By Elizabeth Pekin
In a new business, the preparation is key. Our business was launched over my kitchen table on a shoestring budget. When we left our prior company my business partners and I did not have any idea what the future would hold. We jumped off a cliff without a landing spot.
However, I believe that our positive attitudes and belief in ourselves and our new business made success an absolute. My learning experience can hopefully help the next startup launch their idea or new business. Here is what I know…
Failure is not an option.
There was never a moment when we said, “If the business is launched…” We always used the term “When.”
When you are raising money for a new business, any doubt will result in a lack of confidence. This insecurity will show up when you are networking, meeting people who can help and mentor you, or pitching your business idea to potential investors. Believe and you will succeed!
What’s the worst that can happen?
My partners and I used this phrase about everything. We would brainstorm ideas and then always say, “What is the worst that can happen?” Worst-case scenario, we call this investor and he or she hangs up on us–and then we just pick the phone up and try again. Worst-case scenario we move our families across the country to launch our business (which we did) and it is a disaster–and then we move back. On and on…this is how we made each and every decision throughout the process.
When you fall down pick yourself back up.
There will be failures. We had meetings that didn’t go well, ideas that we could not implement due to cost restrictions, and everyday challenges that resulted in disappointments. However, we never wallowed in failure. We always searched for the “glass half full” next step.
The investors we were convinced would be our partners did not end up presenting us with a deal we could accept. So we picked up the phone and called 10 more investment firms and set up meetings which eventually resulted in us raising millions of dollars in capital to launch our business.
There will be highs and lows.
The highs will be high and the lows will be low. Remember, it is important to live in the moment. Looking back for us was never an option. We named our business “Momentum” because life is all about moving forward. When you have a failure, learn from it so it doesn’t happen again. When you have a success celebrate it!
Your personal life will go through a metamorphosis.
Jeff Hyman, an entrepreneur who has a blog called the Startup Therapist, says a big part of balancing everything is being fanatical about your priorities and then scale back. We sweated the small stuff and then let some of the details work themselves out.
Live in the moment. Have fun!
I travel a lot for business. Wherever I go, I meet interesting people and find that incredibly invigorating. Talk to everyone on the road: waitresses, rental car employees, the gas station attendant. You never know where these conversations will lead.