You Have NO IDEA...
You have no idea what you’re doing, and that’s just fine.
If you're like 99% of the entrepreneurs in the world that have never started a company before, then there is one trait you inevitably share – you have no idea what you’re doing. And that's just fine, because despite how much we pretend otherwise, none of us really know what we're doing.
Entrepreneurs are Type-A personalities comfortable taking charge and leading the way, so it generates anxiety when they realize (often without telling anyone) that despite all of their capabilities and for the first time in their lives, they really have no idea what they're doing.
If you're one of these entrepreneurs, you're probably wondering how everyone else pulls off the launch of a startup company without having the same anxieties. The reality is they don't. They're all in the same boat because none of them have ever done this before. It's all a matter of figuring out as you go.
There are lots of reasons why you have no idea what you're doing, most of which amount to the fact that you've never had this type of experience before. Realistically entrepreneurship can only be learned through a little on-the-job training. So let's take a look at why you haven't had any up until this point.
You've never started a company before. Sure, you may have worked at a small company or had a big title in your last job, but until your home equity is the company's line of credit, you've never really started a company before.
If it feels like your days and nights are consumed with anxiety and doubt, you're definitely on the startup path. Most entrepreneurs confuse this anxiety and doubt with doing something wrong, as if they could somehow avoid it. You can't.
You're jumping head first into the great unknown. There is no way to know exactly what to expect or how this trip will end. That’s why so few people begin the adventure, and those that finish it are so highly regarded.
Of course you can try to hold your head up and pretend like everything is OK, and you probably should. It's OK to realize you have no idea how this thing is going to end. It's your job to fearlessly lead your team into the black hole, even when deep down no one has any idea what’s on the other side.
You've never raised capital before
How many people do you personally know that have raised investment capital? Probably none. So how could you possibly know how the capital raising process works? You can't.
You can read books about it, you can visit Web sites, and you can ask around, but generally speaking, the process of raising investment capital is something you learn by doing, not through osmosis.
If you've never pitched a venture capitalist before, there's no reason you would have ever looked at a term sheet. There's no reason you would possibly know why some financial projections are reasonable and others are ridiculous. You have to do it, take a few in the teeth, and move past it all in order to know how it works. That's the process.
You've never been the Founder before. Maybe you've had a VP title or C-level title in your last company, but compared to the Founder, that doesn't mean squat. The difference between an executive and the Founder is that the executive can quit and go somewhere else when things go poorly. The Founder goes down with the ship.
You can no longer complain about working for the “The Man” because now you are “The Man,” and it's not always a great job. Unless you've started a company before though, there's no way to get the experience of owning every last fault and benefit of a company.
Even though everyone is expecting you to have all of the answers, there’s no way you can always know what to do next. So you do what every other startup Founder does – you guess, and hope your best guess works. We all just keep making really good bets and hope we walk away from the table ahead of the game.
Just admit it – you're lost – and that's OK
You don't need to admit to me that you're lost - I’m just as lost as you are. But at least we can both agree that we're all lost together and that there's no point in thinking we're the only ones that are dealing with the anxieties of starting a company.
The entire startup experience can be altogether humbling until you understand why you don't know what you're doing. It's because until you've actually experienced a startup, there is no way to really get any valuable startup experience.
So take heart my friends, we're all pretty much walking around in the dark. Anyone that tells you've they've got all the answers is just giving you a line of bull. There are really only two kinds of first-time entrepreneurs – those that have no idea what they're doing, and those that lie about it.
Wil Schroter is the Founder and CEO of the Go BIG Network, the largest network of startup companies and entrepreneurs at www.goBIGnetwork.com. He is also the author of the new book “Go BIG or Go HOME”.
If you're like 99% of the entrepreneurs in the world that have never started a company before, then there is one trait you inevitably share – you have no idea what you’re doing. And that's just fine, because despite how much we pretend otherwise, none of us really know what we're doing.
Entrepreneurs are Type-A personalities comfortable taking charge and leading the way, so it generates anxiety when they realize (often without telling anyone) that despite all of their capabilities and for the first time in their lives, they really have no idea what they're doing.
If you're one of these entrepreneurs, you're probably wondering how everyone else pulls off the launch of a startup company without having the same anxieties. The reality is they don't. They're all in the same boat because none of them have ever done this before. It's all a matter of figuring out as you go.
There are lots of reasons why you have no idea what you're doing, most of which amount to the fact that you've never had this type of experience before. Realistically entrepreneurship can only be learned through a little on-the-job training. So let's take a look at why you haven't had any up until this point.
You've never started a company before. Sure, you may have worked at a small company or had a big title in your last job, but until your home equity is the company's line of credit, you've never really started a company before.
If it feels like your days and nights are consumed with anxiety and doubt, you're definitely on the startup path. Most entrepreneurs confuse this anxiety and doubt with doing something wrong, as if they could somehow avoid it. You can't.
You're jumping head first into the great unknown. There is no way to know exactly what to expect or how this trip will end. That’s why so few people begin the adventure, and those that finish it are so highly regarded.
Of course you can try to hold your head up and pretend like everything is OK, and you probably should. It's OK to realize you have no idea how this thing is going to end. It's your job to fearlessly lead your team into the black hole, even when deep down no one has any idea what’s on the other side.
You've never raised capital before
How many people do you personally know that have raised investment capital? Probably none. So how could you possibly know how the capital raising process works? You can't.
You can read books about it, you can visit Web sites, and you can ask around, but generally speaking, the process of raising investment capital is something you learn by doing, not through osmosis.
If you've never pitched a venture capitalist before, there's no reason you would have ever looked at a term sheet. There's no reason you would possibly know why some financial projections are reasonable and others are ridiculous. You have to do it, take a few in the teeth, and move past it all in order to know how it works. That's the process.
You've never been the Founder before. Maybe you've had a VP title or C-level title in your last company, but compared to the Founder, that doesn't mean squat. The difference between an executive and the Founder is that the executive can quit and go somewhere else when things go poorly. The Founder goes down with the ship.
You can no longer complain about working for the “The Man” because now you are “The Man,” and it's not always a great job. Unless you've started a company before though, there's no way to get the experience of owning every last fault and benefit of a company.
Even though everyone is expecting you to have all of the answers, there’s no way you can always know what to do next. So you do what every other startup Founder does – you guess, and hope your best guess works. We all just keep making really good bets and hope we walk away from the table ahead of the game.
Just admit it – you're lost – and that's OK
You don't need to admit to me that you're lost - I’m just as lost as you are. But at least we can both agree that we're all lost together and that there's no point in thinking we're the only ones that are dealing with the anxieties of starting a company.
The entire startup experience can be altogether humbling until you understand why you don't know what you're doing. It's because until you've actually experienced a startup, there is no way to really get any valuable startup experience.
So take heart my friends, we're all pretty much walking around in the dark. Anyone that tells you've they've got all the answers is just giving you a line of bull. There are really only two kinds of first-time entrepreneurs – those that have no idea what they're doing, and those that lie about it.
Wil Schroter is the Founder and CEO of the Go BIG Network, the largest network of startup companies and entrepreneurs at www.goBIGnetwork.com. He is also the author of the new book “Go BIG or Go HOME”.
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