Being an entrepreneur in America is a fairy tale.
We adore success stories like the one told by the next chap. We adore stories about people succeeding in the face of adversity, and the American fairy tale of being an entrepreneur has captivated the minds of screenwriters, musicians, and Instagrammers alike. We idolize the Zuckerbergs of the world, who rose from nothing to billionaire in a short period as their code changed the way the entire world interacts.
However, in idol worship, we focus on that split second of achievement and ignore the stories of failures that lurk just beneath the surface. Every entrepreneur can tell you about the overpowering intensity of these battles and failures, and they can all tell you about the crushing stress that comes before the dawn of success.
So, what should every aspiring, seasoned, or veteran entrepreneur think about? We asked Victorio Pellicano, the Founder, and CEO of Verenia, for his thoughts on how to overcome the challenges of becoming an entrepreneur. He graduated from the College of St. Francis with a bachelor’s degree in computer science, which he followed up with a law degree from Loyola College Chicago College of Regulation. He worked as a software developer before founding Verenia, a well-known CPQ company (“Configure, Value, Quote” is software that costs products as various variables change over time).
Even though there were already large CPQ companies (Salesforce, SAP), Pellicano made his company significantly more aggressive and increased revenue without requiring outside capital. Talk about a situation where you’re under a lot of stress.
Pellicano’s words of advice for entrepreneurs when things aren’t going well are as follows:
Starting a business from the ground up is difficult.
To be successful, a lot of things have to go right. Too unhealthy human living has a witty way of accomplishing the opposite of easy. Things change, people get into arguments, and the company’s overall vision may no longer be what it once was. When you’re running your own business, the term “bootstraps” can refer to many things.
You’ve built something you believe in, and you’ve put in the effort to make it wonderful. It isn’t easy, but if you do find the mythical “magic quadrant,” the rewards are great. There are few feelings more satisfying than being the boss and being able to have a long lunch whenever you are rattling sweetly like.
It isn’t all roses, though. Things will suck in several situations. It’ll most likely be difficult. That’s inextricably linked to the self-made tradition. I mean, hey, busting your ass and making something out of nothing is like – 80% of rap music, right?
As fresh new entrepreneurs enter the business world, there are several things they should know, such as what to expect and what to do if things don’t go as planned.
Take a look at these four points to keep in mind when the sky appears to be falling.
1. Create a help system that is more powerful than the Nice Wall.
When it comes to business, things tend to go downhill. Anyone who has ever worked knows that things change quickly and might become unhealthy — it’s part of the job’s DNA. When you’re in charge, and it’s your company. However, you’ll be pulled in a variety of directions. These directives are often unsettling, whether they are about the workers, their advancement, or their wages. As a result, you’ll need to build an All-Star crew behind you, including parents who’ll keep your head in the game and won’t let you get too big for your britches.
You are who you are because of your optimism. You’re a natural optimist as an entrepreneur. You could go it alone and do your own thing. Because of this brave outlook on work-related sunshine, you’re unlikely to notice the unhealthy stuff until it’s insanely unhealthy.
You’ll have voices who provide a recommendation from a place that isn’t about anything but helping you succeed if you maintain a group of advisors, friends, and family close by. Success is a long process; organizations seldom go from purple to black in a single day. When everything is calm, you need some dependable people to keep you sane.
2. Don’t lose sight of what’s important.
When you first had the idea to start your company, it was about more than just making money. You had objectives, a vision, and a desire to make a mark on the world. These emotional worth components change over time. When you have a setback, or anything goes much beyond your control, it’s critical to stick to your weapons.
Keep a list visible near your workstation. 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 repaying the universe. Neither technique, while mildly motivating, is harmful to anyone. Don’t lose sight of the fact that you wanted to be your boss despite the difficulties.
Set small goals for yourself to achieve, then work your way up to the bigger rocks. Ask anyone who wants to go to the gym but still has an intestinal how difficult it is to stay motivated. The business world isn’t much different. It’s important to focus on the long-term goals and fight your way through the fog of self-doubt.
3. Rome was not built in a single day.
Do you see why the previous cliche is so popular? As a result, it is correct. Nothing worthwhile happens in a single day. If becoming a self-made entrepreneur was easy, everyone could do it. (If you don’t believe me, just ask Biggie Smalls.)
Read any biography of a successful person who built an empire or even just a reliable spot to get a burger in the neighborhood, and you’ll see that success takes time. That time was spent worrying that the dream would perish for many of us due to a lack of early adopters.
They persisted, however. They put their tax refund into the business, promoted it, and made informed judgments rather than rash ones. Building model fairness will necessitate calculated moves and a lot of perseverance. You can’t be selling that charbroiled cheeseburger if no one comes through the door, right?
4. Accept that your plan isn’t perfect.
It doesn’t mean it’ll pan out that way because you dreamed it down to the final word on paper.
If you’re a company-type CEO, you’ve probably spent a lot of time planning, drafting business plans, and Go-To-Market strategies — that’s business 101.
If you’re a technical CEO, you’ve probably spent a lot of time coding, studying, and observing characteristics.
Each CEO has done their homework, has deliberated, prepared, and is committed to conquering the globe, helmet on and mouth guard in place.
However, the rest of the world is unconcerned. No leads are coming in, no money to spend on bringing in new customers, and no change shortly. She doesn’t even seem to give a damn.
The best planning on earth didn’t prepare you for the harsh realities of the free market. Invite criticism and analyze what different people tell you as you spread your company and speak to people about it. It doesn’t mean you have to change direction every time someone has an opinion that differs from yours, but their ideas and criticisms may reveal a nugget of information you hadn’t considered.
a final word of encouragement
If there’s one thing we adore more than The Blues Brothers in Chicago, it’s His Airness, Michael Jordan. I rely on one of his quotations to help me through difficult times:
“In my profession, I’ve missed 9000 photographs.” I have misplaced nearly 300 video games. I’ve been trusted to take the game-winning shot 26 times and failed. I’ve failed numerous times throughout my life. And it is for this reason I am successful.” – Jordan, Michael.
I don’t know what more to say if that isn’t #realtalk. We’ll see you on the courtroom floor.