Getting back from the US three years ago, I was full of dreams and ambition, especially regarding my first venture. Unfortunately, like 4 startups on average out of 5, mine failed.
Before engaging yourself into the passionate world of entrepreneurship, below are the hard learned lessons I’d like to share and meditate on with you:
1) Choose the right co-founders-OR NONE
Don’t chase money, chase support and ideas. While trying to put your idea to fruition, you might meet along the way people seducing you with seed funding and giving you a free ride… Warning! That’s a trap! You don’t want to have co-founders not involved at all in the daily operations, or that cannot open you doors when needed, giving you pieces of advice, bringing business or closing deals. You don’t want to become your co-founders’ employee, busting your *** while they’re cosily waiting for the dividends of your efforts. Look for people with whom you share the same vision, that will ACTIVELY manage the company with you, and meet frequently; just a few ones, maximum 2 people is enough when well coordinated.
Disclaimer: I realised I feel more comfortable going solo; I only respond to myself, and it gives me the freedom to experiment all my ideas and assume full responsibility of successes and failures.
2) Know your sweet spot and stick to it.
Know what you are good at and delegate other matters. In my case, I am really good at sourcing, structuring and closing deals. When it comes to managing the money? Not my cup of tea, as my over-optimism sometimes fools me in terms of investment expectations. I confess that I managed my first venture like a mum & pop shop, actually, even worse… It’s not about your IQ or your diploma, but more about your skills and your comfort zone. In my case, had I hired an accountant able to hold a good account of my company and alert me when things were going sour, I wouldn’t have been down a few hundred grands at the closure of the venture. (Rest reassured though, I’m bouncing back even stronger by God’s grace)
3) Stay Focused
Do only one thing and excell at it. I’ve had the chance of accumulating different skills over the course of my entrepreneurial journey; from programming to equity Trading, website design and investment banking. Being quite successful at it, I thought I could do it all by myself into a single company. Result? NONE of my ventures succeeded. Why? I was too spread out. My efforts were not consistent, so I could not close any deal. Bill Gates succeeded writing softwares, Jeff Bezos selling stuffs online, Oprah Winfrey entertaining people, Aliko Dangote selling Cement (before diversifying), Warren Buffet buying Stocks and Bonds, Donald Trump building resorts…
Not everybody is @Elon Musk… 🙂
4) Persevere
You might lose money, like I did, make mistakes, like I did, and along the way lose people, like I did. However, remember that entrepeneurship is not a sprint, but a Marathon. Don’t lose faith in your capacities, don’t give up on your dreams… Edison failed 10,000 times before finally creating the light bulb. I am not wishing you 10,000 failures, but honestly, a couple ones will get you more grounded and experienced. At the end of the day, we all have the right to make mistakes, that’s how we learn the most somehow, provided we keep the passion alive.
5) Believe in God
The spiritual dimension is for me the most important aspect in the business world. Without a strong spiritual basis, backstabbing, challenges, stress and uncertainty can drive you nuts. From my young experience, there is always a point in life, in business where you can only do so much… That unexpected person that comes out of the blue and brings you a sweet deal, this client who calls you late in the night to pay for an overdue bill that will allow you to close the month and face your obligations… we all need that little extra push to succeed; some people call it chance, others Karma, I call it God.
Enjoy doing business like I do, and remember what one of my favorites entrepreneurial figures said: ‘STAY HUNGRY, STAY FOOLISH‘.
Sincerely yours,
A young, bruised and hungry entrepreneur