entrepreneurship

Can too much determination be fatal for an entrepreneur?

Posted on by Carlota @BeConnections

Personal sacrifice comes with the label entrepreneurship. As one, I tend to put many aspects of my life behind BeConnections. I call it determination, but could an overdose of this be cancerous?

I had a meeting on Sunday in Manhattan and decided to come into the city a day early to see my friends from college. We dined at a Mexican restaurant in the West Village and reminisced on our years at American University in Washington D.C. It had been 7 years since our graduation day and our first expression lines around the corners of our eyes revealed signs of hard work and luckily for all of us, of professional progress since then, too.

“It’s easy to forget how far we’ve come” — Beth Orten

Financial district, NYC

Financial district, NYC

My closest friend that evening is pursuing a Master’s Degree in Public Health at Colombia University. The next two years will tell a story of determination and sacrifice. Her sacrifice during this time is nearly mathematical.

After two years of hard work and perseverance, she will receive a Master’s degree from a leading University in the US. That diploma will lead to a wealth of opportunities, which in turn will be attached to a monetary compensation. And rightly so. She will have earned it, for that diploma represents an investment made into her education.

Education is a safe bet… but is entrepreneurship?

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As my friends and I were catching up, I was also receiving a thread of messages from a fellow entrepreneur in Boston who was going through a very difficult moment in his life.

This friend of mine is in his mid 50s and he had, also, made a bet.

He had bet his house. He had bet his family. He had bet his life… on an investment that, unlike education, is far from safe. This bet was on his startup and he was all in.

Which brings me to the point of this post. Can too much determination be fatal?

“Where the story ends depends on how far we go” — Beth Orten

Passion and determination are fundamental elements for every startup, and a founder without those two elements will, ultimately, fail. However, too much of anything is called an overdose and that can be fatal if not reversed.

“I wonder where these dreams go when the world gets in your way” — The Goo Goo Dalls

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Pitching BeConnections to a crowd of 200 people on Dat Venture’s Demo Day. Boston, 2015

For that reason, I’ve added an additional element to my equation, which is pragmatism. The ability to take a step back and make rational choices will mark the difference between a founder who runs her startup and a startup that runs a founder’s life.

Which scenario do you prefer?

BeConnections is a virtual networking bridge between companies in emerging and developed markets, which is currently being used by companies in 40 countries and 25 major industries to discover and connect to new leads and partnerships around the world.

Founder Carlota Pico is currently in Boston launching the network in the US via Massachusetts. She is working closely with private and public agencies to provide local companies with a hub online to meet and connect on in real-time. Her long term vision is for BeConnections to be a source of greater deal flow and partnership opportunities across borders and industries. To be part of this mission, join  www.beconnections.com — it’s free!

When “Conquer the World” is on your To Do list…

Posted on by haileyw2015

Today I had a great question from a fellow entrepreneur: with a million things to do, and many of the items being “get users”, “get investment”, or essentially “conquer the world, and when the tasks are so broad and the mandate so big, how do you actually get things done?

Well, good question friend. It isn’t easy to prioritize and get everything done. Carly and I both have tons of work on our plates at all times and the work is never-ending. Essentially all startups want to be successful and having your biggest dreams on your to do list I have found is not helpful, but actually counter productive. I have to break it down for myself so that I can act on those ideas. If not, I would just get overwhelmed and nothing gets done.

One thing that has really worked for me are simple to do lists. Another thing is thinking logically–as in 1, 2, 3, 4, etc.–of how to acquire customers, and what I need to do today and then this week or month to get that done. Next is keeping the communication open with Carly. We have meetings to talk about our goals and then processes on how to reach them for that day, week and month. It often changes, but this gives us a direction and helps us hold each other accountable, or pick up the slack if something happens in between.

I also bought myself a nice Moleskine notebook today. I know they’re ridiculously expensive for what they are (and on a startup budget it was a splurge!) but I saw it as an investment into what I needed to do to keep on track. I had a free notebook from my boyfriend but the paper covers tore easily and I ended up with a mess I was too embarrassed to use at meetings. This way I can look, and actually be, organized!

So step one? Cross out that big conquer the world crap.

Expectations

Posted on by haileyw2015

As entrepreneurs, we are dreamers. We dream everyday and all day about our projects. We spend endless nights worrying, thinking (sometimes overthinking), and planning.

In most cases, our expectations are high, which means a mixed of emotions that affect us personally and professionally. Because if we didn’t expect anything, then we wouldn’t defend our projects time after time, against our family, our friends, a long line of investors, and the occasional hater.

But what happens when our expectations get washed onshore like rubbish on a beach?

That is exactly how we felt on Wednesday,  like empty coke bottles and ripped plastic bags on an impeccable kilometer long white sand beach. Gross, right?

Let me explain. Hailey and I had been floating on cloud nine the past months thinking that our chances to get into The Next Step Challenge were high. I imagined myself living in a bubble in Denmark and soaking in the advice from the most talented entrepreneurs and investors in Europe, and Hailey had already discussed with her boyfriend that she could be away for a few months.

Dreams. Expectations.

After all we had past all the rounds, and when interviewed over the phone had been told that BeConnections was amazing, which we agree, we are amazing.

So what happened? Please feel free to ask the program because we have no idea. I received the typical rejection letter from their manager regretting to inform us that we had not been selected, but that they wanted to keep an eye on us the next 10 months in case we go viral. Upset? No I was beyond that stage. What a weak deal. Rejection is part of life, but we would have appreciated a tailored response.

Of course, I emailed the organizers back, and asked why. Fellow entrepreneurs, that three letter question is so powerful and barely used in our industry. Don’t be afraid to use it, entrepreneurship is a constant learning curve.

To our dismay, we haven’t received a response yet from the program, except for the typical excuse in the letter that BeConnections wasn’t big enough yet. Thanks for that obvious point, we’re a startup and that’s why we wanted to be part of your program. I thought that was the point of an accelerator… “To accelerate.”

Regardless, not to worry fellow readers, it’s not over until the fat lady sings and Hailey and I aren’t even close.