23 Lessons from 23 Years in Business
Manage episode 435059860 series 3555553
I officially started my business 23 years ago — the morning of September 11, 2001.
Of course, history and our lives changed forever that day. It was certainly a challenging start for the business, but challenges have been a constant companion throughout my journey.
Today, I’m known as the guy who started a business from one dollar and scaled it to mid-market size without partners or investors. I bootstrapped it so that it could truly be my company. I’ve guided my business through thick and thin, through four recessions, 9/11, a pandemic, a fire, and even a flood (my building caught fire during the Super Bowl in the early 2010s). Through it all, we’ve adapted and evolved, always focusing on human resources, always maintaining a consultative approach, and always prioritizing culture.
Over the years, I’ve learned countless lessons, personally and professionally. Here are the 23 that stand out most as I reflect on 23 years in business:
- Challenges are workout sessions: Entrepreneurs face challenges every day. These aren’t just obstacles; they’re opportunities to grow, get better, and solve problems.
- The path and the goal are separate: Goals will change as you evolve, and that’s okay. You derive the most value along the way, as long as you stay true to yourself and know your values.
- Play the long game: Business is an ultramarathon, not a sprint. Good things and bad things will happen along the way. Keep your eye on the prize.
- Build your support system: Starting a business requires a strong support system. My wife and extended family of entrepreneurs supported me while knowing I had to learn on my own, even if it hurt.
- Leverage change: Change is one of your most important assets. Markets, situations, customers, employees — everything changes. Embrace it.
- Understand the phases of business: If you’re blessed to make it through the first few years, you’ll go through distinct phases — finding your market, building a small team, creating your first management team, and scaling processes and technology. Understanding this complexity and how you communicate as a business matters.
- Accept team evolution: The people who join you early for the entrepreneurial experience may be replaced as you grow with those who seek stability and scale.
- Be willing to work for free: Starting a business is hard. Be prepared to work for free to prove your idea. I did this for many months.
- Scaling is about small experiments: Scaling a business is a series of small experiments. Try things, learn, and either fail or succeed quickly, then repeat.
- Build a caring culture: I learned that I could build a culture where people truly care about each other and our community. Today, my business’ culture is the most important element to our success. Cue lesson #11.
- Culture matters as much as strategy: Culture really does matter. A good strategy will only get you so far if you don’t have a strong culture to back it up.
To get the rest of the list click here.
Thank you to everyone who has been a part of the Placers, Opposite the Crowd, or Outside Insights community these past 23 years. Your support has been invaluable.
Cheers,
Chris
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