I was having chatting with someone at a London Business School Entrepreneurial Leadership event recently and I was asked the question: was my last entrepreneurial experience so bad that I waited over 10 years to try it again?
I had learned some expensive lessons:
- look with your eyes, not your wishes – just because you want it does not mean the competition will let you have it;
- there is a fine line between confidence and arrogance – straying too far from that line can come back to haunt you;
- be careful of who you take money from;and at what price – desperation to do the deal can cloud judgement;
- don’t overpay for rent/overheads, no matter what your projections say. the more money you save, the more staying power you have;
- pick who you hire carefully, and act quickly when you find you made a mistake but make sure you follow the labour laws;
- trust your instincts – investors, partners, suppliers, staff will pull you in different directions;
- if you can’t communicate effectively with your team, third parties can warp your message quite quickly; and
- if you have more fun building than managing, make sure you have the right partners.
I actually enjoyed the professional world more, upon my return from venturing. Dealing with corporates, bankers and policy makers was far more stimulating than a service sector start-up. The next decade passed quickly in a blur of privatisations, mergers, joint ventures, oil financings, turnarounds, toll roads and pension fund pitches. As time progressed, I started looking for more complicated deals. While a deal had to make us money, it also had to interest me – I had to connect with something, either the people or the sector or the challenge. The feeling one gets when a turnaround is complete, or a difficult deal consummated is addictive. But, as we progress, I believe, so do our needs. And my need to spend more time in creative pursuits was growing daily. It was a matter of time before the catalyst came along. And it did, in a big way.