“Your friends are shit. You tell them you made 25 grand last month, they’re not gonna fuckin’ believe you. Fuck them! Fuck ‘em! Parents don’t like the life you lead? ‘Fuck you, Mom and Dad.’ See how it feels when you’re makin’ their fuckin’ Lexus payments.” – Jim Young (Boiler Room)
I hope that first paragraph doesn’t offend anyone but the movie “Boiler Room” actually came out around the time I myself was a trader at Fidelity Investments, I had just passed my Series 7 and Series 63, I was nearly finished with my MBA, and I felt the world was at my fingertips. I wanted to make big money. I read “Rich Dad, Poor Dad” by Robert Kiyosaki, I thought I knew more than anybody else.
Although I’m not sure how I planned to make “big money” working 9-5pm at Fidelity (a great company but also a big one…..one can earn a great living but you’ll probably never be among the uber-rich), that dream ended was I was laid off after 3 years, when the internet bubble burst. At that time I had a decision to make; wait for Fidelity to call me back to work, or work in the field I always wanted to work in. I have always loved languages, had an undergrad degree in Spanish and International Studies, and I had the pleasure of living in Mexico for almost five years. I decided to help start a very small translation/interpreting business. That decision was made over 10 years ago, and the rest is history. I love what I do and wouldn’t change it for the world.
There are a few things I would like to tell my 22 year old former self, although she probably wouldn’t listen, the first being that it “isn’t about the money.” I don’t do what I do every day for a giant paycheck or a brass ring waiting for me. I love working for a small business, where I can see the fruits of my labor, my ideas are heard and implemented, I often work one on one with people, and what I do makes a difference. Now my small company employs quite a few people, others depend on us. It’s a big responsibility. At Fidelity I was one of many, a number, but, at Global to Local, my decisions mean something; each interpreter and translator represents a family that needs to eat. Each interpreting appointment represents a person that doesn’t speak English and often needs medical or legal attention.
Another thing I didn’t know ten years ago (or wouldn’t accept) is that you have to start small. We all know of a company or a product that became an overnight success, it is like an urban myth. It happens, but not often, it’s like winning the lottery. Most companies are like plants, they need watering and weeding and pruning, and they always start small. Like many people, I am an all or nothing person, but I worked a part time job while Global to Local got moving. I could see the potential, and I was willing to take the risk, but I had to work on the side before the budding business could pay my bills.
Some of being an entrepreneur is luck, being in the right place at the right time. Business schools and business development people can teach you strategy and planning all day long, but there is something magical that takes place when you commit yourself fully to something. Things fall into place and, if they do not, you may need to re-examine your options. There is a Buddhist saying that I live by, “at the moment of commitment, the universe conspires to assist you.” Powerful!!
In addition, don’t look outside of yourself for the answers. I have fallen into the trap of consulting experts and gurus, meeting with person after person. If you ask long enough, you will get a completely opposite opinion on any particular subject, it can drive you mad. My advice is to take in all the information you can, then go with your gut. What really sounds like the right thing to do? Don’t automatically look to outside resources, and don’t follow the crowd. Try to solve your own problems and you start to get better at it.
Similar to this conclusion is my hesitation to partner with people. In working with several small businesses, most partners complain about their partners. Don’t be afraid to go at it alone if that is where you are pointed. I hate spending hours negotiating and discussing an issue, which is often a lot of talk and no action. At some point someone has to make decisions, and it might as well be you; better that way than to have to live with a bad decision someone else made, a decision that you went along with. It is also difficult to have to worry about someone else’s feelings and ego, it slows you down, and it complicates the process. Decide early on if you want a partner or not; even in fundraising, a venture capitalist will be happy to fund you, but they will likely want a part of your business. Is that really how you want to proceed?
Going back to the commitment, if you feel that are right where you are supposed to be, doing what you are supposed to be doing, then accept your fate. Make your mistakes, learn from them, dust yourself off, and keep on walking down the road. It is also said that we are here on earth to learn the lessons we need to learn; if that is your ultimate goal, rather than money or fame, then you cannot fail. Shift your perspective a little, and, if you are putting your best efforts forward, you will be successful.
Good luck and enjoy the ride!
What would you say to your 22 year old self, looking back? Hearing advice from other small business owners is always helpful, is there any advice you can add? Please do not hesitate, we take all comments to heart and would love to hear about your own experience……
-GB