Two Years Already?! Here is what I've learned...

Wow! How the last two years since I decided to incorporate and take the leap have flown by! It feels like yesterday and a million years ago simultaneously. Any of you with your own businesses can probably relate.

Now, you can watch the nice, neat and tidy video above and get some pretty good tips to apply to your own growing business (and you should - I edited it myself!), but it's not the whole story. There is only SO much you can fit into a six-minute video.

So, here is the supplementary story that may help you go into your venture with eyes wide open:

#1. The Current Success of Truly Social Inc. is 18 Years in the Making

This business is 2 years old and, as my advisors and friends have noted, is growing at an amazing pace. But the reason why it's growing fast is that I've been doing this stuff for 18 years, I've grown several other businesses (some failed, some successful-ish), I've worked with lots of clients and on lots of projects where I've learned what works and what doesn't, I've spent SO many hours doing things that got me nowhere, I've put in time doing stuff I hate at jobs that were terrible so that I learned the basic ropes, I've had to learn to do everything on my own, I've worked many 100+ hour weeks...you name it, I put in the time, sweat and capital to get to the point that I'm making smarter decisions.

#2. Being an Entrepreneur is NOT About Doing What You Love

Sort of related to the previous point, being an entrepreneur is NOT about working for yourself or doing what you love. There is ALWAYS a boss and I promise you that you will be doing more administrative work than you've ever done in your life when you start a business.

As we go into year three, I'm hiring a Director of Strategy to do the very thing that I live for - research and strategy - because I need to spend more time focused on the admin and ops side of the business. The more the business grows, the less I will be able to do what I love to do. Does this break my heart? Absolutely. Am I going to whine about it? No way. I have a new goal. TSI is my retirement plan. ;)

#3. Managing Talent is the Most Challenging thing in the Universe

I know I say this in the video, too, but I want to make this even more clear.

There are several factors at play here. Number one, hiring the wrong people will set you back like nobody's business. Number two, even if you hire the right people, you need to constantly compete for their loyalty (we have created a very sad, disloyal work world) constantly. Number three, when you hire people, you don't only take into account their salary and taxes, but also equipment, software, office space, future benefits, staff incentives, etc etc.

So why grow? Why not stay a consultant? Because you are always just working project to project. Of course, it depends on your goals, but just know that with mo'growth comes mo'problems.

#4. You'll Never Really Sleep Soundly Again

I don't know about other entrepreneurs, but there are so many moving pieces to a growing business that I inevitably wake up in the middle of every night with a jolt, remembering something crucial I forgot to do the day before. When people ask me how things are going, I say that I'm "cautiously optimistic" because I've been through this enough times that I know the smallest detail could unravel everything I've worked hard at building: from a key employee leaving to a client cancelling a significant contract to an unexpected expense.

And don't even think of taking a vacation for the first few years (and by few, I mean 5 or 10). Even if everything goes smoothly, you won't totally relax. At least I can't.

#5. Being a Solo Entrepreneur is Terribly Lonely

I've done partnerships as well as solo ventures like this one and both have their positives and negatives, but the biggest drawback to the Solo-preneur thing (one founder) is that it's very isolating.

I have an amazing spouse who listens and supports like nobody's business, but he can't completely empathize because he has a full-time job where someone else worries about the things I worry about. I'm very open and communicative with my team, but at the end of the day, they are the employees and I am the business owner. Clients should never hear about what's keeping me awake at night, so I am honest with them, but wouldn't cry to them over financial stress. I have a few great advisors and have spoken with a coach, but it's not the same as commiserating with a co-founder.

Just recently, though, I reached out to some fellow business owners locally and am making it my goal to spend more time asking for help and guidance going forward. If you are setting out as a solo-preneur, you should think about setting up this type of network before you feel the burnout coming on.

#6. Timing is Everything

I've been doing research and strategy (online and off) for 18 years and, for the first time in my career, I see the perfect storm of opportunity to service a growing number of mid-size businesses that are motivated to invest in their online presence (further than a website). I haven't one any RFPs or real business development or pitches to date (though I'm sure they are coming!). This means I've found a good product/market fit. Yahoo!

But it is rarely that smooth. No matter which business I’ve launched, which kind of talent is behind it, how much money is raised, how well it’s done, how hard I’ve worked...the most crucial factor of success has always been timing. And being too early to the market is just as bad, btw.

And timing isn’t the only thing that can kill you. A change in political climate. An unforeseen technology. A shift in customer priorities. A bad hire. A bad day. Hell, you can even be 100% perfect and just spin out.

I'm knocking on wood right now ("cautiously optimistic") because I'm only two years in. The future is always uncertain and we need to be ready for it.

...

Wow, okay...so I hope I didn't come across as TOO negative, but I wanted to show the realistic side of things. Yes, we're growing. Yes, it's going well. Yes, this is awesome and I love what we're doing and I see so much great stuff into the future, but for anyone who is out there either in the middle of a frustrating entrepreneurial experience or about to quit their job because they think it's all roses...I wanted to provide a sobering side to this.

Yeah, I’ve gone over some lousy downsides to being an entrepreneur, but anyone who has it in their blood knows that there is nothing else that will truly make you feel alive.

I’ve lived this total battle in my mind all of my life. On one hand, I’ve always wanted the stability and “normalcy” of getting a job. Two years ago, before I started Truly Social, I swore I’d never work for myself again. It was too much work. I didn’t actually get to do the things that I love - research and strategy - and it was too much stress. I wanted to have a job where someone else took care of that stuff and I could be a master strategizer. But you know and I know that no matter what, I would have been miserable. The only time I feel really alive is as a business owner.

Let me know what your experience has been like. And Happy #twolysocial to my little business and team. Here is to 2-5-10-20+ more years!

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Truly Social is a web series that you can share with your boss or client when they’re not really “getting” social. It’s also the name of my company — where we work with clients on helping them develop their own content series.

I’ve been working on this social stuff for over 18 years and I’ve been a participant in the social web since 1992. My videos (usually) come out every week …with ~5 minute “lessons” on what are truly social practices (and what are NOT).