My whole life I was surrounded by entrepreneurship. My father is an entrepreneur who has innovated with multiple technology companies, including several that were acquired. Many relatives are also successful entrepreneurs so it wasn’t a surprise that I chose to dive into the risky but ever exciting field of entrepreneurship as well.
I started my first company, FlipTask, shortly after graduating from CU Boulder. While a lot of friends went onto work at established companies and begin their respective careers after graduation, I was eager to start my own venture. FlipTask was born when I saw an opportunity to help benefit the local economy and job market. Creating a secure and enhanced way for people seeking part-time and supplemental work to connect with people in need of help with small and odd jobs was an exciting idea for me. Little did I know at the time that while growing up in an entrepreneurial family may have showed me first-hand what it is like to be self-employed, nothing can truly prepare you for entrepreneurship until you get there yourself.
After 4 years of hard work, countless lessons learned and another startup in the mobile app and web development space under my belt I can look back and say it was rough but all worth it. Below are the five most important lessons I learned from launching and growing my own web startup business:
- It Can Be A Lot Of Trial And Error – And That Is Ok: We read about how companies sky-rocket to success, but the reality is that every business experiences trial and error. Even the largest companies in the world do. As an entrepreneur, you learn to recognize trial-and-error is a natural part, and how to use it to help your business. It took a while for FlipTask to naturally attract people to it and start looking for help through the marketplace I built. Many long nights of head pounding and questioning were the result of trial and error but with more data being brought in and constant fine tuning we have narrowed down what works and continue to build a marketplace for thousands of users.
- The Hours Can Be Long, And Demanding: Nothing -- and I mean nothing -- can prepare you for the long hours entrepreneurship can take, or the demands on time. I once found myself on a cruise ship in the middle of the Atlantic Ocean desperately trying to find an internet connection to assist my team at home. While I had initially assumed I would be able to relax and enjoy a short vacation I was instead called to answer urgent emails. There isn’t any way around it even if you have a team and staff on hand. But, over time you do get used to it and find your own formula for downtime, time with family, vacation, etc.
- Support Helps: I’ve been fortunate to have relatives and friends who are experienced with the ins and outs of startup business, as well as a spouse who is understanding of the demands on time. There are so many opportunities within Boulder, Denver and almost any other city to meet likeminded people and immerse yourself within the startup community. Whether its family, friends, a mentor or other peer group, being among those who support you, who can offer advice to get you unstuck and who understand what entrepreneurship can be like is crucial.
- Failure Can Be Inevitable, And Valuable: Failure is a part of everything when you think about it – sports, relationships, school, work, and that includes entrepreneurship. What I learned right away with my company was that sometimes even the best effort or intention doesn’t work. What really matters is how you respond to it and leverage it to your company’s advantage.
- Ride The Wave And Never Stop Learning: Startups are, in a lot of ways, similar to waves. You’ll have stages as a startup business owner where you’ll feel like you’ve hit a high point and you’ve gotten a groove. And then you may fall into the trough trying to figure out how to get out and wondering where you went wrong only to find a new stage where everything you’re doing is brand new again and you’re able to excel. Riding the wave is part of the journey. You’ll look back and remember how you adapted and learned. It’s this wave can make the everyday work very exciting, and also challenging. You’re always looking to stay on top and limit the time in the trough but no matter what you’ll never stop learning.
I hope that sharing some of the experiences and lessons I have learned helps other founders and those interested in the startup space. Startup business isn’t easy, and it isn’t for everybody, but it is and can be a very rewarding experience – especially if you take the hard knocks in stride and turn what you and others before you have learned along the way into your benefit.
