Have you ever thought to yourself, “I want to start a business.”?
You might be inspired by celebrity entrepreneurs who are wealthy beyond comprehension, or maybe you’re seeking financial independence and take on the task of running a business yourself to generate income. Maybe you saw a problem in the world, and you’re determined to solve it using your skills.
Preconceived notions of what being an entrepreneur is like often don’t align with the reality of the lifestyle. To take the leap and bet on yourself is a massive feat but be wary – this lifestyle is not for the faint of heart.
It’s easy to get into tunnel vision as a founder. I walked into entrepreneurship thinking our team’s idea was bulletproof, that it could be a Goliath of a business and that we would have it made, given the dedication and skill between my co-founder and me.
Through the Cultivator — the University at Buffalo’s startup support program — our team conducted early customer interviews and quickly realized that our business concept was not actually solving a problem big enough for our target customers. Our business wasn’t viable.
After my first failure, I went back to the drawing board and explored different pivot opportunities which led to a complete change of industry, market and customers. Oddly enough, my mentorship network celebrated this early failure and pivot. It’s a culture I’m still getting familiar with, but in the entrepreneurial world, the quicker you realize something won’t work or that you’re not solving a problem, the less resources and time you waste trying — a very good thing when you have limited time and resources. Learning to embrace failure is one of the most important lessons I’ve learned as a young entrepreneur.
When things didn’t work out as planned, I found myself without a business partner and with investors who were awaiting my next move. I decided to lay low for a few weeks, try to get my head on straight, weather the storm and uncertainty, and then leaned on my mentors to give me guidance. They encouraged me to take care of myself, gave me options for how to proceed and wanted to do what was best for me.
At first, I embraced the challenge of enduring this process without a partner and quickly realized that it’s extremely tough to do alone. Finding a new partner would be essential for the success of this startup. With the ball in my court, and after identifying a reasonable pivot, I was ready to pursue a new partner.
I asked a friend and fellow cohort member from UB’s MBA program to join me as an equity holder and partner. He expressed interest, we negotiated a deal, and we shook hands as new partners building a startup together. His belief in me and the process was energizing, and his input throughout the time he has been involved has been a great part of our early success.
On top of these humbling lessons and experiences, there’s more to consider; all founders have additional responsibilities outside of their business. Maybe you’re a mother, father, brother, sister, or fiancé; maybe you have a dog, a cat or part-time job to keep some reliable income flowing while you start your business. Your time and energy will be stretched thin, and your patience will be tested continually.
Further, at times, entrepreneurship can be lonely and isolating, with time spent in your head wondering: Am I doing the right thing? What more should I be doing? Why isn’t this working?
The reality is that your idea might not work out, regardless of how hard you try and the amount of resources you spend in its pursuit. You will fail. Repeatedly. That is a fundamental truth to life and to the path of entrepreneurship.
Working with mentors from the Cultivator helped reorient my early expectations to move in a more strategic and efficient direction. They pushed and challenged me through some difficult pivots that ultimately helped me save time, money and further frustration.
I learned from them that understanding the problem you are solving (if any) and identifying who your customers are is the best place to begin, and that failing fast is a culture that needs to be embraced. At the end of the day, new entrepreneurs stand to learn a tremendous amount — both about business and themselves.
So before you begin on an entrepreneurial journey, I recommend bracing yourself, setting your ego aside, being coachable, setting boundaries and managing your expectations. Entrepreneurship is a long game, so find a good partner or two, be prepared to be wrong and make mistakes, don’t give up when things get hard and don’t waste time.
Need support to launch or grow your startup? From funding, investor connections and office space to coaching and mentoring, The University at Buffalo’s Business and Entrepreneur Partnerships team guides entrepreneurs to success through a full suite of entrepreneurial support. See how we can help.