Entrepreneurial Expectation vs. Reality

You have this amazing idea, that’s going to change the world forever. Or you don’t have an idea yet, but you know you’re going to be an entrepreneur and make buckets of money. Funny how the mind plays trick, and lets ambition and hope take over to make it appear as though you’re destined for greatness. While this may be true – it’s not going to happen immediately. Expectation and Reality are very different things.

expectation vs reality, expectation

Expectation

You’re going to solve all the worlds problems with your new app or idea. And / or you’re going to be an instant billionaire. All of these thoughts will pass through your mind if you have the entrepreneurial spirit that seems to be going around these days. We’re all entrepreneurs in some way, shape or form. We’re all owners of Me Inc.

With any new venture you will always see the end of the road – whether it’s an awesome house, fancy cars or whatever you’re dream future may be. You rarely look around the corner, and she the other side – bankruptcy, lay-offs, creditors, etc… It’s always good to have the positive in mind, but you cannot forget about the bumpy road to get you there. Plus, if you have the blinders on and all you’re doing it for are things that can be purchased with money – stop doing what you’re doing. I know of countless people who make upwards of 400k a year. A rough estimate would put about 80% of those people living what they would call a miserable life.

Your mind has been altered to show you all of the positive entrepreneurial experiences. You think Steve Jobs, Mark Zuckerberg and so on, while forgetting about the long road it took them to get to where they were / are. Not to mention – not everyone receives the accolades or the successes of those two. For every Zuck – there are 1,000,000 middle class entrepreneur’s duking it out in the trenches.

It’s like when you meet THAT girl or guy, and you have all these dreams of love, and happiness, only to have reality kick you in the ass…HARD! This is one of my favourite scenes showcasing Expectation vs. Reality in the real world. It’s great to visualize success, but you must not forget about the Reality lurking around the corner.

Reality

The stats are floating around everywhere. Only 20% of new businesses will make it past year 2. One out of 10 startups will eventually turn into something. Every time your entrepreneurial spirit kicks in, please keep this in mind. It’s going to be an extremely tough road ahead, and there’s a good chance you won’t make it. However, you MUST try.

My wife and I had these HUGE ideas of how successful our online dress shop Ever Rose was / is going to be. It’s getting there, but not as quickly as her or I wanted. When we started – expectation took over. And we’ve been hit with a firm dose of reality time-and-time again. You learn from this, and carry on. We understand it’s a marathon, and success isn’t going to be given just because we built something. We appreciate all the little moments of success, like a positive review, a new order or getting the chance to make someone’s day.

We celebrate the small wins, knowing the BIG wins will come. We keep working at it every day. Yes, our social lives have taken a hit, and we’ve taken on some debt, but we’re trying. Trying to create jobs, and create what we feel is the right and honest way to go about business in the very crazy world of e-commerce. Win or Lose we’re trying.

You have to take the positive with the negative. You’re a fool to think you can get into a boxing ring with the expectation of not getting hit or hurt by your opponent. The lumps and bruises will come. It’s surviving these ups-and-downs that make you an entrepreneur. It’s getting up every morning, on little to no sleep to do what you want to do. Not what someone else expects you to do. It’s building, creating, and providing value to those around you.

Set your expectations high, but never forget that reality will always kick you in the ass.

Love you,

Jordan ‘The Guy with the Bow Tie’ Rycroft

Lessons From My Father

I’ve never met my biological father. He left my Mom before I was born, and has since started his own family. The man who I call Dad took me in as his own when I was 5. I have so much respect for someone who can love and care for someone who isn’t his own blood. He’s the man I’m proud to call my Father this Father’s Day. Here’s what he taught me, and what you can learn from it when it comes to life and business.

Dad at my wedding

Patience

It took my Dad many years to find my Mom, but when he did, that was it. He was patient knowing the right one was going to come along whether or not she had a child. He also understood it was going to take some time to really love the child that wasn’t truly his. His patience paid off on both counts. I like to think I turned out okay, and my Mom and Dad went on to have my brother, who I’m so proud to call my brother.

My Dad also owns a small business. It was an upholstery business out of his garage – as he needed to work a regular 9-5 to pay the bills while he toiled on evenings and weekends in the garage doing what he was meant to do. His first customers were family and friends who referred others to him. It took him 10-years to move from the garage to an actual store front. He understood success, and income wasn’t going to come for some time, and his patience paid off.

During this time he taught me so much about life, and business. I didn’t know it yet, but during this period of seeing my Dad’s success, and failures in business – he ignited my inner entrepreneur. I owe my life, and my business life to him. Although now they’re one in the same. My life is my business. And my business is my life.

Do you expect success to come right away? Do you understand it may take some time to bear the fruits of your labour?

Seeds do not become edible crops overnight. It takes month’s of love. How much love, and patience are you devoting to your business? To your life?

Care

Labour of love is a cliché for a reason. It takes time and dedication to put in an effort without immediate gratification. I’ve been writing this blog for over 2-years now. It took me 6-months to get a paying client. My intention when I first started was never to make money, it was to provide value to those who are in the same situation I’m in. Turns out – they’re many entrepreneurs or soon-to-be business owners that connected with what I wrote, and continue to write about.

My Dad devoted his life to his business, and his family. When his business suffered, so did the family, and when the time came – he chose his family over his business. He shut his doors, and went back to working a 9-5 while dabbling in his own business on evenings, and weekends. His families well being took precedence over his business. His love for his family was stronger than that of his business. It’s an interesting cross roads you’ll be faced with. What’s more important? Are you able to intertwine business and family? I don’t have answers to these, but you’ll know what to do when the time comes.

Being self-aware

This is HUGE in today’s environment. The lines are blurred between who we really are, and who we present ourselves to be through social channels. In the age of selfies, and posting pictures ad nauseam to networks who then sell our personal information – do you become less aware of who you are?

My Dad has no apologies on who he is, or what he believes. He’s as far right-wing as you can be. To the point where it makes most people uncomfortable. I don’t mind it because he’s been that way for as long as I’ve know him. I may not agree with him, but I appreciate that he’s willing to be himself. He’s extremely intelligent, but will never put anyone down for being lower on the totem pole than he is. He has a bit of an ego, but he’s always willing to check his ego to do what’s best for his family. He understands how he is viewed by other people. Do you? Do you pretend to be someone else at your 9-5 only to change when you come home? Is your business self different than your home self? If so, which ‘self’ are you lying to?

Call up your Dad – tell him you love him, and take time to reflect on what he’s taught you – good and bad.

Happy Father’s Day,

Jordan ‘The Guy with the Bow Tie’ Rycroft

The Journey of the Do – Stage 2 – Testing and Research

BUILD IT THEY WILL COME!

Not any more fine sir. The market place is packed with competitors, similar ideas, huge corporations fighting over 1% of market share, and there you are…the little guy. How in the hell do you know an idea is going to work? Well, this week I’ll show you a couple steps that can lead you on your way to building a successful business (keep in mind my wife, and I are doing an online biz) without spending a ton of money on marketing, etc…

Your idea at work

You have this idea, and you’ve played over the scenario in your head a million times on how it can work, and some of the road blocks. The good thing is – YOU ACTUALLY DECIDED TO ACT ON THE IDEA. That’s the biggest step. Now, we get into the fun stuff to test your hypothesis. In my case – an online fashion store for Canadians, and Canadians only.

First – we did a bit of research through family and friends. You can sign up for a free trial with Survey Monkey. Or choose another online survey program. We just happened to land on Survey Monkey as we used it in the past for a couple other ventures.

My wife compiled a few different surveys where we took the product we planned on selling and asked questions like: On a scale of 1-10 how much do you like this shirt, how much would you be willing to spend on said dress, etc… This is a great way to test your hypothesis while getting some interesting insights.

You have to take everything with a grain of salt, and don’t let the survey results sway your direction too much. It’s one thing for people to tell you how much they THINK they would pay, and it’s a whole other matter when it comes to actually opening their wallets.

The biggest thing you can take from these results is copy. The people we surveyed opened our eyes a bit on what makes people tick. We dove into the psychology of what makes people buy, and what doesn’t. Therefore, when we launch we will use the exact words we received from potential customers in our survey. For example – we had a few responses that said, “I would wear this dress for this (event)” BAM! That’s going to be in our copy when describing the dress online. If one person feels it, someone else probably does too.

You can get too much inside your own head when it comes to launching a biz, so get some outside perspective, and doing surveys will help.

John Deere, tractor

Testing out the latest John Deere because I’m a man, and that’s what men do…

Checking out your competitors

There are a couple trains of thought when it comes to this. My wife is a heavy user of a couple of our soon to be competitors. Therefore, she knows what she likes, and doesn’t like about these services, and that’s how we found our niche. We analysed the competition from their aesthetic, their customer service (we’ve called them on many occasions), and even the colours they use in the logo. As you can tell – we’re big on researching our competitors.

On the flip side – I’ve seen successful business owners who don’t care what their competitors are doing. They just go about their business, and it seems to work for them.

Me – I suggest doing a bit of research on what your potential customers are doing. On top of that – you can also do a bit of research on a company or two that you admire. They may or may not be your competition, but you could pull some valuable insight from them. Example – we like the shipping model of a certain company that has nothing to do with our line of work, so we’re going to try and replicate it to see if it works in our field.

Never stop testing 

The BIGGEST thing to keep in mind when it comes to starting up your own biz – online or not – is to NEVER STOP TESTING. Consumer habits change, the economy changes, the weather changes, prices change, and everything happens at different times. Everything is changing, so that’s why it’s sooo important to keep on studying your customer, and getting their feedback. By doing this, you may be able to sense a change in the market before it actually happens. When I was doing some Real Estate consulting, I was able to key in on a trend from the latest generation of home buyers (I just happened to be one of them) that helped one of the agents I was working with.

We saw a dramatic shift (in a certain market) from personality driven agents to knowledgeable agents. In this market – the newest generation of home buyers didn’t care that much about connecting with their agent. They wanted someone who knew a ton about the market they were in. In this case, we flipped from personality driven marketing to a giving away free market information online through a blog. This was close to 10 years ago before blogging really exploded. Now, pretty much every Realtor has a blog speaking to their market knowledge. My client, and I were on this before it was cool because we constantly tested, and researched the market. The best part – we pretty much did this testing for free, and you have the same capability with the tech available to you.

Next week – banking and the product. Until then…

Love you,

Jordan ‘The Guy with the Bow Tie’ Rycroft

Ps. So far we’ve spent under $1000 from the Articles of Incorporation, to securing the domain name, to our physical e-commerce store / website.