I’ve also witnessed, in amazement, how entrepreneurs take most of these frustrations in stride.
Before I share a few of the stories that should make us appreciate our entrepreneurs even more than we do, let’s set the tone with a little humor.
A very successful businessman had a meeting with his new son-in-law. “I love my daughter, and now I welcome you into the family,” said the man. “To show you how much we care for you, I’m making you a 50-50 partner in my business. All you have to do is go to the factory every day and learn the operations.”
The son-in-law interrupted, “I hate factories. I can’t stand the noise.”
“I see,” replied the father-in-law. “Well then, you’ll work in the office and take charge of some of the operations.”
“I hate office work,” said the son-in-law. “I can’t stand being stuck behind a desk all day.”
“Wait a minute,” said the father-in-law. “I just made you a half-owner of a profitable corporation, but you don’t like factories and won’t work in a office. What am I going to do with you?”
“Easy,” said the young man. “Buy me out!”
Funny but frustrating, and so goes the life of an entrepreneur. Just when they think life will get a little easier, along comes a curve ball. What I’ve observed, however, is how most entrepreneurs just take those twists in stride.
Working as the concierge for EntrePaducah, I’ve been amazed at the patience entrepreneurs have when working on behalf of their businesses. Their approach contains the element of unconditional love much like we have for our children. No matter how frustrating, condescending, embarrassing, or exhausting the ordeal, entrepreneurs keep moving forward.
An example: A client was seeking funding for a new, spin-off company.
I listened as the owner explained his concept time after time to different investors.
While most of the potential investors were much better behaved than those on the TV show “Shark Tank,” the entrepreneur’s nerves were still tested.
Hearing “This just won’t work” or “I’m just not getting what you’re trying to do” time after time seemed so discouraging.
The entrepreneur, however, just took it in stride, answering all the questions (repeatedly) with patience and respect.
What entrepreneurs know is that sooner or later, the right person will come along with the right investment funds or the right resources, or the right connections, or the right formula to help them launch their business. When that right person does come along that patience and tenacity will be the difference between failure and success.
All of this isn’t to say that entrepreneurs shouldn’t accept a dose of reality occasionally.
Plans that run short on due diligence, or concepts that are tired, need to be pointed out. The key to this situation is to make sure the right person is offering the critique, and that it’s presented as a challenge and not a judgment.
Smart entrepreneurs seek mentors. Whom better to give a business concept a fresh set of eyes than someone who has traveled that road? Anyone can offer an opinion, and often do, on new business concepts. A true mentor, however, will challenge a new entrepreneur to take a closer look at the business plan, being careful not to judge the concept based on unverified information.
An article on entrepreneurial frustration wouldn’t be complete without addressing the issue of money. Most successful entrepreneurs know that real businesses are funded with real money. They’ve usually done enough research to know that “free money” just doesn’t exist. Entrepreneurs know that risk is a major component of starting a business and most are willing to accept the risk. For the entrepreneur, it’s again like the unconditional love comparison to children.
Parents will do almost anything to support a child, just as an entrepreneur will do almost anything to fund their startup. Their desire to succeed drives them to look for funding anywhere and everywhere. Situations that most of us would consider embarrassing or imposing are ones entrepreneurs face all too often just to get the seed capital they need to launch their business. But they do it, repeatedly if necessary.
So, maybe it’s those tough tasks that give entrepreneurs the patience and strength to handle the everyday frustrations. I also know that the dream of seeing their ideas come to life often gives them the adrenaline to weather the tough times.
And speaking of tough times, I’ll end this month with the classic entrepreneur joke: A man says to an entrepreneur, “So, what made you decide to go into business for yourself?”
“It was something my last boss said.”
“Really, what was that?”
“You’re fired.”
Terry Reeves is the concierge for EntrePaducah, a joint effort by Paducah and McCracken County governments, the Paducah Area Chamber of Commerce and Greater Paducah Economic Development Council to foster small-business growth. Contact him at 270-443-1746 or treeves@entrepaducah.com.
Smart entrepreneurs seek mentors. Whom better to give a business concept a fresh set of eyes than someone who has traveled that road? Anyone can offer an opinion, and often do, on new business concepts. A true mentor, however, will challenge a new entrepreneur to take a closer look at the business plan, being careful not to judge the concept based on unverified information.
