Listen to Devon talk about recruitment, talent strategy, and workforce development.
Listen to Zach talk about Tucson Young Professionals, Tipping Point and Community Building.
Today on Mentor Me Live, we are going to tackle fear. As entrepreneurs, we are constantly facing our fears. The fear of running out of money, fear of hiring the wrong person, fear of customers rejecting us, the fear of our skills not being enough to accomplish our gigantic visions.
A recent HBR research study of 65 entrepreneurs noted that for entrepreneurs, courage is not the absence of fear. Courage is the ability to persist in spite of it.
Here are a few tips on how to be a courageous entrepreneur:
- Identify the sources of your fear – If you don’t know where your fears are coming from, how can you address them? We must strengthen our self-awareness and dig deep to resolve root cause personal issues holding us back.
- Next, we need to break our vision into small and achievable milestones. This allows us to take action, feel a sense of accomplishment, and reduce procrastination.
- Utilize Ulysses contracts and time commitments to force forward motion. If you haven’t yet ready Annie Duke’s “Thinking in Bets” go grab a copy. It will change how you make decisions.
Each of us brings our own fears to the table when we found a startup, but as Winston Churchill once said:
“Success is not final, failure is not fatal: it is the courage to continue that counts.”
The power of individuals, of entrepreneurs, and of startups lies in their ability to change, to adapt, and to transform themselves to ultimately accomplish their life-saving vision.
Put your fears aside and get back to work changing the world.
Connect with Mica Kinder here:
Shoutouts and Mentions:
Listen to how Björgvin shapes Tucson’s economy by how he Lives, Works and Plays.
This Mentor Me Live episode features Eric Bockman, founder of Auction Roo. He has an early-stage idea to transform how auction houses distribute merchandise to customers. Auction Roo does not currently have any paying customers, and Eric is looking for support in finding a business-minded co-founder and narrowing focus to get his first paying customer.
The key lessons for entrepreneurs here are:
- Self-awareness — Eric has a very strong awareness of his own strengths and weaknesses. As a result, is will shorten the amount of time it takes him to find a suitable co-founder. After you clearly understand yourself, the next step is to move toward ensuring you have a strong founding team. Entrepreneurship is a team-sport, please don’t try to ride this ride alone.
- Don’t worry about scalability of your idea until you have satisfied customers. In Auction Roo’s case, they don’t yet have any satisfied customers. As a result, their next milestone is to acquire one satisfied customer. It likely looks like one auction buyer that has successfully had a small number of deliveries using Auction Roo; a returning customer is likely to be satisfied. At this early stage, it’s too risky to send an email blast out to 14k auction buyers. This is risky to both Auction Roo and the auction house. Shrinking the size of the initial experiments down to 10-20 customers is probably more appropriate and will help the team move more rapidly.
I look forward to seeing you next week!
Connect with Eric Bockman here:
Listen to Janelle talk about revolutionary new real estate innovation, how to start a company in Tucson, and fundraising in Tucson.