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Reality Check: Adventures in Entrepreneurship

Thursday, June 5 2008

I apologize. Seriously, I want to say I'm sorry to all you entrepreneurs out there for all the times I've told you just how easy it is to start a business. Now that I've actually started one, I realize it's not quite as simple as I made it out to be.

Let me explain. I'm Rieva Lesonsky and during my 26 years working at Entrepreneur magazine I advised aspiring and existing business owners on all matters entrepreneurial. Finally, after years of fighting it, I, like so many of you, caught the entrepreneurial bug. I've started a marketing and communications business, SMB Connects, to help marketers identify, understand, and connect with entrepreneurs. One of my new gigs is to be editor-at-large at AllBusiness.com and I'll be here every week sharing my thoughts, insights, and secrets with you.

"I made the classic startup mistake: I overthought ... I created my own nightmare."

Given that I'm an authority on small business and entrepreneurship, you might have expected me to sail through the startup phase -- which brings me back to my mea culpa. I now realize that not all aspects of business startup are easy. The hardest part? Building the infrastructure. I am luckier than most and was able to sublet office space from friends of mine who had outgrown their office and needed to move into a bigger place. So they leased even more space than they needed and made room for my company. My partner in D.C. (we're in southern California) took care of the incorporation and payroll paperwork and sent the computers he'd previously purchased.

So it fell to me to find a phone system, which (seriously) almost put me over the edge. I started out the way I recommend you all do. I asked friends and colleagues and I searched online. Sounds simple, right? But too much information and too little knowledge is a dangerous combination. I didn't know enough to ask the right questions, or even understand the sales pitches that were thrown at me. To VoIP or not to VoIP? What about the fax? And the Internet lines? I was shocked at the price tag of buying a new system. I never thought that phones for five people could cost so much. The whole process was making me crazy.

And then fortuitously I went on vacation to Mexico (planned long before I decided to start a business) and actually left my computer at home. When I returned a week later, I found out my partner had made the phone decision while I was gone and chose the business bundle package from Cox Communications, the local cable company. Actually, I had considered calling Cox myself, since they are my cable provider and I am very pleased with their home services. But I made a classic startup mistake -- I overthought. I convinced myself I needed to do more research and buy a "professional" phone system. In other words, I created my own nightmare.

Some people (mainly the ones who were trying to sell me their systems) were surprised I had "allowed" someone else to make a decision without consulting me. Not me; I wanted to hug the man. He, being an experienced entrepreneur, understood that simplicity is key. We got a package for our phones, Internet connections, and cable TV. We didn't have to deal with a second company to provide the phone numbers or the direct fax line, which some of the other companies asked me to do. All I had to do was go to the store and buy five phones.

"My cousin just opened his second business and we recently commiserated about the same issues -- phones, furniture, and technology."

I learned a valuable lesson here. Before you go to one of those sites where you enter your needs and local vendors are sent your contact information, you better go to a site that helps you figure out what you really need and how much it's going to cost you. Another solution is to find a friend or relative who understands the stuff you don't and ask them to help you out.

Entrepreneurs generally know what they know, meaning you're experts in your industry, but all too often you don't know enough about the other aspects of business operation. But that's the beauty of doing business in the Internet Age. Most of the information you need can be found at the end of a Google search. And in case you think these are the struggles of a new entrepreneur, my cousin just opened his second business (after owning the first for 17 years) and we recently commiserated about the same issues -- phones, furniture, and technology.

I also struggled with the quiet. I'm the oldest of four and I thrive on chaos. I missed the camaraderie of bouncing ideas off co-workers, of catching up on weekend activities, even of discussing the final episode of "The Office." (My California partners are joining me later this month.) I solved that by scheduling lots of lunch dates with friends and colleagues.

On the positive side (you'll soon learn I am a bit of a Pollyanna and will usually supply the silver lining) there were aspects of my startup that were even easier than I had imagined. But you'll have to come back next week to learn what they were, and how you too can benefit from my startup experience.

In addition, make sure to read these articles:

Latest Comments in Reality Check: Adventures in Entrepreneurship posts

Rieva,
Thank you for sharing your experiences as a new small business owner.It will get better, really...
{Eventually!}
Joel Libava
AllBusiness.com Franchise Blog ...
By: Joel Libava on 6/6/08 at 8:06 AM
Reality Check: Adventures in Entrepreneurship
Rieva,

Thanks for showing the not so rosy side of business ownership. I am a new entrepreneur myself, and eventhough I have my husband (a successful business owner for over 30 years now) to help coach me, it has been a challenge to say the least! Would love to hear more about the stuff that did not go as planned. I think we learn more from these stories than from "success stories".

Lin Jenkins
GoldAllianceGroup.com ...
By: Lin Jenkins on 6/6/08 at 10:35 AM
Reality Check: Adventures in Entrepreneurship
Reiva -

Welcome to the allbusiness.com family. Thanks for pointing out to our readers that even a "seasoned pro" like you can run into bumps along the way.
...
By: Denise O'Berry - Just For Small Business on 6/6/08 at 3:25 PM
Reality Check: Adventures in Entrepreneurship
Reiva,

Thanks for sharing your insights about the challenges you've experienced while starting your own business. I read AllBusiness on a weekly basis and continually witness the entrepreneur who either finds them self in a rut while starting their enterprise - DON'T WE ALL! I have own a small business strategy consulting company in San Diego. I started it up about 2 years and experienced a tremendous amount of early hurdles and headaches. I would highly suggest taking a look at John Assaraf's new book "The Answer." It provides a tremendous amount of insight, outside of the box strategies, for solving some of entrepreneurs most common issues. I'll provide the link below. Good luck!

Amazon

I've been reading through all of your posts and have found them extremely inspiring. It's such a blessing to see people helping each other. The law of attraction really does bring like minded individuals together to help, support, and advise each other. I don't know if you are familiar with John Assarof - he's a motivational speaker and business coach. He just came out with a book called the answer and I'd highly suggest you pick it up. It has a wonderful section about how the law of attraction can be understood and harnessed to stimulate your life and influence succes. Here's the link to the site: http://www.readtheanswer.com/index.php?rta=forum

Thanks again and best Wishes.

-Corey
Hello Everyone,

I wanted to hear everybody's opinion about John Assarof's new book called "The Answer: Grow any Business, Achieve Financial Freedom, and Live and Extraordinary Life" One of my friends who owns a small business referred it me and I picked it up the other day. I found the text to be extremely helpful, giving entrepreneurs a whole new perspective on how to confront challenges, adversity, and really embrace natural laws to solve problems and grow your business. Has anybody else read it or heard about it? Thoughts? Any suggestions for other great Entrepreneur books? Here's the link:

http://www.readtheanswer.com/index.php?rta=forum

I'd love to hear some feedback everyone!

Best,

Corey
Many brilliant thinkers have contemplated the entrepreneurial code - the magic algorithm that puts a business over the top, allowing a company to hit crucial mass and skyrocket above the rest of the competition. Has anybody discovered this code? The best place to look for the key elements to growing a mega-business are from the people who have successfully done it time and time again.

John Assaraf and Murray Smith are mega successful entrepreneurs, business coaches, and motivational speakers. You may or may note be familiar with them: between the two they helped build multiple billion dollar business: (Re-Max of Indiana), Bamboo.com (fastest IPO in history), Dave and Busters,

Here are some of their top keys to building a mega business:

1. Focusing on the important few vs. the trivial many.
Many times, entrepreneurs place equal amount of focus on many parts of their business. The key to growing a business from scratch is the crucial things that are mandatory for growth really well. You must identify what the most crucial, and fundamental necessities for growing your business and place your efforts there.

2. Outsource or hire people to do the things that are your weaknesses.

Learning is always great, but when you are in startup mode, you don't have time to be the jack of all trades. Outsource or hire to take care of the things you are weakest at. If you are an awesome salesman, then do sales. Hire somebody else to take care of operations or member services.

3. Understand the Law of attraction and consider it in your daily practices.

Neural research shows that when you think positively towards a certain idea or object, every time you think of it in the future, positive neural chemicals are released in your brain, influencing you to take a positive stance on whatever it is your are thinking about. The same happens with negative thoughts. Learn to control your mind and you will be able to accomplish anything, as well as be able to adapt to adverse situations.

Anybody who has not had the chance to read The Answer yet, by John Assaraf and Murray Smith, do it now. It is the most enlightening book for the entrepreneur.

Learn more about John and Murray here, as well as read a couple chapters online from their book.

http://www.readtheanswer.com/index.php?rta=blog

...
By: Corey Blum on 6/10/08 at 3:52 PM
Reality Check: Adventures in Entrepreneurship
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