A Father's lessons for a Son and an Entrepreneur, for 2017.

Dear Son,

I have this habit of daydreaming while I go for my morning runs. Today I was thinking about the new venture you started, how quickly you are growing up to be such an exceptional young man, and about your future. 

I’m glad that finally, you’ve taken the plunge to start your own venture. It seems like only yesterday you were blowing poop out of your diaper onto my lap. And here we are, talking business. The poop was way easier. Son, you’re doing a remarkable job being yourself. I’ve run plenty of firms, and I've made plenty of mistakes. I'd like to offer some advice from someone older and wiser so you can not only get a head start but also persevere in the long run.

Focus on your strengths.

You’re a people person. Make that your main role, and leave the rest to your team. Pick the right folks and delegate what needs to be done; nobody can excel in all areas. Outsource your weaknesses, focus on your strengths, and, most importantly, trust your team.

Start small, do the right things.

You asked me about purchasing some sophisticated business tools. The answer is NO. Not now.

This is the time to build your network. Service just two clients a month, but pamper them so they won’t leave. Ask for feedback. Err on the side of over-engagement. Let word of mouth work for you. Paid ads can wait. Delegate tasks (read #1), and follow up regularly. Do not over-capitalize.

Network.

Grow with the right folks. See what others are doing. If you don’t find that crowd in your social circles or in your town, travel. Go to the right places and study their business. Attend trade shows and events, join networking groups, read blogs and books about people who started something similar. Read about how they failed and bounced back. Information is power. 

Find the right people.

Okay, I’m always with you. But I’m biased. You’re my son. Find a good mentor. Bounce off your ideas, and listen to their perspective. A fresh set of eyes can do wonders for how you operate your business. Build your team with talented and driven people who share your vision. Encourage debate and discussion in your team; allow for some professional tension. Yes, of course, it’s your call, but it never hurts to solicit different perspectives.

Offer value.

People don't go to Nordstrom just for the top quality products or the spacious look and feel. The brand has managed to make its customer service, the strongest selling point. People love the 'no questions asked' return policy. Their goal is quite clear - Make customers feel good.

Why should customers come back to you? What can you offer them that your competitor can't? Building a successful business that adds value is a marathon, not a sprint. (At 55, I'm still figuring this out.) 

But you can never go wrong by building something your users love, no matter how much time it takes.

When they actively start talking about it, you’ve done something right. 

Stay healthy.

It’s hard to focus on anything unless your mind is clear. Exercise regularly, meditate, keep in touch with your friends, and with your mom and me. They'll inspire you to keep going, and you can always count on them to give you their honest feedback. All this will help you stay physically, mentally, and spiritually fit.

Give it some time.

I know, I know, this part sounds just like Dad! Nothing happens overnight. It’s going to take some time before you start turning a profit. The true measure of a venture’s success is endurance. You know the famous story: Thomas Edison failed a thousand times for just one successful light bulb.

That’s it for now, son. You’ll try, you’ll fail, you’ll bounce back, and you’ll succeed. As long as you call your mom regularly and don’t screw things up, it’ll all fall in the right place.

But whatever happens, take it in the right stride.

Get a thick skin.

Have realistic expectations. You are starting out on a weird, unpredictable, daunting, but an incredibly wonderful journey. I will be there for you when I can. Godspeed.

Love,

Dad