Ikigai

One of my least favorite things about the end of the year is the ubiquitous 'year in review' list.  The best, the worst, the whatever-the-editor-fancies list.  So, as my last post for the year, I decided I would not do a 'look back' piece, but a 'look ahead' one instead.  As I work with a for-profit as well as a non-profit organization, I thought it might be good to reflect on encouraging and inspirational to-do items for entrepreneurs who are hoping to make a difference in 2013.

But, then as I was randomly web-surfing while drinking my chai, I ran across a mention of 'ikigai', the Japanese word which roughly translates to your reason for being. The 'Why?' of your life. Ikigai has been recently mentioned in various articles (like this one) as one of the secrets to a healthy long life.  Frankly, I'd think that it would be great for anyone, at any age, to know his/her own reason for being.  In fact, most people who seem happy with their lives appear to have a good sense of their own 'ikigai' and are living it, whatever it may be - feeding a family or fighting for causes.

Ikigai is probably what is driving most entrepreneurs - at least the ones that stick with their ventures.  There is something powerful driving the middle-class woman who starts a school for destitute children in India (here's the story) as there was something driving Steve Jobs.  Ikigai might be the answer to the question 'what makes an entrepreneur?'.

Of course, the 'reason for your being' is available to everyone, it is just different for each of us.  And it takes effort to figure it out.  When you do, you're half way to fulfillment.  The other half is figuring out how to live your ikigai. In a long-ago post, I wrote about why I do what I do - create, care, connect - and it is good to be reminded of it as I make choices, big or small.  After all, the ikigai is only the reason for your life, you still have to take the actions that make it your life.

Wish you a happy 2013 - may you find your ikigai and bounce out of bed every morning in anticipation of living it!

Startups - too much of a good thing?

It is possible that we've got to a point that everyone wants to 'do' a startup - whether one has what it takes or not.  This is especially true in places like Silicon Valley, and arguably the trend has peaked when there's a reality show about startups in Silicon Valley (though it appears likely to be short-lived, like most startups).  

There's a lot of buzz and hype on finding ideas and starting companies, even dropping out of school to do so.  While entrepreneurship is undoubtedly a powerful factor for growth, there's more to making entrepreneurship work than 'doing a startup' - you have to build a successful business.  That is a much harder proposition as it takes toughness, dedication and smarts to stick with it and make it work.

Daniel Isenberg writes about the importance of 'scaling-up' over 'starting-up' in this HBR post.  Scaling-up results in entrepreneurial growth and value creation.  He compares the start-up/scale-up actions to giving birth to a child vs. raising a child - the first is necessary to be able to do the second, but the second makes the first meaningful.   Too bad 'Scaling-up in Silicon Valley' is unlikely to be the next big reality show.

Scary thoughts on startups

Top 10 scary things for entrepreneurs, in no particular order:

1. Actually getting started.  It's much easier to talk about starting a company - everyone thinks it is so exciting and gives you a 100 suggestions and you feel you're floating on air and are high on enthusiasm.  But actually start a company and suddenly there's a metric ton settling down on  your shoulders - now you have to talk about reality, not dreams.
2. Building a team.  Yes, you have your best friend from college as your co-founder, but what if you say zig and he says zag?  What if you can't find any good people with the right skill sets, for example, you can't find developers and you have to learn how to code (all over again)?  What if there's nobody but you in your company?
3. Having the right idea. You did talk to 100 people before you started, but they were friends of friends at that huge end-of-summer party you went to and though they all thought it was cool, it could be that they were in party mode.  How can you be sure your idea is really good?
4. Business plans.  It's either a big mystery and you have no idea how to go about it, or, you know exactly what to do and hate the idea of having to re-word, re-calculate, re-format every time you show it to someone new.  
5. Getting money.  What if you don't know any rich angels and your friends and family have slim wallets?  Maybe you can bootstrap, but you'd have to figure out if there's a boot to strap (or a strap to boot) - and it has to work with your specific idea.
6. Legal coverage.  Lawyers cost money (see above), but could you get sued, cheated, conned out of money/stock/intellectual property if you're not sufficiently lawyered-up?
7. Competition.  The horizon is full of 800-lb gorrillas and pesky little startups (not yours) that want to do exactly what you plan to, and look like they'll get there faster and blow you out.
8. Customers.  Or users.  What if they don't show up?  Or worse, they don't show up only randomly and you can't show a chart-popping growth rate?  Is it a bad idea or bad marketing?
9. Time.  As in the thing you can run out of, along with money.  
10. Expert advice.  The blogs, the pundits, the classes, the social media groups, all making holding forth on why your startup will fail, and, to add insult to the injury, why your company is not even a startup because it doesn't fit some VC's startup profile or, to rub salt in it, why you will fail because you don't have the profile of a successful entrepreneur - wrong college, wrong age, wrong degree, wrong home town, whatever.

This stuff could make you want to throw up your hands and head back to the safety of a corporate job.  And you would, but for the fact you believe the scariest thing of all is not being what you want to be - an entrepreneur.

Happy Halloween!

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