Random thoughts about Entrepreneurship

As many of you know, for most of my life, I have been an entrepreneur or invested in entrepreneurs. I founded companies, worked for startups, managed an angel investor group, founded a startup accelerator, and worked for venture capital funds. Since delivering newspapers and cutting grass for neighbors, I have immersed myself in the entrepreneurial process.

The entrepreneurial process is a methodology with a strong dose of art. The methodology of identifying an opportunity and building a business to capitalize on the opportunity is extremely complex. It can be learned. The artistic entrepreneurial ability can not be learned. And, it is the difference that makes the difference between entrepreneurs.

Following and in future articles, I will share some thoughts about entrepreneurial art.

Embrace the problems

Whether you're an entrepreneur or not, problems occur every day. So, you must select your problems. For example, do you want the problems of an entrepreneur or the problems of being an employee? As an entrepreneur, the problems may appear to be larger and cause more discomfort because, in the beginning, you may not receive a salary from your new venture. So, you must learn to embrace problems.

Think of a problem as an opportunity. For example, for every problem that you resolve regarding the operations of your company, your company becomes more efficient and, therefore, more profitable. For every problem that you solve with your product, your product becomes more attractive to a larger population of potential customers and will generate more revenue. The flip-side of every problem is an opportunity. Which side of the coin do you choose to see? 

Plan your work and work your plan

In the beginning, you’ll have to do everything. You will be the chief problem solver, cook, waiter, and dishwasher. At Elloy, we are exactly in this phase: testing our plan by doing, finding and solving problems and making mistakes. Then, we rapidly learn, adjust, and repeat. This cycle of trial and error is essential for growth. It's not just about having a plan, but being willing to listen to the market’s response to your plan, and adjust it constantly as new data and situations arise. Flexibility and adaptability are essential. 

Additionally, it is crucial to document your processes and learnings. This not only helps avoid repeated mistakes but also creates a valuable manual that can be passed on to new team members as your business grows.

Never say "No"

In a market of abundance, the word "no" is limiting. There is always a way to say "yes" in such a market. Replace "no" with "maybe" or "let me think about it." This open-mindedness can lead to innovative opportunities. Learning to say "yes" strategically, even when it means stepping out of your comfort zone, can be the key to discovering new avenues for growth and success. This doesn't mean compromising your values or accepting every proposal but rather being willing to explore and consider possibilities that might initially seem unconventional.

No one builds anything important alone

Bill Gates, Mark Zuckerberg, Steve Jobs—none of them built their empires alone. They always had partners, friends, and associates who helped them build their businesses. Building a solid support network that includes mentors, colleagues, investors, and even competitors can provide valuable insights, resources, and emotional support. Never underestimate the power of personal and professional connections in the entrepreneurial journey.

The entrepreneurial journey is full of highs and lows. Persistence and passion are essential to overcoming challenges and pushing forward. Remember to celebrate your victories, no matter how small, and use them as fuel to keep pursuing your dreams.