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What really makes serial entrepreneurs successful?

(Entrepreneur News) Serial entrepreneurs are a special breed of professionals, and one success story shares with us his advice, and much of it flies in the face of conventional wisdom.

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Serial entrepreneurs are a special breed

Being a serial entrepreneur doesn’t mean jumping from failure to failure, it is a phrase designed to describe a very small segment of entrepreneurs that have succeeded in more than one creation. One such people is Steve McIntosh, who started his first company, World Choice Travel at age 17, growing it to over 250 employees with over $500M in sales, eventually selling to Travelocity.

McIntosh later co-founded BeQuick Software, ad most recently, Fanhub where his is now working to combine CRM, ticketing, project tracking and pipeline management all in one cloud-based platform.

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He notes that this special breed of entrepreneurs must understand some core tenets, which we suspect are based on hard lessons he and many others have learned along the way. In his own words below, McIntosh spells out five things that make for a successful serial entrepreneur:

1. Not all ideas are worth pursuing

Recognize that not all ideas are worth pursing. As an entrepreneur, you are naturally looking out for new ideas all the time. It is just part of your nature. Some of them will be really good and there will be temptation to shift your focus. Resist. What you choose not to do is more important than what you choose to do. When the you have found the right new idea, that next big thing, you’ll know it. Resistance will be futile.

2. Execution, execution, execution

Good ideas are only 5% of the equation. The other 95%: execution. Many entrepreneurs have great ideas. Very few have great execution of those ideas. Just what is execution? In a word: follow-up. As an entrepreneur, you provide direction and set expectations. Without follow-up, these have no value. When you follow up, it is not just about asking “did this get done?” It is about asking open-ended questions that give you the pulse of what is actually happening in your business.

For example, “When we did X, how did customers react?” or “What do you think we could have done differently” or “What are the mission critical things that could affect our launch?”. When you meet with an employee or vendor, write down on a task list or notepad what you will follow up on on when you meet next. When we consistently follow up with our employees, customers and vendors, the result is great execution.

3. Expand or start anew?

It is often better to expand your business rather than to start a new one. Serial entrepreneurs love the start-up phase of a new business. How easily they forget the blood, sweat and tears it takes to get a new business going. It is far easier to integrate new lines of business in an adjacent category or to organically grow your existing business into new markets than it is to start from scratch.

4. Nix the exit strategy

Forget about the exit strategy. I am always amazed how every business plan for a new startup includes a section on “exit strategy”. Why the rush? The best businesses run themselves. When you abandon your business just as things get good, you are missing out on the golden years of your creation. This is the time when the business affords you the opportunity to focus on the bigger picture opportunities without the stress and pressure of being in the start-up phase. The true serial entrepreneur is in it for the long haul.

5. Quit wasting time on investor hunting

Forget about finding investors. Almost any idea can be tested with very little capital. Scrap together your prototype. Fake it till you make it. Prove your business model works. Experiment. Iterate. When you invest your time and effort in trying to get investors, you are wasting precious time and energy that could be spent proving your idea. Once you have proven your idea in a controlled test, you’ll find it much easier to get an investor, if you still even need one.

The American Genius is news, insights, tools, and inspiration for business owners and professionals. AG condenses information on technology, business, social media, startups, economics and more, so you don’t have to.

Business Entrepreneur

Why many entrepreneurs facing mental health issues don’t get help [part two]

(BUSINESS NEWS) It isn’t a financial issue or a refusal to admit a problem – here’s why many entrepreneurs struggle with mental health challenges and never seek help.

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Nearly 44 million adults experience an episode of mental illness in any given year according to the National Alliance on Mental Illness (NAMI). Of these, the experience of 10 million adults in the United States with mental illness was so serious that it substantially interfered with a major life activity.

A significantly higher percentage of entrepreneurs studied showed signs of mental illness than did the general population according to research conducted at the University of California in 2015.

Only 41 percent of adults who needed them received mental health services in the past year. What prevents us from getting the assistance that we so desperately need?

>>Click here to catch Part One of this series<<

Although a common problem among us, mental illness in America, in all its forms, is still marked by stigma and shame. This spurious perception of a shameless disorder has been partly responsible for individuals not getting the help they need.

“It’s much more difficult to think about an anxiety disorder or obsessive compulsive disorder helping a person excel in business,” said Claudia Kalb, author of Andy Warhol was a Hoarder: Inside the Minds of History’s Great Personalities, speaking to the Harvard Business Journal.

“Stigma stems from not understanding what mental health conditions are all about, and not realizing that we all have at least some of these characteristics, “ said Kalb. “Part of the reason to learn more about these conditions is not to label people, but to better understand where people are coming from — and how, in a business setting, some of these attributes can be positive.”

While it’s very tempting to stay afraid of the stigma of a diagnosis, understand that you’re not alone, and that we all share similar problems from time to time.

With the passage of the Affordable Care Act, Americans hoped access to personal healthcare insurance would be both easier to obtain and less costly. The U.S. Small Business Administration reported in 2014 that over 75 percent of businesses are known as “non-employer” firms. These firms create a single job — typically the business owner — and have no one else on the payroll.

Because of the changes in insurance laws, many of these individuals were faced with having to leave health care options that they many have had under prior insurers and face higher rates on the new healthcare exchanges for insurance plans that were less comprehensive.

Premiums for some insured have risen nearly 10 percent in the past two years, and depending upon the state in which they live and income targets, many individuals are bracing for steep increases in insurance prices this year, with estimates ranging from 16 percent to 65 percent increases.

As the publisher of the Washington Post, Newsweek, and owner of multiple television and radio stations, Phil Graham was a man with money and power. Yet, despite his wealth and privilege, he was not immune to mental illness. His journey with severe mental illness began in 1957 and continued for years thereafter.

Katherine Graham never forgot her husband’s tears, even decades later. “He was in real tears and desperation,” she told The Baltimore Sun, “he was…powerless, immobilized.”

In an era in which the stigma was profound and the treatment options severely limited, there was little help that could be found, and Phil’s rapid descent into illness included hospitalization and invasive electroshock therapy, all to no avail. Throughout it all, Katherine carried out the doctor’s orders, trying to talk Phil out of manic depressive episodes, speaking for hours on end to try to bolster his spirits.

We know that we ask our loved ones to carry large burdens for us an entrepreneurs, and try to ease their load. Yet, by not looking for help in an attempt to not be a bother to them, we don’t help them.

A study by Rogers, Stafford, and Garland at Baylor University found that for family members of those with mental illness, there were high levels of both subjective and objective burdens reported, with many family members struggling to process through their own feelings about the mental illness and their loved one.

We do not ease the path for our loved ones by refusing to seek and get the help we need, but instead damn them with a heavier burden, despite our well-meaning intentions.

In her powerful work, The Dangers of Willful Blindness, Margaret Heffernan, discusses the all-too-familiar concept of people not wanting to allow themselves to think about things that end in conflict or that rock the boat, personally or professionally.

“We can’t notice and know everything: the cognitive limits of our brain simply won’t let us. That means we have to filter or edit what we take in. So what we choose to let through and to leave out is crucial,” writes Heffernan. “We mostly admit the information that makes us feel great about ourselves, while conveniently filtering whatever unsettles our fragile egos and most vital beliefs.”

For many of us, it’s not that we don’t want to admit that we need help, but rather that we simply cannot allow ourselves to see it — even in the best of times! If you’re struggling to see life clearly through the lens of a mental illness, it is even more difficult.

Being open with one’s self about things that are real and things that are not, and acknowledging that things might not be okay, is the first step to finding assistance.

You don’t have to find help all alone. Reaching out to someone for help can often be uncomfortable, especially about a topic that is as personal as your own health, but doing so is the critical step towards recovery. Find a trustworthy partner for your recovery who you trust to help you find someone who can provide the level of assistance you need.

While your healthcare provider is the best first stop to discuss things that are going on with you physically or emotionally, it’s important to have a support network who can be there for you in between doctor visits.

There are other, more immediate resources for those who need them:

The National Suicide Prevention Lifeline is available 24/7 either by calling 1-800-273-8255 or by going to their website and engaging in an online chat.

For those who prefer texting options with qualified crisis counselors, the Crisis Text Line is available 24/7 by texting “Go” to 741741. Both options are confidential and are immediate supports for you and your family.

Once you’ve begun treatment or counseling, stay educated and informed about the challenges that you face. You share control of your pathway to recovery with your doctor or counselor; find out all that you can from reputable sources about the specific challenge you face, and stay involved in making informed treatment decisions about your care.

You’re the most important thing in the world to your family, not your business, not your perceived notions of success — you. If you take away nothing else from this article, know that. You are not alone, and professional help is available.

>>Click here to catch Part One of this series<<

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Business Entrepreneur

Entrepreneurs face higher rates of mental illness [part one]

(ENTREPRENEUR NEWS) For many entrepreneurs, carrying out the work that they feel that they were meant to do comes with the cost of psychological turmoil, a cost often left unchecked.

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From the outside looking in, the entrepreneur’s calling is charming and magical. Being one’s own boss, making the decisions, and doing what one loves makes many people who work for someone other than themselves a tad jealous. For all your neighbor’s reveries about how the entrepreneurial life is a series of unbridled successes, you well know the price you pay, including those that no one else ever sees or hears about.

For many entrepreneurs, carrying out the work that they feel that they were meant to do comes with the cost of psychological turmoil, a cost often left unchecked.

As an entrepreneur, you balance the responsibility for the health and welfare of your company with the need to preserve your own health. There are pressures to maintain a public façade for the perceived benefit of your brand that may well be at odds with what’s going on in the inside.

Being artificially strong and denying yourself the help that you need isn’t only harmful physically, but fiscally as well. Businesses in America lose $193.2 billion in lost earnings annually due to the effects of serious mental illness on employee production and associated costs.

A significantly higher percentage of entrepreneurs studied showed signs of mental illness than the general population, according to research conducted at the University of California in 2015. The authors contended that there may be a link between mental illness and creativity.

The expanded creativity of many entrepreneurs is a fantastic attribute, but also one of a host of characteristics that affect their mental well-being. One of the authors of the study, Michael A. Freeman, identified the link and called for further research. “People who are on the energetic, motivated, and creative side are both more likely to be entrepreneurial and more likely to have strong emotional states,” stated Freeman, speaking to Google.

Amy Morin, psychotherapist and author of 13 Things Mentally Strong People Don’t Do, identified four common mental health issues that many entrepreneurs face based on the nature of their work: depression, anxiety, self-worth issues, and addiction.

Working long hours, alone for many of them, can drive entrepreneurs to be less mindful of their health. That isolation can lead some towards increased risks for depression, as well as the mindset that “time is money.”

We’re written before about the dangers of such a mindset, and maintaining it costs the entrepreneur much needed leisure and decompression time.

The pressure you feel can be healthy, a motivator to continue your efforts and network with others who can help you succeed. However, it can also be linked to extreme anxiety, which can manifest itself in multiple ways, including being so afraid to make a business decision that it leads to mental paralysis.

This incapacitating anxiousness can also lead to burnout. “It’s much more difficult to think about an anxiety disorder or obsessive compulsive disorder helping a person excel in business,” said Claudia Kalb, author of Andy Warhol was a Hoarder: Inside the Minds of History’s Great Personalities, speaking to the Harvard Business Journal.

She notes, “Howard Hughes… was a successful entrepreneur, but in the latter part of his life, as his OCD characteristics became worse, he became totally isolated. He couldn’t interact with people in business or in society.”

Anxiety’s effects can be compounded by how you judge your own self-worth.

For many, your job is your identity, and your bank account a quick barometer of your importance.

In an era in which it’s no longer uncommon to have startups fail to launch or succeed for awhile before not pivoting in a market shift, failure to make your business thrive shouldn’t have the stigma that it once did.

Some of us are feedback junkies, seeking engagement with and feedback from our internal and external customers. For others, it’s the excitement of the design and launch that gets us motivated. Whatever your particular cue might be, for the serial entrepreneur, the rush that you get is palpable and you wouldn’t trade it for anything. Maybe you should, though.

There’s a fine line between persistence and obsession, and a finer line still between obsession and addiction. Morin cites a 2014 study, published in The Journal of Business Venturing, that found that the actions of serial entrepreneurs shared similar characteristics with behavioral addictions.

These characteristics included having obsessive thoughts, negative emotional outcomes, and withdrawal-engagement cycles, in which the entrepreneur withdraws and yet feels pressured by the need to reengage with his business or partners, which he does, only leading to increased frustration and resentment. The inability for the entrepreneur to understand when their behavior was potentially damaging to themselves was also noted, with a “pursue at all costs” mentality being common, despite the harm done.

The need for mental health supports knows no class boundaries, no race or gender, or age limitations. Nor does it differentiate between those with the entrepreneurial spirit and those without.

Having an issue with your mental health or maintaining your emotional equilibrium doesn’t make you weak. The work that you’ve chosen sometimes comes with hidden pitfalls that can cause a human cost; as your most important asset, be proactive in maintaining it.

You’re the most important thing in the world to your family – not your business, not your perceived notions of success — you.

If this is a fight that you currently face, or fight on the behalf of someone close to you who suffers from a mental illness, know that you are not alone.

If you take away nothing else from this article, know that. You are not alone, and professional help is available.

You don’t have to find help all alone. Reaching out to someone for help can often be uncomfortable, especially about a topic that is as personal as your own health, but doing so is the critical step towards recovery. Find a trustworthy partner for your recovery who you trust to help you find someone who can provide the level of assistance you need.

While your healthcare provider is the best first stop to discuss things that are going on with you physically or emotionally, it’s important to have a support network who can be there for you in between doctor visits.

There are other, more immediate resources for those who need them:

The National Suicide Prevention Lifeline is available 24/7 either by calling 1-800-273-8255 or by going to their website at http://suicidepreventionlifeline.org/ and engaging in an online chat.

For those who prefer texting options with qualified crisis counselors, the Crisis Text Line is available 24/7 by texting “Go” to 741741.

Both options are confidential and are immediate supports for you and your family.

Once you’ve begun treatment or counseling, stay educated and informed about the challenges that you face. You share control of your pathway to recovery with your doctor or counselor; find out all that you can from reputable sources about the specific challenge you face, and stay involved in making informed treatment decisions about your care.

You’re the most important thing in the world to your family, not your business, not your perceived notions of success — you. If you take away nothing else from this article, know that. You are not alone, and professional help is available.

>>Keep reading as Part 2 digs in even deeper…<<

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Business Entrepreneur

Startups love pondering inclusion, yet half have no women in leadership

(STARTUPS) Tech startups are a huge part of discussing diversity and inclusion, but something as simple as hiring women in management somehow remains elusive.

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According to the Silicon Valley Bank’s annual report, over half of startups have no women on their leadership team. None.

As hard as this fact is to believe, it is also hardly breaking news. Organizations who have surveyed startups and technology companies for the past several years have seen that long-standing trends that disadvantage women and other genders in the tech space are still at play.

Like many other gendered debates about the treatment of women and other minority workers, this problem is seemingly a Catch 22 or a chicken and egg situation. Critics will continue to argue that the reason ladies aren’t in leadership roles is because they don’t have innate leadership qualities or that once their non-male employees have proven themselves, then they will start getting the resources and promotions that they say that they desire.

Like many other myths about women in the workforce, these beliefs only serve to reinforce the status quo by transferring the responsibility for these frustrating conditions onto the marginalized party.

These beliefs are busted not only because they’re tired gender clichés, but because we have hard data that proves the financial and cultural benefit in long-term effects of women leadership in tech.

However, for all the discussion of diversity initiatives, the likelihood of traditional funding going to women-led startups is still small.

For now, startups with women in leadership roles were more likely to get their funding from investing teams that were also led by females. Wouldn’t it be great if other investors began to not only understand that in 2019 it’s imperative that a company’s leadership reflect the diversity of the employees that comprise it? That workers will be more motivated, feel more understood, and have greater buy-in when they identify with their management?

Empowering women is how more get involved in tech. Diversity of leadership helps organizations thrive. And if something as simple as binary gender diversity is such a tremendous challenge, all other diversity issues are still (unfortunately) a large mountain to climb.

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