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A Central Tension in Any Entrepreneurial Venture: Marrying Your Business But Also Keeping a Safe Distance

April 6th, 2007 @ 9:08 pm

1 Comment

Categories: General, Strategy, Wisdom

Tags: Venture, Entrepreneurial, Ben Casnocha

Continuing my riff on the role of passion in decision making, here's a central tension in any entrepreneurial venture you don't hear talked about much:

It demands complete emotional committment to be successful, but you're also told not to have your self-esteem / self-worth too invested in the success or failure of any venture because, after all, many key factors are outside of your control.

In other words, pour your life into the venture, but don't take it too personally if things don't work out.

While we read many stories of successful serial entrepreneurs, or entrepreneurs who've had successes and failures intertwined, we don't read much about folks who failed, failed, failed, and then succeeded. I'd love to read their stories and learn about how they at once married their early businesses but also kept a safe distance, how they at once maintained self-confidence while also welcoming the excellent motivator that is fear of failure.

 
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    dennyselectric@...

    04/26/07 | Report as spam

    Have A Purpose

    When I bought this company, I had been managing it for several years and I poured everything into it. My family is full of business owners/starters who were fanatical about their businesses. It came naturally for me. What didn't come naturally was the idea that I, as a person, may be more than my business. That my relationships may be more than my business and that my future may be more than my business. Don't get me wrong, I love starting businesses. I added a new division last year that will increase by 50% this year. I am investigating another for summer of 2008.
    I am guided by two principles: one, the business exists to serve me and my employees. Two, I am in the business of training, mentoring my managers, one of whom will likely replace me in the future as CEO.
    You might say, So what? By being faithful to these ideas, I take every Tuesday off to be with my wife (yes, I work 4 days a week) and we can leave for a couple weeks at a time and not have our guts in a knot while we're gone.
    Keeping your business at a safe distance is really about being clear about its purpose and your purpose.
    James

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