After a few months of entrepreneuring, I started to get the feeling that my friends were getting bored with hearing about my business--and nothing but my business. I realized that I had put all my energy and focus into one thing, and I was becoming a dull boy..(all work and no play).
I did a few things to change that. I started a monthly Giving Circle, which is a monthly dinner in which someone makes a presentation about their favorite charity, and all the participants write a small check to that charity. I also started writing a book, and eventually a blog. Then I started a vegetable garden, and learned to cook Indian food.
All these things gave me fresh ideas, interesting topics to share, and even some new friends. I was able to have a conversation without blathering on about my business. And these hobbies give me an occasional respite from the intense focus of starting a company.
Saturday, September 27, 2008
Thursday, September 11, 2008
Don't Write Important Emails When You're Down
I recently drafted an update to my investors right after I had gotten some bad news about my business. Fortunately, I sent the investor update to a friend to read before I sent it out, and he stopped me from sending it. It was a real downer, when in fact most things were going very well. I was shocked when I re-read it the next day, and grateful that I had an opportunity to rewrite it.
There are a lot of ups and down in business, and when you're writing anything important--communicating to your Board or your investors, sending a note to a client, even writing a grant application--a temporary feeling of pessimism can cloud your message. If you're feeling down, DON'T WRITE ANYTHING. If you're not sure, wait a few hours and then draft your communication. But most importantly, have someone else re-read any critical messages before you send them, and see if they respond how you want the recipient to respond. Most of the time, that important message can wait until the next day, when the sun has come out and you're feeling positive and energetic once again.
There are a lot of ups and down in business, and when you're writing anything important--communicating to your Board or your investors, sending a note to a client, even writing a grant application--a temporary feeling of pessimism can cloud your message. If you're feeling down, DON'T WRITE ANYTHING. If you're not sure, wait a few hours and then draft your communication. But most importantly, have someone else re-read any critical messages before you send them, and see if they respond how you want the recipient to respond. Most of the time, that important message can wait until the next day, when the sun has come out and you're feeling positive and energetic once again.
Monday, September 8, 2008
Joining Professional Organizations
The company I started was in a field that was unfamiliar to me (long story, I'll tell you later) but I immediately joined 2 or 3 professional organizations in my new field, initially for the networking opportunties. But what I soon discovered was a treasure trove of educational opportunties as well. I signed up for as many as I could, and learned a lot about navigating my new industry, medical devices.
But many of the educational seminars were very expensive, so in every case I did all I could to get a discounted fee. I always made a point of calling the main office of the seminar sponsor to explain that I was a pre-revenue start up company, and needed the training but couldn't afford it. Nearly every time, a discount was offered to me. In some cases I used existing memberships (even AAA for travel expenses) to get discounts. Sometimes I called up other groups that were supporting me, such as local entrepreneurship organizations, and asked them to pay for the seminar, or at least part of it.
On my website, I have placed the logos of all the organizations I belong to. I am an active member, and if I'm not learning anything or meeting helpful people, I don't renew my membership. Oh -- and I always ask for a "beginner's discount" when I join. Most organizations have a lower, unpublished fee for pre-revenue companies.
But many of the educational seminars were very expensive, so in every case I did all I could to get a discounted fee. I always made a point of calling the main office of the seminar sponsor to explain that I was a pre-revenue start up company, and needed the training but couldn't afford it. Nearly every time, a discount was offered to me. In some cases I used existing memberships (even AAA for travel expenses) to get discounts. Sometimes I called up other groups that were supporting me, such as local entrepreneurship organizations, and asked them to pay for the seminar, or at least part of it.
On my website, I have placed the logos of all the organizations I belong to. I am an active member, and if I'm not learning anything or meeting helpful people, I don't renew my membership. Oh -- and I always ask for a "beginner's discount" when I join. Most organizations have a lower, unpublished fee for pre-revenue companies.
Wednesday, September 3, 2008
Life is Not a Soap Opera
A very smart entrepreneur I know said once that "life is not a soap opera." You know how, on Friday afternoon, a character on a soap opera will say "I'm going to do everything I can to make sure you never see Peter again!" This tactic ensures that you tune in on Monday. Well, though it may sometimes be tempting, I've learned NOT to reveal my strategy or my thinking to anyone, when it cannot possibly benefit me to do so.
Let me give you an example. During a meeting with some engineers to discuss a very expensive contract, they gave their presentation, I thanked them, but said nothing else. I planned to sign the contract, but I wanted to think about for a day or two. They phoned me two days later and offered to drop the price 10%, and I hadn't even asked!
Another time, I was having a dispute with two busines partners. They wanted to remove me from the partnership, but I knew they didn't have what it took to go forward without me. I said nothing. I did not respond, I did not communicate with them, I sat back and said nothing. After about two weeks, they both walked away, saying it was too hard, too much work, and they couldn't manage it. I ended up with the entire enterprise.
I have learned that saying nothing, not revealing my strategy or my way forward, can be very effective. You don't have to announce to the world what you plan to do. Knowing when to stay quiet is a very valuable business tool.
Let me give you an example. During a meeting with some engineers to discuss a very expensive contract, they gave their presentation, I thanked them, but said nothing else. I planned to sign the contract, but I wanted to think about for a day or two. They phoned me two days later and offered to drop the price 10%, and I hadn't even asked!
Another time, I was having a dispute with two busines partners. They wanted to remove me from the partnership, but I knew they didn't have what it took to go forward without me. I said nothing. I did not respond, I did not communicate with them, I sat back and said nothing. After about two weeks, they both walked away, saying it was too hard, too much work, and they couldn't manage it. I ended up with the entire enterprise.
I have learned that saying nothing, not revealing my strategy or my way forward, can be very effective. You don't have to announce to the world what you plan to do. Knowing when to stay quiet is a very valuable business tool.
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