What are you waiting for? Get on with it !!

"One hour of life, crowded to the full with glorious action, and filled with noble risks, is worth whole years of those mean observances of paltry decorum"

Sir Walter Scott





Well said Sir.

Feeling 'alive' and building an entrepreneurial team

I've just got back from the most amazing run. Yes, I did write this at 9pm, meaning I've just been out for an hour or so running in the dark. I am BUZZING.

For those of you that haven't been taken by the night-time running bug, bear with me. This has relevance to business, and entrepreneurship, I promise.

First, let me paint a picture. Imagine the favourite road that you like to drive along, or a riverside walk. A view you are familar with. On a sunny day there is an uninterrupted view across the landscape, a mixture of vibrant colours, hues, smells, noises. Beautiful. Now imagine that scene at night, without the yelow/orange glow of street lights.

Instead, what was colour is now black and white. In fact, more different shades of grey. Its hard to see the horizon, or make out those distant hills. But you can see dark shadows, the glint of moonlight on metal and water, windows, and the paint markings on the road.

This is what you experience if you run along a country road at night, along a ridgeline, taking in the view below, with thousands of stars above, the road partially lit by moonlight, as I have just done. Now fade in the soundtrack of your favourite album, and close your eyes slightly, so some of the lights in the distance turn into vertical bands of light, mini laser shows in front of you, and relax as you trot along, breathing easily. Ahhhh.

Your mind can play tricks with you when you are in this kind of zone. The central road markings appear suspended about a foot off the ground, because you cannot actually make out where the ground is. They just float, like something out of a futuristic sci-fi movie in front of you. Or maybe that's a 'special thing' that I imagine : )

"Great" you say. Nice scene, but what the hell has this to do with business and building teams.

Well, two things.

(1) actually experiencing that feeling of being really alive, in a flow state. Its wonderful. Orgasmic. A rush, a thrill. Unbelievable.

(2) recognising when you are in that state, and when that is a good thing for you business, and when it is not.

Bear with me! Think of it like this - if, when in your business, you are not, in general, happy to be there, working all hours in the early months and (hopefully not too many) years, living off of the adrenaline, and then later, when established, taking pleasure from the thinking time you now have as a result of building a solid business so that you can now focus on the Next Big Thing, then I would take that as a possible sign that you are not really doing something you enjoy enough. It might be time to do something else. Now I know some days are good and some bad; I'm not saying quit after the first bad day, whenever that comes. I'm saying if you never ever get a feeling along the lines of what I have described above..then maybe, just maybe, its worth asking "am I doing the right thing here...is this business really for me?". That's really my point (1) above.

Secondly - point (2) - I'm thinking here about what you might be focusing on, when you feel ' in flow' and really alive. Especially if you are a technical person.

After some reflection, you might come to realise that you love thinking about the next feature you are going to build into version 3.2.5 for Fred McSmith, and then there is that tweak that you promised Marge at A&B Inc to do. You are in flow, you feel most alive when inventing, tweaking, engineering, building the new product or software solution.

That's great, you need that passion in a business. But you also need someone actually building the business!

Someone, or a bunch of people, driving the marketing, making the sales, building the capability, delivering on promises made. All while you are in the proverbial shed out back, inventing new things, happy as larry.

Now I don't want to be seen to be poking fun at technical people, for whom I have a lot of respect. But I do want to make the point that in an entrepreneurial venture, you do need to work out who in your team is absolutely passionate about what, and make sure you have the right people doing the right things.

The importance of focus. And Motorbikes.

I love motorbikes. Specifically, fast motorbikes. With more bhp than kg's.

Mum had a moped before she passed her driving test. Growing up, my job every now and then was to fire it up and run it around the block, just to keep it active. Did that as a kid.

Then a friend at school had one - we were aged 15 at the time. We took it out across the field and rode like idiots with no helmets. It was only 50cc or something like that, but it felt big at that age. Then I got a 125cc. A 500cc. Rode a 750cc. Then a whole series of 1000cc bikes. My latest, and dearest crotch rocket is a modified ZX12RR.

Isn't that just a beautiful looking machine?

I've always liked the sensation of motion - running, cycling, swimming. That, combined with freedom to go wherever you like, especially when flying, whether motorised, in a glider or by hang gliding, is just a wonderful thing for me.

Motorcycling provides the same independence and freedom to act on the road as an aeroplane does for me in the air. A fast bike can take me from 0 to 200 mph and back in less than 20 seconds. Or I can be hanging half off said bike going around a corner at a huge rate of knots, defying gravity, changing direction by hardly moving my body at all. I can go around cars, dodge speed cameras, accelerate up steep hills, dive into hairpin corners.

Nothing gets in the way, nothing slows me down. Nothing can touch me. Not that I ride at 200mph everywhere; sometimes I do go slowly and take pleasure in very precise but loose, flowing riding.

If you want an adrenaline rush that is also calming, try taking a bike to 180mph+ and then closing your eyes for a few seconds (or better still ,be a pillion passenger!), so all you can feel is the wind pressure pushing against you, and the wind noise in your ears. It's a beautiful thing.

That may sound strange, written down like that, but in the moment, it is such an amazing feeling of 'at one'.

The wind noise is a particularly weird thing. At about 80mph it sounds like a hiss. At 150ish it is a roar, literally. At 200mph+ it is more like a pouring liquid sound. Strange.

Anyway. FOCUS. : )

Whatever your pastimes are, or the biking or flying equivalent is for you, you'll know (unless you are a professional bike racer or pilot, lucky sod) that focusing is important and challenging part of being an entrepreneur. Especially if you would really like to be out riding a motor bike, or whatever.…

Well, good news if you are anything like me. Well known entrepreneur blog "The TP Entrepreneur" raised this as an issue… and included one of my tips ( number 13 out of 100) amongst a raft of other useful ways to stay on task and focus.. have a look here .....

Sparkbox 2 Ignite Fund

Some might argue that Sparkbox already have some sizzle..well here's more!.

This is really great news: Andrew Duff and Henry Tait are fund raising for a new $50 million fund that will target ICT, medical, bio tech and internet based technology companies worthy of investment.

Further good news - as if he hasn't already got enough on his plate - Xero founder Rod Drury is on the technical advisory board too. Also mentioned is Professor Tom McKaskill, author of several very useful books on the subject of investment and entrepreurship.

Read more on Scoop http://www.scoop.co.nz/stories/BU0906/S00659.htm

Random thought for the day

Actually this is not my own, but I like it, so I thought I would share:

If you think experts are expensive, think how much amateurs cost you in the long run.

Heard about an interesting fund to support New Zealand and Australian Biotechnology businesses today...

Apparently this fund has been around since 2003, according to FRST http://www.med.govt.nz/templates/Page____27632.aspx

So I'm at a loss to explain why I only came to find out about it today!....ermmm.

Anyway - NZTE says "if you run a biotechnology business and would like to open up new international markets by collaborating with an Australian counterpart, you may be eligible for funding from New Zealand Trade and Enterprise (NZTE)." And...

NZTE’s Australia New Zealand Biotechnology Partnership Fund (ANZBPF) is designed to support and speed up trans-Tasman collaborations in biotechnology, thereby giving companies in both countries better access to global opportunities.

Eligible New Zealand biotechnology companies can apply for four different types of funding through the ANZBPF, detailed below.

1. Bio-Market Development
2. People and Skills Development
3. Collaborative Trans-Tasman Projects (currently closed)
4. Market Acceptance Projects (currently closed)

Australian companies cannot apply for funding directly, but NZTE may be able to put them in touch with New Zealand companies seeking partners.

Looks worth considering, given the wider changes to other funding sources and grants like the Market Development Fund. More on those changes from NZTE due July 1st. But in the meantime, if you want more on the ANZBPF go here..http://www.nzte.govt.nz/anzbpf

A worthwhile listen: analysis of the impact of the American Economic Stimulus Package on Energy, Healthcare and Broadband sectors

IDC Executive Telebriefing

May 28, 2009 Dear Colleague: IDC Invites You to Attend an IDC Executive Telebriefing Capitalizing on the Economic Stimulus Package Opportunities in Energy, Healthcare, and Broadband June 18, 2009 12:00 p.m. - 1:00 p.m. U.S. Eastern Time The U.S. economic stimulus plan presents new opportunities for a wide range of technology vendors, service providers, government entities, and other stakeholders. With Notice of Funding Availability (NOFA) to be released in June, many are expecting a surge in new spending on broadband technology, energy initiatives, and electronic records for healthcare. In this Executive Telebriefing, a group of IDC analysts will discuss the opportunities and challenges to be found in the American Recovery and Reinvestment Act (ARRA). Topics to be addressed include the following: Broadband: How will the $7+ billion allocated to improving broadband communications in rural and underserved locations mesh with current broadband market priorities? Which market categories and companies stand the best chance to benefit from the stimulus spending? Energy: Which technologies (traditional IT and non traditional IT) will benefit from more than $40 billion in ARRA spending on the energy sector? What will the timing of these investments look like and how will utilities companies and regulators deal with the influx of new spending? Healthcare: Which technology categories will be required to facilitate the adoption of electronic medical records (EMRs) and electronic health records (EHRs)? How can we be sure these investments lead to a connective health information exchange infrastructure? You have to register here to listen https://event.on24.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=148274&sessionid=1&key=F09BBF3FE6C15288BF5203EA8DE0FF88&sourcepage=register

Errm...whoops. Time to update the CV methinks.

things to do before you sell up and out

more of a reminder to myself than anything else at this stage. I will come back to this subject - since it is a large one. The main point being that to exit successfully and at a high valuation, there are a number of things that you need to do to ensure that your business is well positioned and looks to have additional value that a new owner can readily see.

Things need to change as your business grows

Being CEO of a high growth company is exciting and challenging at the same time. Maybe that's why so many successful entrepreneurs do it again and again. Its addictive, thrilling, and fun (yes, fun - although at times, it may not feel like it). For those interested in their own self development, and the changes that they will need to make in their own style and focus as their entrepreneurial venture grows, then a quick thumb through "Leading at the Speed of Growth: Journey from Entrepreneur to CEO" by Katherine Catlin and Jana Matthews would be time well spent. Amazon have it here http://www.amazon.com/Leading-Speed-Growth-Entrepreneur-Entrepreneurial/dp/0764553666/ref=sr_1_1?ie=UTF8&s=books&qid=1245957296&sr=8-1

Its an easy read - not weighty - but has enough depth to make it worthwhile.

who do you want on your team?

You cannot think about who you need on your team soon enough. Now don't worry, I'm not about to launch into a fuzzy touchy feely post along the lines of "there's no 'i' in team" etc.

Although some sayings like that are worth sharing. One that I heard a long time ago now, but which still brings a smile to my face is "eagles may soar, but weasels don't get sucked into jet engines".

Ha ha. Not sure that is such a good business ethic, but I guess I like it because it pokes fun at those stomach churning phrases and glossy colour stock photo's that addorned office walls everywhere at one stage.

Anyway - I'm off topic already! Team. Think about who you need, before you need them. Because it will take time to find them. And get people who can grow into roles. They will be hungry. Don't be afraid to get people in who are smarter than you in some areas of the business - you need them - YOU CANNOT DO EVERYTHING. You may feel like Superman or Woman now, but after 2 years, you are going to be like the walking dead if you cannot hand things off early.

Much more on this to come..

building a great business takes time

I think the key word here is 'robustness'. Sure you can register a company in hours, get a website up, business cards printed (if you are a start up) or embark on a new direction with a 'skunk works' team (if you are a larger entity).

But the reality is that unless you have figured out your business model, channels, partners, how your technology will perform when stress tested, what the development pathway is, and how you will build capability as your business scales up, sooner or later you are going to come unstuck.

That's why i like the attitude of those running incubators like The Icehouse www.theicehouse.co.nz who say ' our job is to see if we can make (bad) companies fail faster'. Not because they are mean spirited, but because they know that if they do, a good entrepreneur will start something else, probably better, probably quicker. This is a good thing. Although we can all read about overnight success stories, if you look behind the story of most entrepreneurs, you find a common pattern - they have run many companies - often with a range of outcomes, good and bad - before they had their really major success.

So building a highly successful business may take time - in fact, you may have to build several!! - to learn the lessons that you need to learn along the way. But the sooner you accept that fact, and simply get on with it, absorbing, taking some advice, testing the validity of other views, the sooner you will have a robust business that delivers the kind of returns, financial and otherwise, that you seek.

where to go for help

Do you need help? You may think not. It can imply that you have done something wrong, or are about to. Maybe you don't. But I think all of us need a little help every now and then. Maybe just a nudge, or a friendly ear. Maybe more - some specific, tangible advice that addresses a particular issue.

I think there are 5 main groups that entrepreneurs and those building innovative ventures should consider approaching for help at some stage:

other entrepreneurs
business advisors
potential partners
policy makers and government agencies
holders of investment funds

I will write much more on this topic in future posts, since it is another of those wide areas that I want to come back to. For now, I just want to make 4 points:

1. There are lots of places to go for advice - real people, blogs like this, podcasts, books, DVDs, specialists, generalists, technologists, coaches. The list is virtually endless. There is a lot of information out there. Don't do the hard grind if you don't have to - use these resources. Most people are only to happy to share their experiences for a fraction of what it would cost you in terms of time, energy and financial resources to learn yourself.

2. The flip side to this being - make sure you have a fairly clear idea of what you want to find out - otherwise you risk being blown all over the place, much like a sailboat without a rudder!

3. Keep your end goal and purpose in mind. You are seeking information and resources to acheive something. Make sure you ACT on what you hear or see - take it on board, and run with it, or analyse and disregard it, and seek another view. But above all - ACT.

4. Give back. You do get what you put out there. Sooner or later, you reap what you sow. I don't know why it works like that. My experience say - it just does. So I don't try and figure it out.

how do you decide whether something is a good bet or not

Just a very short note on this for the moment. Not because this is unimportant - quite the reverse. I'm simply under some time pressure at present.

Don't believe your own PR. Ask yourself the hard questions. And / or get someone else's opinion too. The time to find out hard truths is at the begining of a venture, not after 2 years+ of hard grind, blood, sweat and tears.

So do the research. Analyse market needs. Ask yourself - is your team and your technology REALLY good enough?. Get a second opinion. And a third, if you are still not sure. Make sure it is independent advice. Consider the timing of the market, the dynamics, and the likely returns in the short and longer term. Does the venture still excite you - and others? Would investors be interested in this proposition? What should your Go To Market plan be? We do this at Concept to Market www.concepttomarket.co.nz all the time.

when to start planning for exit

finding the right investor

a subject dear to my heart. Actually the title should probably be - finding a match between invester and entrepreneur. Because it is a two way thing. And its a long term relationship, if it is to work properly. It's not, as unfortunately, many would-be entrepreneurs think, a case of turning up and presenting a wizzo j shaped series of graphs with a winning smile and expecting the cheque to be written there and then - its about two or more people (often it is more than two, since both the entrepreneur and investor come with teams attached - or as is sometimes the case - 'baggage'!). You have to get on with each other, and you cannot fake that. More on this later..