This past weekend, my wife and I had the amazing opportunity to attend the annual Entrepreneurship Summit at Washington and Lee University. For two days, we rubbed elbows with scores of trendsetters, thought leaders, business disruptors, billionaires, philanthropists, and social reformers from every corner of the business world. Amanda and I immersed ourselves in learning how these high-rollers navigate crippling staffing challenges, procure creative funding, develop national brands from the ground up, leverage obscure technology to scale their business, identify trends before they actually show up, and even forge collaborations across political lines. This experience had a profound effect on me and I’d like to share a few highlights with you from the weekend.
A Higher Purpose
As a coach, I largely focus my efforts on holding clients accountable in one form or another, with an occasional kick in the pants to keep them moving forward. What was notable about these high-roller folks at the conference was that they all seemed to have a self-perpetuating fire burning inside them—an unshakable drive to achieve their goals. As they told their stories, each speaker revealed his or her personal motivation, and although they didn’t always name it directly, most of them made it clear that they felt undeniably driven by a higher purpose. In their start-up days, a few admittedly were simply driven by a desire to rake in exorbitant amounts of money, but eventually experienced a deeper calling inside themselves beyond personal gain, (e.g. a need to bring prosperity to a small, forgotten town; the determination to keep their staff employed during periods of financial downturn, a passion for addressing the needs of an underserved population that needed a voice in their own community.) In a sense, for each of the featured entrepreneurs, their business had given birth to a deeper purpose that kept them on track and fueled them for knocking down any obstacles that got in their way.
Its’s Not About The Business Plan
I attended a panel of venture capitalists (VCs) who shared their expertise on the best ways for business owners to obtain a cash infusion for their organization. The VCs financial offerings ranged from 50K pops (ideal for a small startup) all the way to shelling out a whopping 100M or more (for tech firms in dire need of an entirely new design team). Someone from the audience asked about the importance of drawing up a solid business plan before approaching a VC. All the panelists agreed they’d never seen a bad business plan, per se, but what consistently killed businesses was the lack of execution of whatever plan had been drawn up. The VC panelists also agreed that if the person seeking funding didn’t have a proven track record of following through with previous business plans, not one dime would be offered.
You’d Better Sell
On the heels of this discussion (about what business owners should do to secure a cash infusion) the VCs provided a candid reminder and a warning: No matter how much money you might you raise, that money will eventually run out if you aren’t hyper-focused about driving revenue. In fact, all 6 panelists brazenly used the word “SALES.” Far too often, they see operators, executives, founders, and owners, overemphasizing infrastructure, staffing, finances, and product development, when the focus should be on growing revenue. They were clear to state: If you don’t focus on driving and scaling your sales, your business venture will eventually wither and die.
Opportunities In Setbacks
Some of the greatest wisdom I heard over the weekend came from a woman from Alabama who’d created a multi-million dollar Southern-style home food delivery service. She said, “I think successful business people wisely regard their setbacks as major opportunities to change direction, rather than seeing them as disastrous failures.” She followed up with a story of how she’d first gained success when she landed a huge vendor contract by hitching her business to the coattails of a high-profile athletic club chain, resulting in country-wide distribution of her product in only a few years. But then, one day, the FDA threatened to shut the business down due to her having handled a billing issue incorrectly through the health club system. She received this news in a phone call on the day of her honeymoon, and the matter required immediate resolution.
Rather than freaking out, she knuckled down and looked for a way to salvage the relationship with the health club, but she also realized, in doing so, she was relying on this one account to feed her entire business. To remedy this and expand her options, she took a huge pay cut, and procured the necessary capital to hire additional operational, marketing, and sales staff. The momentary setback ultimately proved fruitful, as it revealed the need for her to create a brand and a product that would stand on its own. Within 2 years, her revenue increased well beyond what she was originally generating.
Find Your Tribe And Participate!
I learned many amazing concepts and practices over these few days, but there are two specific nuggets that stand out from all the rest:
1) While a mastermind group or a few mentors might be helpful, they’re not necessarily going to skyrocket your business to success. You need to immerse yourself in an ocean of like-minded, wildly-successfully people who know more than you, work harder than you, are better connected than you, more committed than you, have a better attitude than you, and are more successful than you, overall (professionally).
2) It’s not enough to attend these kinds of conferences with the intention of just learning some tricks of your trade; you need to be primed for engaging and contributing. Granted it’s easy to feel intimidated in the presence of highly-successful individuals you regard as masters in their chosen profession, but at the end of the day, these people are no different than you. They come to these events to learn new things and make new connections, just like you. As such, it is prudent to view them, not only as mentors, but as peers. Be willing to speak up and present ideas and perspectives in your particular area of expertise when an opportunity presents itself. You can absolutely add value to the conversation and increase their depth knowledge, just as they’ve done for you. Who knows? One of these high-rollers might just turn to you and say, “That’s a fascinating point I’ve never considered. I’d like to learn more about what you do…perhaps over a cup of coffee.”
