“Think like an entrepreneur!” they say. And we try our hardest to do exactly that. But how does an entrepreneur really think? Every single business, startup, enterprise, and non-profit is unique. Surely there is more than one way to be entrepreneurial? There is. In fact, the more time I spend with business owners from a variety of industries, backgrounds, and experiences, the more I realize that entrepreneurially thinking is less about doing things a specific way and more about pushing past the boundaries of business, life, and self.
It was this process of stepping outside my own comfort zone that led me to embark on the journey of Entrepreneurially Thinking, the podcast I host with the great Dr. Cheryl Watkins-Moore. We have the privilege of speaking weekly with entrepreneurs who are challenging the status quo in business both in St. Louis and across the country.
But every person we interview has had to walk the tightrope of eliminating the boundaries that bind them, whether boundaries of race, gender, industry, or self-confidence. What does it really mean to think like an entrepreneur? Here are just a few of the many things I’ve learned from my own process with Entrepreneurially Thinking.
Manage Risk
When it comes to being an entrepreneur, taking risks is one of the most common things we discuss. There is a reason for that. While risk looks different for everyone, choosing to build something that has never been built before is risky. That’s why I subscribe to the belief that entrepreneurs are talented at managing risk portfolios, a concept Adam Grant explains in his book Originals. While choosing to take a risk in one area of their lives successful entrepreneurs tend to play it safe in other ways.
In one of our most recent Entrepreneurially Thinking episodes, Cheryl and I spoke with Sucheta Bhide, the owner of the Resplendent Crow, a vintage furniture business in University City, Missouri. Sucheta shared her perspective on risk when defining entrepreneurial thinking by saying, “You have one life to live. Chase your dreams, and if it doesn’t work out, you can always do something else.”
However, how Sucheta chased her dreams is the epitome of a risk management approach to entrepreneurship. She worked full-time running a cleaning business while pursuing her furniture restoration gig on the side. As the furniture business grew, she carefully chose her moment to take the leap. This is not unlike acclaimed director Ava DuVernay who made her first three films while working full time as a publicist. In essence, successful entrepreneurs find ways to de-risk their ventures rather than throwing caution to the wind.
By managing which risks we take and when, we decrease the likelihood that our venture will fail, increase the chance for long-term sustainability, and increase our hireability if/when we should we ever wish to go back to working for someone else. Who wouldn’t want to work with someone who can think outside the box, take on the challenges of running a business, and navigate the daily risks of entrepreneurship?
Overcome Self-Doubt
If you’re like me, you likely struggle with self-doubt, at least occasionally. When it comes to taking on new ideas, new clients, or simply the more overwhelming tasks of your business you wonder, am I up to this challenge? I know I do.
I discuss this briefly in my post about how Entrepreneurially Thinking got started. When Cheryl and I were approached with the idea of doing a podcast, I felt myself being pushed way beyond my comfort zone. I wondered, will my skills really translate? Do I really have something to offer in this space?
When I’m at my best in these moments of self-doubt, I tell myself and others to look for evidence of past successes, tangible examples of their capability, competence, and resourcefulness. That evidence is far more reliable and indicative of future results than any story of doubt you can tell yourself.
When we started the podcast, Cheryl and I had been working together already. We had evidence of our individual abilities as well as our dynamic as a team—and our combined passion to advance racial and gender equity in the world of business and entrepreneurship. While self-doubt could have easily sideswiped us and derailed the project before it began, we told ourselves a different story—the story of past successes, future goals, and evidence-based inspiration.
As the initial fear of stepping out into the unknown wore off, and the podcast took flight, I realized that by overcoming self-doubt, I had reset the boundaries of what I once considered comfortable, safe, and “me.”
Be Authentic
One thing every one of our interviewees has in common—which is also one of the things that makes them unique—is their willingness to be authentic. Authenticity goes beyond how we present ourselves to those around us, it is also the inner working of being true to ourselves.
By choosing to be authentic, we are choosing to admit who we are, what we want to accomplish, and how we plan to get there. It is this honesty with ourselves that allows us to be honest with our clients and build trust with those we serve.
This is what entrepreneurially thinking means to internationally renowned artist Cbabi Bayoc. Even before he knew that his pursuit as an independent artist was, in fact, a deep dive into entrepreneurship, his overarching value was to authentically share himself with the world in every piece he created.
Cbabi’s approach opened up a world of opportunity to him, from an album cover for Prince to children’s books and even community and school murals that in turn encourage students to explore their own dreams. Authenticity drove him to completely crash through the boundaries that confine the world of art and business, especially art that, like his, is bold, powerful, and challenges the systems of race, fatherhood, inequality.
What Boundaries Can You Eliminate With Entrepreneurially Thinking?
Entrepreneurially thinking looks different for everyone we interview on the podcast. While there are threads of commonalities—like managing risk, overcoming doubt, and being authentic—what that looks like in practice changes from entrepreneur to entrepreneur. And so it is for you, as well.
What does entrepreneurially thinking mean for you? And what boundaries in business, life, and self-awareness do you want to overcome? Wherever you are on your journey of business, consider the ways you can challenge yourself and your growth as an entrepreneur to think differently, push through barriers, and accomplish something new.
And check out our podcast! We share weekly encouraging stories and interviews with business owners and entrepreneurs just like you.
Pause and productivity are seemingly at odds with one another. To pause means to stop temporarily, to take a break, or—my personal favorite—to linger for a time.
To be productive, on the other hand, is to produce something in abundance. It is the act of yielding results.
In the business world, we traditionally link productivity to profitability. We increase output in order to increase profit. With this mindset, being productive is evidenced through tangible rewards in the form of money, leads, or opportunity. It is the forerunner to busyness.
The drawback of this approach to productivity is that we fail to recognize a more powerful understanding of that word—to be effective in bringing about results.
What if, rather than measuring the quantity of input and output, we focused on the quality? Success in business comes by many different avenues, but none of them are paved in busyness. Instead, we find success linked to something far greater: thoughtful, mindful action (read: effective productivity) that is augmented by the ability to pause.
When Did We Become So Busy?
In our fast-paced world, busyness has become our war cry. It penetrates everything we do, from the home to the office, and everywhere in between. Our lives are dominated by a culture of busyness, and research even reveals that to be busy in the business world has become a badge of honor.
When asked, “How’s business?” if your first answer is “Busy,” take a moment to unpack what that really means.
In the midst of your busyness are you experiencing productivity? Here’s how you can tell the difference between the two: Is “busy” fulfilling, meaningful, impactful and profitable? Is it energizing, inspiring and creative? Does it bring you and your team joy and abundance? Prosperity and belonging?
Effective productivity does not fall into the trap of busyness. It is meaningful, energizing, fulfilling. It is not so overwhelmed with time and pressure as we like to think it is.
It is this juxtaposition between busyness and productivity that gave rise to the 4-day workweek at the New Zealand-based estate planning firm, Perpetual Guardian. During a trial period, employees cut their hours from 40 to 32 per week, while still maintaining their normal salary. Stress levels dropped, work-life balance improved, and productivity increased by 20%. In essence, they became more effective in their work. The company chose to implement the 4-day work week as a permanent solution.
Learning to Linger
My default has always been to respond to emails, texts, and notifications immediately. Get it done. Move on. I’m slowly learning the art of sitting on things for a bit, rather than responding immediately.
My reasons are twofold. First, in my effort to be responsive and efficient, I can easily fall into the trap of choosing busyness over mindfulness.
Second, while I am still a big advocate of touching things once, being as efficient as possible, and I’m deeply committed to being responsive to clients and colleagues, respectful of deadlines and expectations, sometimes a pause to reflect is important. It gives me time to be more thoughtful in my response.
It also helps me manage my time and energy so I can give my best, in return.
This idea—learning to pause—should not surprise us in the least. Pauses are everywhere in our lives. It is used to great effect in the music we listen to, in speeches and sermons, in poetry and punctuation. Even that tiny dot at the end of a sentence denotes a pause. These pauses are there to remind us that sometimes the best way forward is simply to stop momentarily and linger.
And when your team is involved, it creates space for others to step up, be heard, be creative, or take the lead.
By pausing, we place more emphasis on the quality of our work. It slows us down, promotes focus, allows for reflection, reveals new opportunities, reduces risk—all of which can make us more productive.
The Art of Pausing
The next time someone asks you, “How’s business?” take a moment to think about it. What would your answer be if “busy” wasn’t an option?
Learning to pause is not always easy, particularly when the pings of notifications are ringing in our ears and the pressures of responsibility weigh heavy. Yet, look at everything there is to gain from taking a moment to linger. Insight, energy, creativity…these are all foundational to an impactful, profitable, and meaningful business. These are the building blocks of quality over quantity, productivity over busyness.
Next time you find yourself chanting the anthem of “I’m too busy,” consider simply taking a moment to pause.
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You have big goals. HUGE goals. And you’re ready to take the bull by the horns and get things done. Maybe that motivation to accomplish more has even become your motto for 2020…the year to get “it” done, whatever “it” is for your business.
For many business leaders, myself included, the initial momentum of creating goals begins to fade the moment the task of actually accomplishing them sets in. That new podcast/blog/initiative/marketing plan sounds like the perfect solution until it comes to the overwhelming task of getting it done.
And so we look to fast track our success. In our culture of “5 ways to do this” and “Top 10 tips to do that,” it is no surprise that we lean so heavily on the need for fast, efficient, one-off solutions to our big goals.
I’m often asked, “What’s the one thing I should do to…”
- Engage new prospects
- Close more deals
- Get more referrals
- Form new partnerships
- Streamline operations
- Motivate my team
- Improve Communications
The list could go on. The problem I encounter, however, is that there is no single solution to resolve your goals in one fell swoop. Instead, the one thing you can do to get more done and tackle those big goals—is to start small.
The Better Way to Build
Let’s think about it in a different context. I’m currently working with a health coach. I’ve done Weight Watchers in the past (and had success) but this time around, I knew I wanted something different, more comprehensive—a holistic approach to my personal wellness moving forward. My coach, Emily Zwilling, offers clients like me the education, coaching, and support it takes to live a long, vibrant, healthy life—my long term health goal.
We’ve been working together for months as she helps me understand how sleep, stress, movement, food, exercise, mindset, metabolism, hydration, hormones, etc. all interact and work together to create health and wellness. I’ve increased my steps and my water intake, started weekly food prep, increased protein, added healthy fats, and so on.
Needless to say, I have never more keenly longed for there to be just “one thing” I can do to lose weight, be healthy, and stay that way.
What is true for my health and wellness is true for the sustainability and profitably of my business. And yours. The thing is, there is never just one thing you can do to accomplish something important. Goals, strategies, and worthwhile business ventures require one thing after another, after another, strung together in processes, methods, and habits.
I consult with leaders daily who are struggling to find solutions to overwhelming challenges. Together, we analyze operations, growth factors, and the obstacles that are keeping the business from turning revenue into profit. Much like my wellness journey, we have to observe the organization as a system of smaller units, looking at how each piece fits together to impact the whole. It is from that place that we can develop a strategy—and the meaningful, practical steps we will need to take in order to implement it.
How to Start Small
Starting small and working toward that big goal is not a new concept. It is, however, a concept we quickly push aside in our fast-paced busyness. But what if I told you that sticking with it, building on a series of small steps and tasks toward a larger goal really works?
It’s called micro productivity. In an effort to find better ways to get more done, Microsoft did a study on the practice of breaking large tasks into tiny microtasks. The idea was to help creatives and leaders accomplish more within their fragmented days, instead of pushing projects until larger blocks of time became available (hint: because they never did). The research revealed that having a concrete plan and actionable steps helped people accomplish large, overwhelming projects better and faster.
Starting small doesn’t have to be difficult. It is a matter of looking at the bigger goal and deciding what one step you can take today to move toward it.
And then, you build more small steps on top of that one. With a little planning, strategy, and teamwork, your small steps can become the process you need to not only accomplish your current goal but your future endeavors as well.
Your huge 2020 goals and your seemingly impossible business challenges are absolutely achievable, especially if you take the time to separate each one into small, attainable steps. Include your team in the process and delegate tasks according to each member’s unique skill set and role. Before you know it, that one thing that leads to business success will be your resolute practice of starting small.
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Christy Maxfield and the team at PurposeFirst Advisors offer over 20 years of growth strategy and consulting experience to support small businesses, growth-stage companies, and entrepreneurs achieve goals both small and large. Contact us today to get started building, networking, and growing your business.
How Do You Make an Entrepreneurship Ecosystem More Equitable?
About a week ago we hosted a phenomenally successful trivia night fundraiser for Forward Through Ferguson. It seems fitting to keep asking: How do you make an entrepreneurship ecosystem more equitable for women and entrepreneurs of color?
Thanks to a grant from the Ewing Marion Kauffman Foundation, St. Louis has had the opportunity to ask and start to answer this question. Even with more than a year under our belt (in a region that has been talking about racial equity for the past four years) we have just started to scratch the surface. The work started with a coalition of the willing and available (officially known as the St. Louis Equity in Entrepreneurship Collective and one of my clients.) The Collective has done racial and gender equity training participated in identifying ecosystem problems and brainstorming solutions and is collecting so we will someday know how many women and entrepreneurs of color are in our ecosystem from ideation to exit.
This is generational work. We think it starts by creating a baseline understanding of and common language to discuss systemic racism, sexism, and gender oppression. We’re looking at how the system of wayfinding and navigation work (or don’t) for all entrepreneurs and how the problems finding and accessing resources compounds disparities for some unrepresented entrepreneurs. There are questions of what type of entrepreneurship this includes (Lifestyle or high growth? Mainstreet or high-tech?) and we are wrestling with issues of power and privilege, the myth of meritocracy and in the inherent competitiveness of entrepreneurship where there are real winners and losers.
One recurring conversation is the dynamic tension between where the money is and what kinds of companies women and entrepreneurs of color typically build. The money and power are in tech-based scalable companies. They get investments and create wealth for owners and investors. They are preferred by policymakers, politicians and popular culture. They are what every economic development person wants founders to build and grow in their MSA. Women and entrepreneurs of color are underrepresented among tech company founders, while also being virtually non-existent in investment portfolios and practically absent from venture capital leadership circles.
I tell my clients to spend time thinking about what kind of company they want to build. There is nothing wrong with building a lifestyle company or a small, local business. Not every idea is scalable and not every founder/owner wants to scale. What’s unacceptable is being prevented from building the company you want. What’s unacceptable is not having a seat at the table or being marginalized for building the companies that create wealth for families and neighborhoods even if they don’t create wealth for investors. It’s unacceptable to cut ourselves off from the path of scalable venture creation because others underestimate our capability or discount the potential of the markets we seek to tap.
To Wrap It Up
It’s about getting investors to think differently about what and who is fundable. And creating new investment vehicles to put confidence money into potential serial entrepreneurs from marginalized backgrounds. It’s also about helping founders to think differently about what they are capable of building and how building ventures that require skills and people beyond themselves gives them the power of profits to close generational wealth and wage gaps.
I often spend a lot of time with early-stage companies talking about building the team – advisors, employees, partners, etc. This is no less important for experienced business owners and leaders. And both need to invest time and money into the wide variety of talent, systems, and expertise needed to build profitable ventures. What most people miss is that your team includes you and the investments you make in working on your business (and yourself) and not just in it.
Make Time and Money for Your Investment
The trick is making time and money for that investment. It’s hard to do – there is no line on the balance sheet for this asset. It may not have an immediate and directly measurable ROI. Nonetheless, it can make all the difference when it comes to meeting key milestones and maximizing profitability. How much time do you spend building your personal reserve of energy and strength? How do you maintain a sense of gratitude and abundance when times are tough and things don’t go as planned? When do you know that sheer force of will alone will not be enough to make it to the next level?
To Wrap It Up
It can start by prioritizing time to meet with your closest mentors and advisors. Or by carving out time for daily reflection, visioning, and planning. Perhaps it looks like picking five books to read this year or hiring a coach. Whatever investment you feel comfortable starting with is up to you. The key is to start. Get started now by subscribing to the Entrepreneurially Thinking podcast.
When It Started
Back in 2016, Jade Harrell, owner of RareGem Productions had what I thought was a crazy idea and definitely did not want to step outside my comfort zone. She pitched a podcast to me and Cheryl Watkins-Moore. Cheryl and I have worked together for more than 3 years. Even early on you could tell that we were peas in a pod – fiercely committed to advancing racial and gender equity in entrepreneurship, eager to collaborate to make that happen and firey Sagetariouses to boot!
Instant Bond
Jade saw our chemistry and our potential to inspire listeners to be entrepreneurial wherever they are. The Entrepreneurially Thinking podcast was born. Needless to say, what started off feeling weird and scary has turned out to be deeply rewarding and a whole lot of fun! The podcast took me and Cheryl out of our comfort zones – actually, it reset the boundaries of those zones, making them wider, more flexible and less intimidating.
To Wrap It Up
So now, I am a podcaster, among many other things! And I know I will keep adding nuances to my identity as I continue to do new things and meet new people. I hope you will step outside your comfort zone in some small way. What assets, resources or potential do you have that is untapped? How are you underestimating yourself or your company? What are you afraid of? What’s the worst that can happen? Need help? Let me know!
Transforming the Entrepreneurial Ecosystem
It may not seem like it but having a podcast is a big deal. Yes, Cheryl and I are funny (hysterical, actually.) And we interview fabulous people doing amazing things. What you might not know is that with each episode we are transforming the entrepreneurial ecosystem. Seriously. See how I stepped outside my comfort zone in my other blog post.
By choosing to focus primarily but not exclusively on women and entrepreneurs of color, often early on in building their ventures, the Entrepreneurially Thinking podcast gives voice to underestimated entrepreneurs. This is incredibly important. First, it makes their stories and experiences legitimate. Being featured in the media, being asked to tell your story and speak your truth makes it/you real. It’s documented. Citable. On the record. That makes it/them undeniable. When there are hundreds of such stories it makes their potential and reality replicable and repeatable. No one can claim our guests are the rare exception to the rule. We are normalizing their exceptionalism.
Stand Out
Being known also means they can be found. Often, investors, lenders, purchasers, boards of directors, executives, etc. say they can’t find women, people of color, LGBTQIA, people with disabilities or other non-majority group members with whom to partner, invest in, hire, mentor or lead. We’ve found them. They are here. Aggregating plentiful examples also makes it easy for aspiring entrepreneurs, solopreneurs and growing businesses to find role models to follow. We need to know the stories of people who look and sound like us in order to know what’s possible. To know that we aren’t alone and that we have every right to dream big.
To Wrap It Up
One day, telling these stories won’t be remarkable. We won’t have to have a #facesoffounders campaign to remind us that businesses are built and run by people other than white men. We won’t lament that women and entrepreneurs of color receive virtually no venture capital funding and often build companies with less than $1m in assets. And a venture fund specifically for black women founders won’t be newsworthy or needed. Until then, we will elevate and celebrate the stories of the underestimated, transforming the system one episode at a time.
