7 universal life truths I've learned from being an entrepreneur for over 25 years
Hello friends*,
I usually write my updates directly on the substack website, but I wrote this one on the Grammarly app/website...and I really love it as a writing space. They're not sponsoring this or anything, I just thought I'd share as I'm a big fan and always interested in what tools people are using. Plus, I will never know when to write “it's” vs. “its”…I'm sorry, it's impossible (or it’s impossible?) to figure out, so without Grammarly I'd be totally lost.
Read, Listen, Watch
Read: Adam Albrecht shares his six keys to remembering a person's name when you meet them. Old what's-his-name is killing it with his posts lately.
Listen: I had a great conversation recently with Mickey Mellen on his podcast, Stacking Knowledge, about one of my books.
Watch: Go see the Deadpool vs. Wolverine while it's in theaters. It's THAT good.
Books I've read since my last update
I rank my books from one star (worst) to five stars (best).
You Like it Darker *****
The Lessons of History *****
The Hero of Ages ***** (book three of the Mistborn series)
(Note: I'm usually a tough critic when it comes to giving out five stars; those three books just happened to be fantastic.)
I've been entrepreneur-ing for quite a long time
I started my entrepreneurship journey in 1998 at UNC-Charlotte, when Raj Choudhury and I started NBN Designs. We renamed NBN to Spunlogic, and in company lore, the change was made because Raj, with his British accent, couldn't say "NBN" and have anyone understand it. (Some say I'm the only one pushing this narrative...and they'd be right, though we can all agree that Spunlogic is a much better name.)
Ten years later, we sold Spunlogic to Halyard Capital, which merged our 75 team members with 175 others into something entirely new (and terribly spelled) called Engauge.
(Not for nothing, I have two rules when it comes to naming companies, and they're quite simple. Someone should be able to hear it and spell it correctly, and someone should be able to read it and pronounce it correctly. Pretty simple. Engauge, which I was not a part of naming, sadly met neither of those requirements. In fact, I'm certain that those of you reading the word 'Engauge' for the first time are wondering the proper way to say it. And if I said it to you, you'd without a doubt spell it incorrectly.) 🤦
Five and a half years later, we sold Engauge to Publicis, which merged our 300+ employees with Moxie, me being the only one to bolt for (greener) other pastures.
Then, in the last ten years, I've entrepreneurially done the following:
Co-founded Dragon Army in 2013 (Jenn Leahy is CEO, and I serve as Executive Chairman)
Co-founded 48in48 in 2015 (Adam Walker is Board Chair, and I sit on the board)
Founded Ripples Media in 2019 (Andrew Vogel and Nicole Wedekind are my partners and are actively running the business)
Co-founded Ripples of Hope in 2020, closed it down in 2023 (the idea is still smart, I believe; there just wasn't enough time for me to focus on it in order to keep it going...I hope to bring it back one day.)
Co-founded The A Pledge (Ekaette Kern is Board Chair, and I sit on the board)
Co-founded Purpose Group (running Purpose Group is my full-time role along with Raj Choudhury)
So that's founding or co-founding three for-profits and three non-profits over the last ten years, adding in two more for-profits the 15 years prior. That's a total of eight companies created. (Plus, throughout that time, I've acquired five companies.)
That's a lot of entrepreneur-ing.
And in that time, I've learned quite a few things (sometimes through success, but mostly through error) that I thought I'd share in the hopes that it might help you with things you're trying to achieve in your life or career. (And not for nothing; the first book I wrote, The 5-Day Turnaround, was written to help people embrace the mindset of an entrepreneur. I've heard it's a good read and an even better listen.)
What I've learned
Sanity favors the patient.
Entrepreneurship (and life) are an up-and-down rollercoaster of twists and turns that, try all you might, you simply can't always prepare for. So you have to go with the flow, absorb the blows (and not get too joyous when the highs come) if you want any sanity in your life.
It's all about the execution.
My kids are tired of hearing me say this, and likely you are too if you're a "constant reader," but I'll say it again because it's a lesson I keep seeing play out in the world of entrepreneurship time and again:
There are no such things as million-dollar ideas, only million-dollar executions.
Anything I've accomplished, be it growing businesses, writing books, building relationships, or even (hopefully) doing a decent job of parenting, has only come from hard, focused work. Not some great singular one-off idea, but consistent, tireless execution.
Every successful entrepreneur I've ever met has done two things: execute and read.
Reading is the second best way to learn.
Experience will always trump reading when it comes to becoming proficient at something, but it's not a distant second. The opportunity to read and learn from the experiences (successes AND failures) of people who came before you is just about priceless.
I've become such a voracious reader (I read 35 - 50 books a year) over time that I even started a podcast with Adam Walker recently just to give us a chance to talk about the books we're reading.
Don't sell past the sale.
At this point, I'm just checking off things my kids roll their eyes at me about. The idea here is simple: once you get a 'yes' from someone, stop talking. Maybe even exit the building, taking your win with you.
If you're trying to win a new account, and you're pitching to them why your company is great, and they say, 'You're hired,' don't keep telling them about your company! If you're applying for a job and they say, 'You're hired,' don't continue to talk about your college degree or your last boss - that might lead them to change their mind!
I kinda feel like you get it, and I'm selling past the sale, so I'll move on.
Your network is gold.
It took me about five years in business to realize that I needed to build a stronger network. Fortunately, Atlanta is a great town to build relationships with people (there are a lot of them, and in my experience, most of them are great people), and so I got to work and began a habit of trying to have 15 meetings a week for about a 15-year stretch.
That's right, 15 meetings A WEEK to grow my network. Today, I'd put my network, at least in Atlanta, up against anyone other than a few folks who have been doing it better, and longer, than me (Joe Koufman, Jo Ann Herold, and Ricky Steele being at the top of the list.)
(More on my thoughts on the importance of building an authentic and reliable network on my blog and in Ricky Steele's phenomenal book.)
You might have to hack your way to productivity.
This is a skill that being an entrepreneur forced me to develop, but I've come to believe it is valuable to everyone. Essentially, it's hard to motivate yourself to do the extra work that you want to do. When you're running your own company, no one is telling you what to do every day (perhaps, other than your customers.) You wake up and decide the tasks you'll focus on each and every day.
I've had to find ways to "hack" my productivity in order to get things done. Here are a few ways I've done this:
Find an accountability partner.
Create a deadline and have someone hold you accountable for it.
Get on board with the idea of streaks. Example: I've wanted to read more, so I've been using the app Way of Life to track the number of days in a row that I've read for at least an hour. I'm on 18 days in a row so far, and it's pretty motivating not to break that streak.
Get motivated by reading about how other people are productive.
It's all about trust.
I ended with this one because it might be my most important point. Building trust - with your team members, partners, customers...and especially with your spouse, kids, and friends - is paramount to being the person you want to be.
Be trustworthy, and expect the people in your circle to be trustworthy. Trust is one of those things that is very hard to build and very easy to destroy. Treat it as such.
The Point
I feel extremely blessed to have been an entrepreneur since I was 21 years of age. It has helped me in so many ways, and I think we could all use an entrepreneurial mindset to help us get through our complicated and often difficult journey on this planet.
I hope you’re happy.
* (Alas, with a roughly 50/50 split on being called 'Constant Reader' from the survey in my last email, I've opted to drop it and go with the old standard of 'friends' to avoid offending anyone.)
Recent podcasts
I produce a podcast called Begin the Begin and I co-host a podcast called Who has time to read?!. I hope you'll consider subscribing. Here are some of the latest episodes:
Who has time to read?! Episode 4: Road Trips, Reading Rituals, and Resilience
Force of Nature: A Celebration of Girls and Women Raising Their Voices (with Kate T. Parker)
Who has time to read?! Episode 3: From Carrie to Comedy: Our Reading Journey
A conversation with Mita Mallick on her new book, Reimagine Inclusion