What we actually get paid for is all the work we did yesterday, and the day before that, and the year before that. In fact, what we get paid for is the work we did when no one was watching and no one was paying.
I remember growing up having people tell me it’s all about who you know in life and business. I always thought it was kinda weird that it could work in your favour by just knowing people who could help you, especially if you happened to be a fool. Surely domain knowledge mattered more? And here is what I found out, they both have value.
But what has even more value is when we use which ever we have more of to improve on the other. This tends to happen when we learn from those we’re lucky enough to know, or use our knowledge to help whoever we meet.
As soon as we think of an amazing startup idea the first thing we often do is trawl the internet to see if someone has already built the app, the service ,the hardware device. We want to know if it has already been done. Oft times, we are deflated to find out it has been. But if we have to search, has it really been done? If no one knows about a concept in market it raises a lot of interesting questions:
Did they execute well against the idea?
Is their product good, but the distribution poor?
If the distribution is poor, does that mean the product is actually bad?
If the distribution is poor, does that mean it’s not solving a real problem?
If the distribution and product are both good, are the switching costs too high?
Did the team have the right funding?
If they had the funding is the timing too soon – is the market ready?
The truth is we’ll never be able to answer these and other questions. And so it brings us back to the very first moment of inspiration. We thought it was a great concept and maybe that is enough. We know most things change their shape in the development process anyway. Maybe we should build it regardless of what is out there. Build our version of how things could be. Remembering of course that most fortunes are made with old ideas done better. Property is the oldest business in the world and still to this day creates the most millionaires. Even Youtube, a new kinda business, arrived when there were already over 400 video sharing websites (that we know of).
It’s another reminder our world is big on ideas and small on execution.
Let’s imagine something horrible for a few moments. Let’s imagine that you die. That something unexpected occurs and your life is over. The plans you had, the lives you’ve touched would all be thrown into disarray. It is incomprehensible to imagine this, our own death. It’s as if we have this built in mechanism to avoid the mere thought of it. But if it did happen, what would happen at the company you work at? Deadlines would be missed. Some stuff wouldn’t get done. Co-workers would be sad or even shocked. Friends we’ve made would be devastated. There’d be a lot of upheaval, but here’s the over riding reality of you dying and if you work for a large company:
You’d be replaced in 4 weeks.
It’s even foreseeable that the process for replacement would begin the same day the news dropped.
Now let’s compare that to what would happen with your home and family. Lives would be devastated and irreparable. You would never be replaced and the pain of the loss would last a lifetime. Young children would be especially impacted. The hole could not be filled be anyone, anytime, ever.
So why is it that we work late? So why is it we put up with corporate bullying? So why is it we continue to work for jerks for career advancement? Why is it we give large portions of our waking lives to a faceless corporation? Why would we give an inordinate amount of time and effort to an organisation when the ultimate reality is that we are disposable? The next time you have to make a choice to stay late, play the corporate game and over deliver to corporation XYZ, and choose between the job and the family, maybe you should think about how they’d act if the unthinkable happened. Once you remind yourself of this you’ll know what choice to make.
It’s another reason why we need to listen to the call to run our own race, and create our own future and for independence. The people who deserve us the most, are those who couldn’t live without us.
I’ve been doing some blogging and work in general for the good people at Pollenizer. My recent focus has been over coming the fear of leaving your job, and things we can do to reduce the risk and make the transition. I’ve written 3 posts in particular which I really think you guys will dig. There’s some links below and a little sound bite for each proving they are worth the 3 minutes each of them take to read. Remember we must first invest in ourselves before anyone will invest in us.
- The fast track, zero risk method to becoming an entrepreneur: This post is the ultimate startup life hack – and with a simple trick gets to you on the path to entrepreneurship in an instant. Serious.
- Startup training in a low risk environment: here I’ve written about ways you can up skill and help your self transition from employee to startup founder without risking anything. A must for those planning to escape their cubicle in corporate land.
- The worst case scenario for failed entrepreneurs: And finally a nice bit of entrepreneurial FEAR debunking, and reasons that taking the leap will not result in anything bad. This one will ease your mind.
Hope you enjoy these mind jams.
Startup culture is becoming a big thing in the wider community. It’s seemingly graduated from a high tech nerdy subculture into a mainstream pop culture giant overnight. But is it really anything new? Or is it just a rebranding of small business as we knew it with some terrific superlatives and rockstar billionaire game winners to give us that Bruce Springsteen stadium rock ethic? Certainly the technology revolution we are all living through is significant. Significant enough to make it easier than it has ever been in history to start a business.
Net result is that startup culture hot. Just like grunge music was in the early 1990’s. Anyone with a pair of ripped jeans in a dive bar was in a band. And now anyone with a wifi connection and a laptop is launching a startup. The simplest way to remind ourselves that everything is a remix is to kick it old school and see how our new startup words stack up:
- Pivot – used to be called adapting to the market.
- Iteration – used to be called a product improvement.
- MVP – used to be a prototype or a test market.
- Growth Hackers – used to be what marketers and sales people were called.
- Truth North -used to be known as the single minded proposition.
- Runway – used to be known as the bank balance and how long we had left before going bust.
- Burn Rate – used to be a sign that this new business venture wasn’t going so well.
- Lean – used to be called doing things on a budget. (Oh, The pyramids were the first lean startup….. those pyramids were meant to be big square blocks but they ran out of materials, and just went with the pyramids instead – turned out to be a killer feature.)
I was recently in an office where there happened to be a couple of Rubik’s cubes laying around. Once upon a time I wasted an inordinate amount of time learning how to solve it. So I said: “Oh, I can solve that.” Adding further that I could do it in 3 minutes, but my best time is under 2 minutes. The cube was quickly handed to me to prove my lofty statement. So I start the solve, got halfway through and completely forget the algorithm – and in ‘under 3 minutes’ I look like both a fool and a fibber.
It reminded me of something important. Just because we have been able to do something in the past, it doesn’t mean we can do it now. Just because we knew something once, it doesn’t mean we know about it now. They only way to stay on top is to continue to practice and relearn what we already do and know. Just because someone ran a marathon once, doesn’t make them a marathon runner now. The things we need to practice the most should be the things we are already good at. Especially when it is a craft we use for income generation.
So after this embarrassing little moment, I went and bought a new cube and got my mojo back. I’ve also made the decision to solve it once a day – just because it’s fun and worth remembering. A bit of grey matter exercise. And for those doubters out there here it is being solved in 16 seconds… ok ok I sped the film up just a little.
For those who are wondering the current world record time for solving is 5.55 seconds.
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In terms of financial wealth there is an equation which determines the amount money people acquire over their lifetime. And while monetary wealth is only a small part of living a life of great wealth (I prefer the 12 enduring riches) it is certainly worth knowing this equation and applying it to our daily economics. In a modern society a financial existence is unavoidable, and so it make sense to keep tis equation in mind. So here is the Wealth Equation:
(Income – Expenses) x Investment = Wealth
When we look at it like this in such simple terms, it reveal the current path we are on in the most immediate way. We know if we are spending too much. We know if we are not investing at all or in great enough quantity. What’s interesting is that the first element in the equation ‘income’ is not nearly as important as the second two. When we invest in a startup we are sacrificing the size of first number to go big on the investment multiple. Higher risk and higher reward. There are also many examples of people who became rich with low incomes, frugal spending habits and consistent long term investing. It’s all a game of risk tolerance, time and desired reward. One thing for sure is that wealth is impossible when expenses are greater than income. The important thing to know is which path we are chasing before we being the journey.
I do a lot of public speaking. When I am presenting to a large audience there isn’t a presentation where I don’t spot a person who has actually fallen asleep. Now you might think I am crazy admitting it here, but I know it has nothing to do with me. In fact, I’ve had people fall asleep and after the talk others come up and tell me it was the best presentation they’ve ever seen. Every experienced public speaker also knows this to be an inevitable reality when they hit the stage – even during the performance of a life time. The weird thing is that anyone speaking always spots the sleeper – we must have some kind of genetic disposition to finding closed eyes, even in a sea of people.
So, what to do about it when someone does fall asleep during your presentation?
Rule Number 1: Remember it has nothing to do with your talk.
We need to remember the the reason people fall asleep when sitting, standing and not lying down is because they are exhausted, not bored. Some things to remember on this point: They have probably had young kids screaming late at night and didn’t get any sleep. They might have had to catch an early flight to get there for the day. They might have been up socialising at the conference to the wee hours of the morning. They probably haven’t had any fresh air all day being stuck in hotel conference rooms. They have a stomach full of heavy food. The venture capitalist has probably sat through 24 other pitches back to back that day. And they probably had some other factor which made them exhausted. Boredom leads to imagination, distraction and people talking among themselves, not sleep. The evidence will most often be the 99% of people loving your talk, while at the same time this person sleeps. I can remember 2 times I fell alseep while listening to two of my favourite public speakers; Steven Wright the comedian who I absolutely love and Will Ferrell during his broadway show on George W Bush – You’re Welcome America. Which both were absolutely hilarious. But both times I happened to have jet lag, and the jet lag won.
Rule Number 2: Don’t obsess over them – ignore it.
No it won’t go away if you ignore it. But your performance will go away if you don’t ignore it. Remember it is not their fault, or yours, it just is. The presentation is for the person nodding their head, looking you in the eye, the person on the edge of their seat. They deserve your full attention and continued focus on the job at hand.
In the end, what we need to focus on is what we can control, and rarely is this issue something in our control. Sure, if an entire room disengages, go back and work on your speaking craft, get better. But the most important thing we can realise when dealing with people and audiences is this: we are not the only force impacting peoples reactions to immediate world around them.