When I started CCAW, there was no team. It was just me. The solo years were rough. It was during the housing crisis, so I did what I had to do to keep things going. Having lived the experience of being a bootstrapping solo founder, I don’t recommend it. Venture capitalists and early-stage investors prefer to invest in founding teams—for good reason. I learned why the hard way.

It’s understood and accepted that start-ups won’t be great at everything. They don’t have the resources or experience yet. But if a start-up is terrible at something critical, it can be the kiss of death. You could be great at making a product or offering a service that solves a pressing need. But if you’re no good at making people aware it exists, you won’t be around long.

In my opinion, the key to early success is a complementary team that makes your company good enough at critical things to survive. We all have our strengths and weaknesses. There are areas where we come up short, and that’s OK. A complementary team—one with diverse talents—balances and mitigates individual weaknesses. Your company is less likely to fail if it doesn’t lack essential expertise.

At CCAW, I spent a lot of time trying to get up to speed in areas where I was weak. I became decent in some of them, but it took a ridiculous amount of time and the end product usually wasn’t spectacular. The result was high stress and slower progress than I envisioned. When I added high-level thinkers a few years later who complemented me, our growth accelerated and we eventually achieved eight-figure revenue and were profitable.

When I speak with solo founders, I always share my experience so they don’t have to learn the hard way like I did. Teamwork is dream work!

How has embracing teams helped you succeed?

Today I met with an entrepreneur who’s preparing to solicit investors. As we walked through his pitch deck, he detailed his advantages over competitors. One of them jumped out at me: lower price.

To be fair, there’s nothing wrong with providing a service or product that adds substantially more value than a competitor’s at a lower price. Companies that can do that are usually employing superior technology. But if your product or service is similar to your competitors’ and you’re differentiating yourself on price, you’re on a slippery slope.

Why? Customer loyalty. If the deciding factor for a customer is low cost, that probably won’t change. If a competitor undercuts your price, you will lose that customer. Bargain hunters don’t tend to be loyal to a brand. OK, you might ask, why not just find a new customer? Well, the number of customers is finite, so you want to keep the ones you have. Then there are customer acquisition costs. Marketing to snag a customer is expensive. The cost is justified when the customer will keep coming back over the long term (Amazon and Walmart are extreme examples) or when a one-time transaction has an extremely high profit margin. But when you spend a lot to acquire a customer who buys only once and your margins are low, you lost money on that relationship.

At CCAW, I learned early the importance of charging a fair price. We redid our pricing strategy in 2011. I was betting that consumers were moving away from a recession mindset and were open to paying full value. As predicted, we lost some customers. However, a foundation of healthier margins allowed us to bootstrap our growth from then on.

Venture capitalists can be reluctant to invest in a company where price is the competitive advantage. I encourage new entrepreneurs to be mindful of what kinds of customers are likely to be loyal.

What lessons have you learned about low prices?

This past week I hit a mental wall. Working from home and being under a stay-at-home order for four weeks definitely were the root causes this time. But even before the pandemic, every so often I—like everyone, I imagine—have had days when it’s noticeably more challenging to operate at peak productivity.

Over the years, I’ve become more self-aware and have noticed patterns in my work style. For example, I’ve usually been more productive and better able to concentrate for extended periods early in the morning. And I’ve identified the types of tasks at which I excel—and at which I don’t. I’m very good at identifying opportunities for improvement, finding the root causes of problems, and crafting creative ways to reach a goal when it seems impossible. I’m not as great at generating a ton of new ideas rapidly or moving from thing to thing in rapid-fire succession.

Even with all this self-awareness, there are still days when I’m just not as productive as usual. Over time, I’ve learned to embrace those days rather than fight them. No matter how much I want to operate at my peak, I’m only human. Earlier in my career, I would keep pushing myself and beating myself up all day. That didn’t work. Now, I acknowledge that I’m having an off day and adjust my expectations for the day. This usually means doing more check-the-box things, ending my workday earlier, and starting over the next day. I also take a moment to consider why I’m off. Sometimes it’s because of physical or mental exhaustion. Other times nonwork things are all I can think about.

Sometimes entrepreneurs are portrayed as machines who can accomplish impossible things. While it’s true that entrepreneurs make the impossible possible, we are far from being machines. The next time you’re struggling, consider embracing your off day. Think a bit about why it’s occurring. It could be nothing to worry about, or (especially if it’s not a one-off) it could be an indicator that something important is amiss that you need to pay attention to. (You’re steering your business down the wrong path? Your marriage is foundering?) Regardless, know that you’re not alone—everyone has off days.

What’s your approach to handling off days?

In a previous post, I shared my prediction about the future of work. After continuing to discuss new norms with others, I’m convinced that the pandemic, tragic though it is, can also be viewed as a rare opportunity. StrengthsFinder defines people who see the world through a futuristic lens as:

inspired by the future and what could be. They energize others with their visions of the future.

The pandemic changed things swiftly and drastically. Many historical norms were upended. In my opinion, new practices will develop in many industries. I believe it will be a while before consumers will gather for sporting events, restaurant dining, concerts, movies, air travel, festivals, and the like. Business models that necessitate congregating won’t be viable in the near term because they won’t be profitable. This creates opportunities for entrepreneurs with a futuristic perspective.

Let’s take restaurants, for example. They offer social connection over meals. Normal dining won’t be feasible for some time, but people still want to maintain relationships by breaking bread together. Hence the opportunity. The restaurant of the future could have many small private dining spaces. Or maybe it will be a subscription business that ships ingredients in advance of a chef giving a cooking lesson via internet to small groups in someone’s home. I haven’t thought these ideas through; the point is that with the status quo having been swept away, customers will be open to—indeed, seeking—alternatives.

My prediction could be right or wrong. Regardless, I’m excited about finding out what new norms will be created by futuristic entrepreneurs.

What futuristic opportunities do you foresee?

Today marked the end of my fourth week of working exclusively from home. Here are my takeaways from week four:

• Mental wall – I hit a mental wall midweek. I suspect it was from Zoom burnout, insufficient separation between work and home, and good ol’ cabin fever. I acknowledged it, accepted that the day would not be productive, and started over the next day.
• Knowledge sharing – I’ve been more purposeful about sharing non-coronavirus articles and podcasts with people when they’re relevant to their interests. This has sparked some engaging dialogue. It’s a great way to stay connected with people and add value to relationships.
• Focus – My most productive time used to be mornings, but I’m noticing it shifting to afternoons. I’m playing with the idea of changing when I work on specific types of things. I think that will make me more efficient and focused.
• Reflection – Some days I don’t feel as productive working from home. At someone’s suggestion, I reflected on what I’ve accomplished during the pandemic (and the few months before it). It was a good exercise. I quantified what I’d accomplished and celebrated mentally.

This fourth week of working from home was the toughest so far. My big takeaway is to be conscious of wins and celebrate them. I think doing that will keep me steady. During week five, I’ll consider what working from home will look like for another four weeks or more.

I continue to learn from this unique situation, adjust as necessary, and share my experience.

While I was building CCAW, I always worried that rapid growth would cause us to drift away from the little things that made us successful and separated us from competitors. Ultimately, we built custom applications that facilitated consistent execution at scale using a PaaS provider (Salesforce Platform). This technology became our secret sauce. Without it, we would not have achieved eight-figure revenue (profitably) with happy customers and strong vendor relationships without raising capital from investors.

At a very high level, we identified manual processes that were critical to consistent execution and built them into our system, automating them as much as possible. We built dashboards that provided transparency and made key steps and metrics visible. We essentially built software that managed the various workflows of our very niche business.

As I’ve become more entrenched with SaaS companies, I’ve realized that very large SaaS companies were built around workflow management for specific use cases. SalesLoft for sales. ShipStation for shipping and order management. TSheets for time tracking. Gusto for payroll. JazzHR for recruiting. (I’m oversimplifying what these great companies do—they offer much more than I’ve given them credit for.)

When I speak with aspiring entrepreneurs, I share my realization. I remind them that they don’t have to create the next Facebook or Google. A great business idea could spring from observation (at home, at work, at school). Identify an area where workflow management technology could save time and money and make output more consistent and you may strike entrepreneurial gold.

In the current economic landscape, I think this perspective can give hope to people with dreams of becoming entrepreneurs. Sometimes all you need to do is notice a problem that’s right in front of you.

Do you know of a problem area that could benefit from custom workflow management technology?

Today I caught up with a friend who is a company founder. We discussed the current pandemic-generated business climate and how it will affect work going forward. We agreed that how people work will change in a big way.

Working from home isn’t new; it’s been around for decades. More than a few companies have been 100% distributed (with no central office) for over a decade. I consider these companies and their employees to be early adopters.

So why do I think the current situation will have a big impact on how people work? In a period of a week or two, almost all US companies have been forced to move to working from home. Such a rapid pace of adoption is unheard of. It would never have occurred without an external force preventing employees from safely commuting to and working in an office.

I predict that working from home will become the new norm. Why? Simple—productivity and commonalities.

Let’s look at it first from an employer’s perspective. Productivity has always been a major concern. Will people at home work as hard, communicate as well, and get as much work done? Now there will be data on these points. If the answer is yes, there will be a strong case for offering the option of working from home to most employees. Reducing overhead (such as real estate costs) and not being bound by geography in recruiting are attractive. Imagine needing half the office space and allowing your employees to live wherever is best for their family situations. Who doesn’t want lower costs and happier employees?

What about from an employee’s perspective? Working from home isn’t for everyone. Even if you have the personality to adapt well to working from home, until now there was something that made it less appealing, in my opinion. If all your friends and colleagues commute to work every day but you work from home, you will feel out of place and isolated. They can’t relate to you working in pajamas. Now, though, most people are working from home, a fact that fosters relatability and solidarity. You no longer feel like an outsider. Everyone is working in their PJs. Avoiding commutes, having more time for yourself, or living somewhere cheaper than a pricey urban center have their appeal. Imagine making the same salary and enjoying these benefits. Who doesn’t want to spend less and have more personal time?

At CCAW, half our team came to the office every day and half worked remotely (some in other countries). There were challenges—varying time zones was one—but I believe that allowing employees to work from home can be powerful, in part because it helps with retention by improving employees’ quality of life.

My prediction could be right or wrong. Regardless, I’m excited about seeing the new work norm.

What are your predictions for the future of work?

In previous posts, I shared how making prompt though imperfect decisions and executing them quickly accelerated my learning. Today, I saw this quote:

A smart man learns from his mistakes. A wise one learns from the mistakes of others.

- Unknown

This reminded me of something else that helped me learn faster and make better decisions sooner: experience sharing.

I was introduced to structured experience sharing in my Entrepreneurs’ Organization (EO) forum. EO forum meetings adhere to the Gestalt Language Protocol. The protocol focuses people on sharing experiences rather than telling each other what to do. We avoid saying, “You should do XYZ because that’s what I did, and it worked.” Instead we say, “I did XYZ in a similar situation and these are the things that went well and the things that didn’t.” Sounds simple, but it’s pretty hard to do consistently.

After experience sharing via the Gestalt Language Protocol improved my entrepreneurial decision-making, I began using it in my personal life. Asking friends and family, “Have you ever experienced X?” drew them out. They described their own experiences instead of telling me what they thought I should do. I learned some amazing things about people close to me that I probably never would have known without that question. Sometimes all you have to do is ask.

The reason experience sharing is powerful is simple: time. We all get the same 24 hours, but how we use them begins to separate us. When credible people share their experiences with you, it saves you time and energy. You don’t have to go through the process of making a decision, executing it, and learning from the outcome. You get the CliffNotes version and learn right away from the outcomes of others. Take this approach consistently and you’ll avoid pitfalls, save a ton of time, and accomplish your goals faster.

I encourage anyone who’s navigating a difficult or important situation to talk with credible people and ask about their experiences. Many people have walked this Earth before us. Chances are, your situation isn’t unique and you can learn from them.

What experience-sharing best practices are you aware of?

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This past Friday marked the end of my third week of working exclusively from home. Here are my takeaways from week three:

• Social interaction – This week was tough. I missed seeing people, so I put extra energy into phone calls and had a few great catch-up conversations. The Fabriq app helped by reminding me who I needed to follow up with.
• Physical activity – I ran three days, four miles each day. Running is grueling, but the time outside excites me. Two days, I did 250 sit-ups and 250 push-ups. The goal is 500 of each.
• Unpack experiences – I thought about and documented a few of my major experiences. It’s hard to remember everything, and I wanted to capture details and timelines. I also figured it would be useful to have it ready to share when people ask about specifics of something I’ve been through. Surprisingly, I noticed patterns and causation. All in all a great learning exercise.
• Meals – I prepared meals (getting pointers from Mom) regularly. Cooking is becoming a great way for us to connect more. An unexpected silver lining!

The third week of working from home was interesting. It dawned on me that it’s been almost a month and there’s no clear end in sight. Using the time to unpack and document experiences was really helpful. During week four, I’m sure I’ll do more of that, and I’ll also think about what big things I’d like to accomplish while working from home in April.

I continue to learn from this unique situation, adjust as necessary, and share my experience.

Today I’m following up on my post about avoiding the perfect-decision trap. I shared how I used to make decisions slowly because I was trying to make perfect ones. I’ve learned better, and I now aim to make the best decision I can at any given time.

Of equal if not greater importance is executing decisions promptly. It seems to me that people often don’t implement their decisions at all, or they do so slowly. To be fair, there are a variety of valid reasons for this. People have ever-growing to-do lists and they’re constrained by limited time and resources. But fast execution seems to be the exception rather than the norm. In my experience, if you take action on your decisions quickly, you’ll have a distinct advantage over others.

Life is continual learning. You learn from outcomes and make better decisions moving forward. If you make good (not perfect) decisions and put them into play promptly, you’ll quickly amass a library of results that you can consult anytime. The situations you find yourself in won’t be uncharted territory; they’ll be variations of things you’ve dealt with before. You’ll become more confident and make better decisions because of your experience. Take this approach consistently over time and you’ll be light years ahead of others.

To be clear, I’m not advocating rash decision-making or poor execution. You do have to find the right balance between speed and quality; otherwise your outcomes could be disastrous. But in my opinion, implementing decisions quickly is beneficial because doing so accelerates your learning.

What have you learned that has helped you execute your decisions speedily?