An Entrepreneurs Words Podcast

I've had many aspiring entrepreneurs express frustration over their inability to gain traction in the marketplace with their products and services. Sometimes they tell me that others in their organizations won't take them seriously. I can remember my early days in business - especially during my twenties - when I was treated like a little boy and being patted on the head periodically. I would work my tail off only to have the client wan to talk about his property with our CEO and not me. At times it felt downright condescending. 

I'm sure you've heard the saying that even blind pigs find a truffle once in a while. Sometimes people will say that their luck has run out. Author Josephine Hart once wrote, "Lucky people should hide. Pray the days of wrath do not visit their home." Theodore Roosevelt said, "As regards the extraordinary prizes, the element of luck is the determining factor." Bill Watterson, creator of the comic strip, Calvin and Hobbes once quoted Calvin as saying, "You know Hobbes, some days even my lucky rocket ship underpants don't help." That one is my favorite. 

One of the businesses with which I'm involved is in the venture capital space. We identify, evaluate, vet and fund startup companies in the animal health, agribusiness and human health verticals. As you might imagine, we see everything under the sun. Founders present some pretty unique ideas along with financial projections that are pretty concrete on one end of the scale, to total pie-in-the-sky on the other; slide decks that range from extremely good to extremely poor; business plans that might be exquisite or often are ridiculous; and valuations that are mostly "are you kidding?" though there are a few that are quite reasonable.

I've written before about the sales mindset. But I'd like to expand on this subject with some additional thoughts. Entrepreneurs are always selling whether it's raising money, peddling a product or convincing a new team member to come on board. We've all heard the adage, "he could sell ice to an Eskimo." This conjures up an image of a slick, fast-talking huckster who cons his "marks" into purchasing something they don't really need. 

In 1972 an American soft rock band called Gallery recorded the song, "Nice to Be With You." I've always liked that song and believe it could reflect the personality of successful entrepreneurs. 

My daughter, son-in-law and their brood visited a fairly affluent Sunbelt community recently. They saw a lot of luxury cars, expensive jewelry, pricey condos and homes along with some monster yachts. I asked my son-in-law what surprised him the most about his experience and his response was not what I expected.

We live in a hypersensitive society today. It seems as though every time we turn around someone is being offended by something. It may be words, actions, facial expressions or even the way someone looks. 

There's one thing of which I'm certain . . . I think. Have you ever had this kind of feeling? We entrepreneurs are a pretty confident lot. We are scrappy and tough. There's nothing we can't do including leaping over tall buildings in a single bound. 

Here's a question for entrepreneurs that can actually be a rather perplexing conundrum. What is the value that we are adding to what we do every day? Could a trained monkey do it too . . . and maybe even better?

Allow me to set the scene. We are about to embark upon a major project that could make or break our company. There are a wide range of complexities involving this project and it will require a supreme effort from our entire team to successfully bring it all together. But there's just one problem. 

How's your skin? Does it fit comfortably. How thick is it? There are a couple of things to know about the skin of successful entrepreneurs. They are usually very comfortable in it and it's thick as rhinoceros hide.

Why should I care about politics? It's just a bunch of doubespeak from a collection of greedy, grimy people with big egos. Why should I care about the Consumer Sentiment Index? Why should I . . . 

We may often find ourselves in situations where we are on the opposite side of a particular position that is being advocated by someone else. At this point we have a choice to make. Do we speak up or keep quiet?

I have the good fortune to regularly mentor several amazing entrepreneurs. One question I frequently ask is, "How much time do you spend working on your business versus in your business?" A similar question is, "How much time do you spend working on strategy vs. tactics?"

The other day I was talking with an entrepreneur about his company. For a number of years he had achieved a reasonable level of success with the manufacture and sale of a particular product. But more recently his sales trailed off and he was becoming worried. He made a very telling statement. 

I grew up in an age where the hero of the day was a cowboy or someone like Superman. I think my favorite was a character named Paladin played by Richard Boone in the Have Gun Will Travel TV western series that ran from 1957 to 1963.

Evil, dirty, underhanded, devious, conniving, despicable, dishonest, cutthroat, backstabbing, snobbish, arrogant, lying and cheating. These are terms I've heard applied to competitors over the last 40 years. Without a doubt I've missed some. 

There are many acts we perform as entrepreneurs that are very similar to walking on a tightrope. They require just the right amount of focus, nerve-control and balance to keep from falling into the abyss.

What would you think of an entrepreneur who says that he or she will give his strategy to his/her competition? The sporting metaphor would be the equivalent of a football coach giving away his playbook. Is this total insanity?

Seriously - are there still customer encounters where we hear the words . . . "that's not my job?" The answer is emphatically "yes." Which provides us with a terrific opportunity to differentiate ourselves in the market place.