By Phil Holberton
We often read in the press that someone made a zillion
dollars starting their company then selling it to another company or going
public. But it’s important to remember that along the way these successful
entrepreneurs were learning, connecting and growing — growing as individuals
as well as building their enterprises.
Learn, connect and grow is a formula for all of us, whether we are entrepreneurs
or not. Whatever our objectives, when we live by this formula, generally
we will exceed our expectations in the quality of life we achieve. But
as entrepreneurs or would-be entrepreneurs, we need to understand in particular
how to apply this three-part equation:
Learn: From Webster’s dictionary: to gain knowledge or understanding
of or skill in by study, instruction, or experience.
I continue to be amazed about how much I don't know. Every time I begin
a new project, there is more of the unknown than the known. That’s what
makes life fun. I doubt if many of the entrepreneurs out there have time
to study (in the classroom). But, if they are good, they are learning
each day through instruction from their peers, board of advisors/directors,
fellow employees, coaches, etc. Another way to learn is through direct
experience. There is no better way to learn than to participate in the
game; we don't learn by being on the sidelines as an observer.
Unfortunately, all too often we see entrepreneurs who know it all,
who are unable to accept input, advice or counsel regarding their business
— men and women with good ideas, unable to fulfill their dreams. If only
they approached the situation from a learning objective, the outcomes
may have been quite different.
Connect: Connecting, a synonym for networking
There have been studies conducted regarding the success of employees within
companies, and overwhelmingly the evidence suggests that employees who
network and develop informal relationships throughout the organization
are more likely to be promoted and achieve ultimate success. I'm not referring
to the company gossip, but those individuals who can maneuver themselves
throughout the organization, building alliances along the way and developing
coalitions to garner support for their idea(s).
It is no different with entrepreneurs. Those individuals who are making
connections — testing their ideas, looking for confirmation, probing
for flaws — are the very entrepreneurs who will ultimately be successful.
Being open to new relationships is one of the cornerstones for a successful
entrepreneur.
In the course of my professional experience, I have worked with, known
of or encountered entrepreneurs who are not willing to listen, nor open
to advice and counsel about the business' prospects. On one particular
occasion, an entrepreneur told me he was a CEO (when in reality he was
the principal engineer or idea person). I explained to him (unsuccessfully)
that his idea was great, but he lacked the experience or the interest
to get the business up and running. Being the CEO was a different job
from being the principal engineer. To date, he has not been successful
in launching his idea.
One of the inherent difficulties that I often see is that entrepreneurs
wait until the last minute to begin the networking process. Relationships
take time to develop and building trust within the relationship does not
happen automatically. Therefore, I urge entrepreneurs to begin the connecting
process way ahead of when they believe that it will be required. Many
individuals attend programs and networking events expecting instant results.
They attend and exchange some business cards, with the expectation of
immediately attaining funding. Unfortunately, it doesn't work that way.
Hang around the event for a while and you will develop new relationships
that will ultimately pay off in your business endeavors.
Grow:another term for grow is develop or, better still,
become.
One of the many positive attributes of being an entrepreneur is the sense
of growing. Every day is a new day and usually quite an adventure! Rarely
do events happen as scripted. We wake up in the morning and have our Palm
Pilot or our Day Timer close at our side, pointing us in the predefined
direction for the day. Often we have thought through carefully what we
plan to accomplish, but invariably something else happens. Sometimes it
is good and sometimes it’s not so good. Whatever it is, we grow
from the experience.
When I was firmly entrenched in Corporate America I grew professionally
for the first one or two cycles of what I was doing. After that,
it was Boredom City. It’s an easy habit to fall into. Part of entrepreneurship
is experiencing the high feeling of the chase to realize your dream.
Of course, no pain, no gain. Stretching beyond our comfort zone can be
painful, even downright discouraging. Yet if we stick with it, we will
always be the better for the effort.
Phil Holberton is a speaker, consultant, executive coach,
adjunct professor teaching leadership at Brandeis University, and an active
member of the Board of the MIT Enterprise Forum of Cambridge. Email:
pholberton@holberton.com
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