started. This isn’t meant to discourage you – just to set your expectations that the road ahead is long. Embrace the challenges and the journey!
You will fail many times before you succeedThe challenges of starting a new company are so numerous it’s cliché. The inevitability that you will fail many times, in many ways, before you succeed is often lost on people during the ups and downs of a new venture. Again to quote Thomas Edison, he once quipped that he created over 1,000 failures before he created the successful incandescent electric light bulb.
You will always fail before you succeed for the same reason your keys are always in the last place you look. You obviously won’t keep trying new things after you figure out the right answer!
Starting a business may be fun, but it’s not easy
No matter how many times you’ve done it – the stresses on your psyche are tremendous. The failures have a way of sticking out in your mind and overshadowing the successes unless you remind yourself about them occasionally.
You’re effectively putting yourself on the line and success or failure becomes very personal very quickly. Be patient, be humble, and keep after it. You can get there through almost pure heart and force of will. Look at Edison – he’s one of the greatest innovators in US history!
About Chris Harris
For 13 years Chris Harris has been successfully developing technology solutions and creating winning business strategies for both start-up and brand-name companies. Chris co-founded
Inventure Global, a San Diego headquartered IT consulting firm with offices and programmers in India offering sophisticated IT and technology planning, design, and implementation services for new and growing businesses looking for experienced talent and intelligent support. Inventure Global also maintains the
New Venture Outsourcing Blog.