Having The Right Mindset To Start A Business
When it comes to starting a business, having the right mind set may be as important as having that initial capital. We caught up with several entrepreneurs at this year’s Northside Festival during their talk on “How to Beat the Financial Challenge of Entrepreneurship.” They shared with us some financial struggles they faced while starting their business as well as words of wisdom to remember when facing adversity.
All of these entrepreneurs agreed the most important factor is that you have to get started. “I got the fundamental belief that there is not a good time to start a business, so I have a ton of debt. But I had an idea that we really wanted to pursue, so we went for it,” said Ryan Wilson, CEO and Co-Founder of The Gathering Spot. He adds, “Get out of the mindset that ‘oh I would do this thing if I had like $10,000’ and just figure out a way to make whatever that thing is exist in some form or fashion….You’ll figure out a way to do it, if you just get rid of the ‘that wall that is in front of you’.” Jessica Postiglione, Founder of Perkins and Perkins, agrees, “I think you can get in your mind and convince yourself, ‘oh this won’t work; oh, this already exist in the market [place]; I don’t know who I should partner with’.” She says, “I think it is just get out there and just start talking to people. You never know who you could meet and who could spark your curiosity.”
Apart from getting started, Daniel Tewfik of Sumu points out that sacrifice is a necessity. He notes you must be all in. The Co-founder of Sumu, literally gave up his home to start his business. “You got to do whatever it takes…I’m Airbnb-ing my apartment and sleeping on my Co-Founders couch…[to] make a little bit of money there, just so that we can have a little extra cash on the side.” Likewise Ryan Wilson had to put a wedding on hold, “I’m getting married in September, and I was supposed to be getting married this last past April…. starting a company takes tremendous sacrifice. Jessica Postiglione specifies that it’s all about mindset and a lifestyle choice. “I will say it is a mindset. Everything that I do…is to be putting it back into the company. It just permeates your life I think you just have to have that passion to say my business comes firsts,” she says. Continuing on, she emphasizes, “You’ve got to love your product. You are the advocate. You are the brand ambassador and if you don’t love it, it will show.”
Turning an idea into a viable business is never easy, especially when it comes to raising money and landing investors. Daniel Tewfik points out that it’s not impossible as long as you have a good idea. “The reality of the situation is that people want to invest in a good idea,” he remarks. He then confirms, “You should show that there is an actual problem to be solved and that you can’t reach the goals…without money.” Ryan Wilson also says, “I think far too often people have an idea and haven’t made the sacrifice necessary to get any sort of investment, because they are just not ‘all in’ themselves yet.” Jessica Postiglione also endorses the importance of passion. “I care about the dollars you’re going to put into this company as if they are my own.” As for seeking investments from family and friends, Tewfik admits, “It’s not a handout if you treat it like an actual business transaction too.”
Facing failure and obstacles is an eventual part of every entrepreneur’s journey. However, Jessica Postiglione clarifies that failure is not a bad thing. “I will say this; you fail you learn a lot even if you take on something and it doesn’t work out…that is invaluable experience you have for the next thing,” she relates. She also admits it’s important how you approach a difficult situation and obstacles. “The more you can come at it and be more realistic and just say ‘we don’t know’, but ‘here is our strategies on how to address that,’ ‘these are our plan A, our plan B, our plan Z’ if this doesn’t work out.” Ryan Wilson adds, “It’s all about tremendous risk and a lot of it you can control by just coaching yourself through and not letting those road blocks defeat you.” Daniel Tewfik echoes the same sentiments, “People want to be helpful everyone wants to be helpful, so lying to yourself or to your investors…it’s not helpful for anyone.” Postiglione informs it’s okay to ask for help too, “be okay with saying…sometime you don’t know what you are doing, and its okay to say that, and ask for help from other people. Wilson concludes by saying, “there is no one more capable than you to start your business [so] just do it!”
-Melissa Unger
