The American fairy tale of entrepreneurialism
We love a good success story just like the next guy. We love tales of triumph, of someone winning against all odds, and today, the American fairy tale of entrepreneurialism is one that has captured the minds of screenwriters, musicians, and Instagrammers alike. We worship the Zuckerbergs of the world who went from no one to bajillionaire in a short period of time as their lines of code changed how the entire world communicates.
But in that idol worship, we focus on that moment of success and don’t see the tales of failures hovering just below the surface. Every entrepreneur can tell you about the overwhelming nature of those struggles and failed moments, and they can all tell you about the crushing pressure that exists before the dawn of success.
So what should every hopeful, budding, or veteran entrepreneur keep in mind? We asked Victorio Pellicano, Founder and CEO of Verenia for his thoughts on the topic, on overcoming the difficulties of entrepreneurship. He earned his BS in Computer Science from the University of St. Francis, which he followed up with a law degree from Loyola University Chicago School of Law. He worked as a software engineer and soon founded Verenia which is a popular CPQ company (“Configure, Price, Quote” is software that accurately prices goods as endless variables change constantly).
Although there were already huge CPQ companies in existence (Salesforce, SAP), Pellicano has been able make his company meaningfully competitive and skyrocket revenue, all without outside funding. Talk about a high pressure scenario.
Below are Pellicano’s words of guidance for entrepreneurs when things look bad:
Starting a business from the ground up is tough
A lot of things need to go right to be successful. Too bad human existence has a funny way of doing exactly the opposite of smooth. Things change, people get into fights, or maybe the overall vision of the business isn’t what it once was. When you’re in business for yourself, the term “bootstraps” can mean a lot of things.
It isn’t easy, but if you do find that mythical “magic quadrant,” the payoff is incredible. You’ve built something you believed in, and you put in the work to achieve awesomeness. There are few feelings as gratifying as being the boss and taking a long lunch whenever you damn well please.
But, it ain’t all roses. Stuff will suck a lot of times. It will be hard. That’s just inherent to the culture of being self-made. I mean hey, busting your ass, coming up from nothing is basically, like – 80% of rap music, right?
As new entrepreneurs set off into the business world, there are some things they should know, what to expect and what to do when things don’t go as planned.
Check out these four things to keep in mind when it feels like the sky is falling.
1. Build a support system stronger than the Great Wall
When in business, stuff goes sideways. Anyone who’s ever held a job knows stuff changes and can go bad quickly – that’s just inherent to the DNA of work. But, when you’re in charge, and it’s your business, you’ll be pulled in a lot of directions. Many times, those directions are uncomfortable whether it be about the staff, progress, earnings, whatever. Because of this, you gotta assemble the All-Star team behind you, the folks who’ll always keep your head in the game and won’t let you get too big for your britches.
As an entrepreneur, you’re inherently optimistic. You had the guts to go it alone and do your own thing. That optimism is what makes you, you. Because of this bold attitude of work-related sunshine, you’ll probably not likely pay attention to that bad stuff, until it’s like, crazy bad.
By keeping a group of advisors, friends, and family close who you can talk to, you’ll have voices who offer advice from a place that isn’t about anything but helping you succeed. Success is a long process, rarely do businesses go from red to black overnight. You need some reliable people to keep you sane when all is quiet.
2. Don’t lose sight
When you had the idea to start your business, it was about more than just making money. You had goals, you had a vision, and you wanted to make an impact on the world. After a while, those emotional price points evolve. When you suffer a setback, or something goes way better than planned, it’s important to stick to your guns.
Keep a list visible near your workspace. You got into this game because you wanted to do better for your family, or maybe your last boss was a jerk and this is your way of paying the universe back. Either way, a little motivation never hurt anyone. You wanted to be the boss of yourself, don’t lose sight of that through the rough patches.
Set small goals to nail, and then work your way toward the bigger rocks. Motivation is hard, just ask anyone who wants to hit the gym, but still has a gut. Business is no different. You need to focus on the stretch goals and fight your way through the murk of self-doubt.
3. Rome wasn’t built in a day
You know why this old cliche sticks around? Because it’s true. Nothing worth doing happens overnight. If being self-made was easy, everyone would be doing it, too. (Just ask Biggie Smalls.)
Read any bio of successful folks who built an empire, or just a solid place to grab a burger in the neighborhood – success took time. For many of these folks, that time was spent worried the dream would go under from lack of early adopters.
But they persisted. They invested their money back into the business, they promoted, they made smart choices instead of the easy ones. Building brand equity will take smart moves and a lot of patience. Can’t be selling that charbroiled cheeseburger when no one’s coming in the door, right?
4. Accept your plan isn’t perfect
Just because you dream it down to the final note on paper, that doesn’t mean it’s going to work out that way.
If you’re a business-type CEO, you’ve spent a lot of time planning, writing business plans and Go-To-Market plans – that’s business 101.
If you’re a technical CEO, you’ve spent a lot of time coding, researching, and watching trends.
Both CEOs have done the homework, they’ve planned, prepared, and are committed to taking on the world, helmet strapped on and mouth guard in place.
But then the world doesn’t give a shit. Doesn’t even kind of care. No leads come in, there is no money to spend to bring in new customers, and no foreseeable change.
All the planning in the world won’t prepare you for the harsh realities of the free market. As you roll out and talk to people about your business, invite criticism and learn from what other people tell you. It doesn’t mean you have to change course every time someone’s opinion is different than yours, but their thoughts and critiques could offer a nugget of truth you may have not considered.
Final word of encouragement
I’m from Chicago, and if there’s one thing we love more than The Blues Brothers, it’s His Airness, Michael Jordan. I rely on one of his quotes to get me through the bad times:
“I’ve missed 9000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.” – Michael Jordan
If that ain’t some #realtalk, I don’t know what is. See you out on the court, folks.
15 tips to spot a toxic work environment when interviewing
(BUSINESS ENTREPRENEUR) Interviewing can be tricky, but this new infographic will help you look for signs of toxicity before, during, and after the interview.
When we’re in the process of job hunting, we’re typically looking because we need a change, for multiple reasons. Any interview sparks hope. Because we’re sometimes so willing to make that change, we often put our blinders on in the hopes that whatever comes is the perfect opportunity for us.
With those blinders, however, it can be common to miss some red flags that tell you what you really need to know about the job you may be applying or interviewing for. Luckily, Resume.io is here to help.
They have developed 15 warning signs in their infographic: How to Spot a Toxic Work Environment Before You Take the Job. Let’s dive in and take a look at these.
First, the preparation before the interview. Red flags can shop up from the get-go. Here’s what to look out for before you even meet face-to-face (or over the phone/Zoom).
- Vague job description: If there is nothing substantial about the description of the job itself and only buzzwords like “team player,” be on alert.
- Negative Glassdoor reviews: These reviews on company culture are worth taking into account. If multiple people have a recurring issue, it’s something to be aware of.
- Arranging an interview is taking forever: If they keep you waiting, it’s typically a sign of disorganization. This may not always be the case, but pay attention to how they’re respecting you and your time.
- Your arrival comes as a surprise to them: Again, disorganization. This is also displaying a lack of communication in the company.
- The interview starts late: See the last sentence of #3. Not only are they disrespecting your time, but they’re displaying a lack of time management.
Now, for the high-pressure situation: During the interview. Here’s what you need to be keeping an eye on (while simultaneously listing your strengths and weaknesses, of course)
- Unpreparedness: If the interviewer is scattered and not prepared for your conversation, this may be a sign that they don’t fully understand the tasks and expectations for the job.
- Doesn’t get into your skill set: If they don’t ask about your skills, how can they know what you’re bringing to the table?
- Rudeness: If the interviewer is rude throughout the interview or is authoritative (either to you or to a panel who may be present,) be on alert. This is just a sign of what’s to come.
- Uncommunicative about company values: If it’s different from what’s on their website or they seem spacey about company values, this is a red flag.
- Your questions aren’t being answered: If they’re avoiding answering your questions, they may be hiding an aspect of the job – or the company – that they don’t want to reveal.
Finally, the waiting game. Once the interview is complete, here are some less-than-good things to be on the lookout for. Keep in mind that some of these may be hard to gauge seeing that we’re in the middle of a pandemic and many companies haven’t returned to their offices yet:
- Brief interview: If the interview was too short, they are either desperate or have already filled the position. Either way, bad.
- Quiet workplace: This may be a sign of a lack of teamwork or a tense environment.
- No tour: If you don’t get to see the office, again, they may be hiding something.
- Offer on the day of interview: Not giving you time to think may be a sign of desperation.
- Leaving you waiting: Again, if they leave you waiting on an answer like they did with scheduling, it’s a sign of disorganization and disrespect.
While one of these 15 things happening doesn’t necessarily mean the job is a bust, a few of these things happening may be an indicator to look elsewhere.
This startup makes managing remote internships easier for all
(BUSINESS ENTREPRENEUR) Internships during COVID are tough to manage for many employers, but Symba aims to present a unique solution.
Internships are among the innumerable practices disrupted by the COVID-19 pandemic. Some might argue that the loss of the corporate version of hazing that defines many internships is not something to be mourned. But the fact remains that internships are crucial for both employers and employees. Fortunately, a company called Symba might have a solution: Remote internships.
It’s a simple, intuitive solution for the times. That’s why big-name industries like Robinhood and Genentech are turning to Symba for help in constructing their own digital internship platforms.
Symba is, in and of itself, akin to any employee management system. Prospective employees sign into their Symba account via the landing page of the company for whom they are interning, after which point they are able to review their workload for the day. They can also see communications, feedback, other profiles, group projects, and more; they can even access onboarding resources and tutorials for the company in case they get lost along the way.
The key difference between Symba and other management tools—such as Slack—is that Symba was built from the ground up to facilitate actionable experience for interns at little to no detriment to the company in question. This means that interns have a consistent onboarding, collaborative, and working experience across the board—regardless of which company they’re representing at the time.
Symba even has a five-star ranking system that allows employers to create and quantify areas of proficiency at their discretion. For example, if an intern’s roles include following up with clients via email or scheduling meetings, an employer could quickly create categories for these tasks and rate the intern’s work on the aforementioned scale. Interns are also able to ask for feedback if they aren’t receiving it.
While Symba doesn’t facilitate communications between interns, it does include Slack integration for the purposes of collaboration and correspondence as needed.
On the managerial side, employers can do everything from the previously mentioned rating to delegating tasks and reviewing reports. All data is saved in Symba’s interface so that employers have equal access to information that might inspire a hiring.
While it’s possible that Symba will struggle to maintain relevance during non-internship months, the fact remains that it is an exceptionally viable solution to an otherwise finicky problem during these trying times—and some employers may even find it viable enough to continue using it post-pandemic.
Zen, please: Demand for mental health services surges during pandemic
(BUSINESS ENTREPRENEUR) 2020 has been an exceptionally hard year for many on a mental front. How has COVID-19 changed the mental health landscape?
As the pandemic stretches on, it continues to affect everything from jobs to plastic bags, but one major shift has come with mental health. According to the National Council for Mental Health, while demand for mental health services is up 52%, the capacity of mental health organizations have actually diminished. So…what does this mean?
Mental health startups get a boost
From tele-health to mindfulness apps, venture capital investments for mental health startups have already surpassed what was earned in 2019. And it makes sense; as more people are isolated for long stretches of time, there has become a greater demand for digital mental wellness services.
With COVID-19 predicted to spike again in the coming months, combined with shorter spans of daylight and less welcoming weather, the desire for these sorts of businesses isn’t likely to fade. If you have an idea for a neat app or website to help with mental well-being in some way, now is prime time to release it.
Companies increase mental health options
As the pandemic rages on, many companies have started to partner with mental health solutions for their employees. For instance, Starbucks has started offering free therapy sessions to employees through the mental wellness provider Lyra, and Zoom began to offer mental health seminars.
Of course, while smaller companies might not have the means to provide specific therapy, many companies have gotten creative with how they’re looking out for employees’ mental and emotional well-being. From providing virtual meditation sessions, to increasing self-managed leave, to connecting employees through book clubs or happy hours, there are a variety of ways that any company can help employees manage their psyche during these difficult times.
Resources are more accessible
Although therapy and similar apps do cost money (many apps include a monthly fee for the services provided), there are plenty of low cost alternatives available for those having a hard time. For example, many sites are offering free trials to services. There are also plenty of free or low-cost apps available to help you do anything from track your moods to manage your breathing. Or check out YouTube for videos to help with yoga or meditation.
While these resources are not a replacement for medication or talk therapy, they can help mediate some of the increased strain on our mental state that many of us are feeling right now.
In case of an emergency, there is also the National Suicide Prevention Lifeline, which is available by phone call or chat 24 hours a day. If you or someone you know is struggling, please don’t hesitate to reach out.
Opinion Editorials5 days ago
3 things to do if you *really* want to be an ally to women in tech
Business Marketing3 hours ago
Video is necessary for your marketing strategy
Opinion Editorials2 weeks ago
Questions you wished recruiters would answer
Business Entrepreneur6 days ago
15 tips to spot a toxic work environment when interviewing
Tech News3 hours ago
Chatbots: Are they still useful, or ready to be retired?
Business Entrepreneur1 week ago
Zen, please: Demand for mental health services surges during pandemic
Opinion Editorials5 days ago
4 simple tips to ease friction with your boss while working remotely
Opinion Editorials4 days ago
Why robots freak us out, and what it means for the future of AI