• Pingback: Tweets that mention Rise and fall: Three Lessons for Entrepreneurs -- Topsy.com()

  • http://www.friendlydingo.com Ryan

    I’m not sure if the author will be around to answer comments…but what are your feelings on people already in relationships starting businesses together? Naturally it can also go sour, and often does. However anecdotally my parents have run a company together for the last 14 years and made it work pretty well. I think a large part of their success is due to them learning how to separate their work lives from their personal lives, even though they work together. For instance they often go out together and set a ground rule of “no talking about work”. That way if they had a disagreement in the “office”(aka basement) it doesn’t flow into their marriage.

    • http://feeds.feedburner.com/printfectionblog Casey Schorr

      Ryan, I think it depends. My parents have also been running a business together for the last 20 years. It’s a small residential remodeling company. However, a small, family-run business might differ from a high-growth technology company. I know the way they look at their business and their aspirations for growth are much different than how I look at my business. But then again, there are tech companies founded by couples. I don’t think there is any one rule which guarantees success. There’s always someone who’s broke “the rule” and been wildly successful.

    • http://blog.printfection.com Casey Schorr

      Ryan, my parents have also been working together for 20 years on their business– a small residential remodeling company. However, I’m not sure if there’s a difference between a small “mom & pop” style business vs. a high-growth technology company? I know the way I look at my business is much different than how they look at theirs. I want higher growth, higher $$ sales, etc. However, with any rule there’s always an example of someone who’s broken the rule and ended up wildly successful. There really aren’t any hard rules to business in my opinion.

      • http://www.friendlydingo.com Ryan

        Good point. My parents are also more “mom & pop”(ironic?) with their business. No intentions of growing nor are they in a high growth industry. I suppose this is probably an exception to #3.

  • http://blog.esimplestudios.com Gabriele Maidecchi

    Very valuable tips, I especially approve #3, I have personal experiences of people mixing pleasure with business with results often destructive.
    The worse part of it, it’s not a slow, predictable route, it all comes down at some point, all of a sudden, when you least expect it.

    • http://www.walkercorporatelaw.com Scott Edward Walker

      Agreed Gabriele – “all of a sudden, when you least expect it”

  • http://blog.printfection.com Casey Schorr

    I keep coming back to my rule of thumb: it takes 10 years to become an “overnight success”. When you take out the outliers, most successful people I admire have been at it for 10+ years. This helps me remain patient. Thanks for the wonderful article, reaffirming many of my beliefs, especially #1.

    • http://www.walkercorporatelaw.com Scott Edward Walker

      Thanks Casey. Yes, patience is key.

  • http://www.michaelgugel.com Michael Gugel

    You stuck to 3 main points, just how James Chartrand over at CopyBlogger recommended in today’s post :)

    • http://www.walkercorporatelaw.com Scott Edward Walker

      Excellent – thx

  • http://www.dochstader.com mark dochstader

    This post is well constructed, but it just doesn’t ring true to me.
    #1 work hard – we love to hear this because it provides a morally superior blue-print for success: plug away as a hard-working barber and you’ll retire a millionaire. Sure, this is a good way to live your life, but it’s pretty thin as entrepreneurial advice.
    #2 build strong relationships with key people – OK, I agree that it’s ultimately a relationship game, but what’s a key relationship? If I’m pushing a revolutionary mind-shift, that “key” contact is probably the wrong person. How can I identify the key person without the power of hindsight?
    #3 don’t mix business and pleasure – there are lots of people playing this game precisely for the pleasure. Joel Spolsky set out to create the type of company where he would want to spend his time; I hope he finds it pleasurable. If the author means “don’t destroy all your gains with stupid decisions” that’s fine, but it has nothing to do with pleasure. My success is to enjoy myself so much that traditional measures of success are irrelevant. Those Romans had a pretty good run with a pleasure-centric strategy too.

    I look around and see lots of (1) hard-working (2) relationship builders who (3) separate their work from the pleasure – they’re all solid, 9-5 employees. Maybe there are no successful, lazy introverts, but if you could do it that way doesn’t it sound like more fun?

    • http://www.walkercorporatelaw.com Scott Edward Walker

      Mark – Sorry my post “doesn’t ring true” to you. First, I frankly haven’t met a “hard-working” 9-5 guy. Indeed, I think you’re missing my point. There are a lot of dreamers and talkers who simply aren’t willing to work 16+ hours/day for seven years; and that’s what it generally takes to succeed.

      You need to figure out “key relationships” that will work for you. Maybe it’s an investor in your space; maybe it’s a talented hacker; maybe it’s a future customer.

      Finally, “don’t mix business with pleasure” is referring specifically to sleeping (and/or having relationships) with your employees. Surprised you would argue with that one as well.

      Good luck, bro.

      • A-ron

        Maybe #4 could be “don’t get offended when someone challenges your ethos or your way of thinking about and doing things.”

        I guess I missed the part where your dad sleeping with then marrying (stupid) an employee = his failure. Guys get in trouble when they fixate on some chic (i.e. do stupid things to get a woman’s attention in the ever increasing sterile work environment), not when they bone a few here and there (mostly).

  • Pingback: Rise and Fall: Three Lessons for Entrepreneurs | Texas Entrepreneur Networks()

  • http://www.johnstonsearch.com/blog Brian Kevin Johnston

    Great Article… Must have been painful to relive this, however sharing the story make you “real”, and quite honestly it is touching… The “poor” mindset was still present, when your father fell for huckster!

    • http://www.walkercorporatelaw.com Scott Edward Walker

      Thank you. Yes, it was painful to relive, particularly in light of the fact that my mother was so deeply hurt and recently passed away.

      • http://nabillionaire.se Nabil

        Ouch. That doesn’t sound good at all. I’m terribly sorry.

  • Pingback: Erfolg kommt nicht über Nacht | Markenrauschen()

  • http://www.miconcept.de Sebastian

    very valuable tipps. i agree 100% with lesson #1. seems like all the twitter and facebook stories let people think that there is a shortcut to success.

  • http://benhebert.com Ben Hebert

    Couldn’t agree with this post more. All of the lessons are true and you did a really good job of including examples ie Mark Cuban saying he didn’t take a vacation for 7 years.

    Sure there’s a lot of glory in entrepreneurship and nice stories like the Facebook movie, but people need to understand that this business / lifestyle is an absolute grind.

    Something that I would have included is that, before you start a business get a degree & some experience. Your start-up isn’t going to go huge like facebook and you need a fall back plan.

    Looking forward to following this blog now.

    Ben

  • http://www.RentalHawk.com Robert

    Great article. Thanks so much.

    • http://makingmoneyexpo.com Joey

      I always fail at the being patient part. Thanks for the post.

  • http://www.lifestylentrepreneurs.com Jeff

    I’m sure your father’s work ethic puts alot of us to shame. I was also shocked to hear on TWIST about the hours Seth Priebatsch puts in at SCVNGR. You definitely motivated me to step up my game.

  • http://ezinearticles.com/?London-Stock-Market-Investing:-Understanding-Basics-to-Investing&id=5410258 suh

    i completly agree with lesson no.2, building relationships is the key, it was einstein that said what ever you want to be succesfull in you must hang around with successfull people in that field.

    you need relationships and center yourself as a key person of influence in your field

  • Anonymous

    excellent post to remind us all and reinforce what seems common sense, but it appears to have been forgotten in today’s world.

    i would just add to work smart as well in addition to working hard. patience goes without saying, as anything worthwhile takes time to develop and manifest

    as far as networking, it is STILL the most underestimated and undervalued aspect of our lives. human beings are social beings, but despite then, it’s surprising to see so many fail at this.

    • http://www.dubai-information-site.com Sunil from The Extra Money Blog

      excellent post to remind us all and reinforce what seems common sense, but it appears to have been forgotten in today’s world.

      i would just add to work smart as well in addition to working hard. patience goes without saying, as anything worthwhile takes time to develop and manifest

      as far as networking, it is STILL the most underestimated and undervalued aspect of our lives. human beings are social beings, but despite then, it’s surprising to see so many fail at this.

      as for mixing business and pleasure, this is inevitable and we will continue to see this. i agree with the results, but i don’t think there is a solution to this. human tendencies i tell ya

Back to top
mobile desktop