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I share what I learn each day about entrepreneurship—from a biography or my own experience. Always a 2-min read or less.
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Contrarians Make Groups Better
I tend to be a fact-driven independent thinker. I enjoy hearing different perspectives, though, and I’m happy to be persuaded by sound logic. Today I had two great conversations about group decisions that got me thinking. How do you get the best decisions from a group?
Groups of credible people are powerful. They can make great decisions. Each person brings a perspective shaped by their unique experiences. When they share it, everyone else glimpses the world through their lens. Incorporating the views of disparate people produces a better, more comprehensive decision. Will it be a perfect decision? No. Will it be stronger and more cohesive? Absolutely!
I’ve often found that it’s difficult to get every member of a group to speak up. A confident, perhaps dominant, person who shares their opinion early on can sway others too easily and discourage them from sharing their thoughts. Groupthink is the result, and it’s not a good thing. If everyone rallies behind a single perspective instead of discussing different ways of looking at the problem, the result is a consensus decision that is weak.
I’ve read lots about this and I believe consensus decisions can be dangerous. One of the conversations I had today affirmed this. The lack of a contrarian perspective in a group is a warning sign. If everyone sees the issue the same way, the group may be overlooking something material. If they are, the decision they settle on will be flawed and probably wrong.
The next time you’re working in a group and you have a different opinion than others do, let it be heard (respectfully and collaboratively). Even if the group doesn’t agree with you, you’re adding value. You never know—your contrarian view could be the difference between a disastrous decision rooted in groupthink and an amazing one!
Small World
Today I had a conversation with a fellow entrepreneur that blew me away. We started our companies around the same time, so our paths have crossed in Atlanta’s startup community over the years. Recently we’ve gotten to know each other better and have discussed how to improve the ecosystem for future entrepreneurs.
Today, we each talked about our background and our entrepreneurial journey. We wanted to help each other understand how our experiences shaped us and how they fuel our passion to help others. As we talked, we realized that we’re connected not only as entrepreneurs but also in various ways on a very personal level. We have close personal relationships with people who in turn have close personal relationships with each other.
Honestly, I was surprised. I didn’t anticipate the deep level of personal connectedness we uncovered. I had no idea we knew the same people. I’m thankful for the conversation. It allowed us to connect in a different way and develop a deep understanding of each other. I anticipate that it will prove to be the foundation of a great relationship.
Relationships are central to entrepreneurship (and, more broadly, to life). Entrepreneurs continually build relationships as we participate in various unrelated groups. Across many years, paths will cross. Inevitably, relationships will bleed over from one group to another and between business and our personal lives.
Relationships make the world go ’round—and the world is much smaller than we realize. Be mindful of this, entrepreneurs, in all your endeavors.
Helping Others Fill Their Gaps Will Light Their Path
Achieving entrepreneurial success can take many years. Many things make the journey difficult, but I believe gaps play an outsize role. Big relationship, knowledge, or capital gaps can break an entrepreneur. Maybe you don’t know anyone to introduce you to a decision maker in your industry. Or you’re unsure how to recruit the right team members. Or you don’t have the money to fund your growth plans—and don’t know how to go about acquiring it. I want to be clear: all entrepreneurs have gaps—extra-large ones are what I’m referring to.
To succeed, you have to figure things out as you go along. You must find the ideal path to your destination. If your gaps are yawning abysses, you’re looking for a path that’s in pitch-black darkness. But if they’re minimal, the path is lined with bricks and LED lights. You still have to find it and walk down it, and there will be obstacles along the way, but it will be far less difficult and time consuming to traverse.
My gaps were huge when I founded CCAW. I didn’t realize they were, though, until I surrounded myself with others through organizations like EO. I was able to start filling those gaps with their help. It’s still a work in progress, but plugging my gaps gave me a much better chance to succeed.
I’m a strong believer that Atlanta’s entrepreneurial ecosystem can reach the next level. The city has a lot going for it. Let’s help rising entrepreneurs who have big gaps gain the knowledge, build the relationships, and acquire the capital they need. Together, we can help Atlanta reach its full potential!
What Drives My Why?
Last week I taught Intro to Entrepreneurship at Atlanta Tech Village’s Startup Summer School. My session touched on the need to know your why. Since then, I’ve been in touch with a few of the people who attended, helping however I can. This morning I received a Slack message from one of them. He asked a great question: “So what was your why with CCAW, and is it changing as you start your next chapter?”
This entrepreneur’s business is in its early stages but making great progress. He built a working MVP and then signed twenty or so paying customers within a few months of launching. All during a pandemic. He’s on to something, in my opinion.
When I started CCAW, I was a few years removed from being an undergrad. I had some corporate experience and no real responsibilities. A car enthusiast for years, I had automotive parts relationships. As a parts consumer, I knew how difficult acquiring the right part at a fair price could be. In high school and college, I had a company that developed and executed plans to customize customers’ vehicles (think Pimp My Ride). Having worked with parts manufacturers and distributors, I knew their struggles well. My why was simple: I wanted to help consumers easily connect with parts companies. This would help two groups I was familiar with. There was also a financial motivation, but it was secondary.
Now to part two of his question. What’s my why for my next chapter? I’ve thought a lot about this and it’s simple, too: I want to make life easier for entrepreneurs and small and medium-sized business. Especially those with big gaps in knowledge, relationships, or capital. (In other words, people like me in CCAW’s early years.) I know their struggles. I’m one of them, and I’m passionate about helping them. If I’m successful, I’ll accelerate their success. I’m hopeful they’ll give back to someone else when they’re able to.
My whys were born of my personal experiences. That makes me credible and able to relate well with the folks I seek to help. And it drives the passion behind my why.
What’s your why?
What 90 Posts Have Taught Me
Today marks my ninetieth consecutive day of sharing my thoughts in posts. (I previously described how this started.) I recently spoke with a peer about my experience. He’s considering doing it too and wanted to ask me a few questions. By the time we finished chatting, I had had an epiphany: I understand things better when I share my thoughts widely.
I tend to think deeply about things. I try to understand by identifying connections that aren’t obvious. I used to ruminate and perhaps talk with one or two people very close to me. That approach was flawed. It didn’t help me achieve my ultimate goal: understanding.
It was a mistake to not share my thoughts or to do so only with a few like-minded people. I avoided opening up to others with different perspectives who would test my thinking or point out my blind spots (we all have them). I wasn’t really trying to understand, because I wasn’t talking to people who would be likelier to disagree with me. Naturally, I saw things only through the lens of my life experiences. My reality. I would come to understand an issue, or think I did, but since I looked at it only from my own narrow angle, I ended up missing things.
Sharing my thoughts broadly invites feedback. It sparks great conversations—opportunities for me to listen. I get glimpses of other people’s realities. I see things from their angle! I’ve learned that truly understanding something means getting as close as possible to a 360-degree view of it. The more people I talk to who are different from me, the closer I get to that goal.
Sharing my thoughts daily has illuminated all of this. Sometimes my initial thinking is wrong. (Whose isn’t?) When I share my thoughts with the world, I’m inviting others to help me acquire true understanding. Each person bridges a gap in that 360-degree circle.
I didn’t envision understanding things better as a benefit of sharing when I began posting every day, but it is, and I’m thankful for it.
I encourage everyone to share their thoughts more widely. It doesn’t have to be through writing; do it in a way that works for you. When you get feedback, listen. You’ll understand things much better.
Why’d They Do That?
In an earlier post, I shared my views on the power of listening to understand. I’ve continued to think about how we can help each other through this turmoil.
As CCAW grew, our team grew. I was no longer involved in every decision or even aware of every initiative. An empowered team making decisions without me was my goal. Inevitably, some decisions didn’t result in the desired outcome. Translation: things blew up sometimes.
No one is perfect, and my team members had good intentions. We were all in it together, working to build a great company. Naturally, we sometimes had different ideas about how to do it. Our different perspectives were valuable and often lead to amazing outcomes. But sometimes they caused us to miss the mark.
By the time something reached my desk, it usually meant a decision had worked out poorly. Instead of beating a dead horse, I learned to focus on the reasons for the decision. Why did you do it that way? Why was that the chosen path? What led up to you making that decision? Asking these questions was far more valuable than casting blame. I listened with the intent to understand, and ultimately, I did—I understood their why. Then I was able to work with them to develop solutions that supported their why.
Understanding why begets perspective. More importantly, it gives insight into the other person’s perspective. Understanding why someone makes the choices they do is a building block in (or even the foundation of) the positive working relationship required to achieve a common goal.
We’re all in this together, but that doesn’t mean we all see things the same way. Consider listening to understand why. When you do, you can begin to see things from a different perspective.
You might be interested in this short video about Colin Kaepernick's and Army veteran Nate Boyer’s desire to understand one another. It led Nate to “understand that we’re not that different, and we probably want the same things at the end of the day” and to a compromise that incorporated both perspectives.
Be part of the solution. Understand why.
What Can I Do?
I’ve been thinking deeply about what’s needed to see us through these troubling times. I shared some things I’ve learned in yesterday’s post. Today, as I sorted through my thoughts, I read a quote that resonated with me:
Try to understand men. If you understand each other you will be kind to each other. Knowing a man well never leads to hate and almost always leads to love.
~ John Steinbeck
The best way to understand someone is to listen to them—to not just hear their words, but to pay attention to what they believe and what they feel. When we understand each other, we can relate to each other. When we relate to each other, we can appreciate our differences and love each other. If we don’t listen, or we let their words flow by while we formulate our rebuttal, or we mindlessly dismiss them, we will not understand them (and we will give them no chance to understand us).
So where do we start? No one knows what the solution looks like. That makes it hard to know what to do. As an entrepreneur, I’ve learned the power of taking a step in the right direction even when the path is nearly invisible. Often, I had no idea what I was doing, but I sorted it out as I went along. Always, I kept my eye on the outcome I hoped for. I see our current state of affairs as no different.
If you want to take that first step, here’s my suggestion:
Reach out to someone with a background different than yours—someone with a perspective on life that you might not understand. Ask them if they’re OK and if they want to talk. If they say yes, just listen.
This act is simple but powerful. Anyone can do it. You might be interested in this short video about one person who did it and how it affected the person he struck up a conversation with. If many of us do it, we will open lines of communication that will lead to what we sorely need: an understanding of each other.
Be part of the solution.
Virtual Learning: Atlanta Social Impact Demo Day
A few weeks ago, I had the pleasure of sharing my story—the story of CCAW—with a group of rising entrepreneurs. The dinner that was scheduled ended up being a Zoom meeting because of the pandemic. This group was the inaugural cohort of Cox Enterprises Social Impact Accelerator Powered by Techstars. Techstars runs accelerators in various cities worldwide, including Atlanta.
Accelerators are three-month programs that give entrepreneurs “funding, mentorship and access to the Techstars network for life.” Techstars accelerators give entrepreneurs access to a lot of really smart people—including past and present entrepreneurs in the Techstars network—who can help them fast-track their progress and otherwise support them.
Demo days are a great way for entrepreneurs to get introduced to customers and potential investors. The cohort’s demo day was held virtually today and is available for anyone to view here.
I was happy to share my story with this cohort, and I wish every member success on his or her journey!
What’s Missing for Atlanta Entrepreneurs
I’ve had thought-provoking conversations over the last few weeks about what’s needed for Atlanta’s entrepreneurial ecosystem to reach the next level. What’s the next level? A regular stream of companies transitioning from early stage (sub–$100 thousand in annual revenue) to $250 million-plus liquidation events (acquisitions, IPOs, etc.) within ten years. Atlanta has a robust entrepreneurial scene and a community that’s super supportive (local government, universities, corporations, accelerators, etc.). In my opinion, Atlanta is one of the, if not the, strongest areas in the southeast for building businesses. But there’s lots of room for improvement.
The folks that I’ve talked with and I came up with a bunch of things that we think would help. But here’s what I believe could be game changing: people who’ve helped build companies that have had liquidation events exceeding $250 million. Founders, executives, key early employees, no doubt others. People who’ve earned their credibility by experiencing the journey to liquidation. These folks have seen the movie and they know how it ends. By no means am I saying that Atlanta doesn’t have such people. But there aren’t enough of them. I think that once you increase their presence in the city (assuming they’re excited to give back), you can start changing the ecosystem.
Why is that true? Easy . . . proximity to success. Going back to my post about this, it’s game changing for early-stage entrepreneurs to have access to successful people. If more people who know how to create companies that can liquidate for $250 million-plus are available to connect early-stage entrepreneurs with the right people and otherwise mentor them, the newcomers have a huge advantage. They are much more likely to succeed. Larger liquidation events happen more frequently, which attracts more investors, which attracts more high caliper entrepreneurs to the city. It creates a flywheel.
Now that we know what’s missing, how do we get more of these credible people in Atlanta?
Posting for 60 Straight Days: Lessons Learned
I recently explained that I completed a 60-day challenge to share my story via daily posts. Today I’m reflecting on what it’s meant to me.
My three big takeaways:
- Giving back – I still struggle with the notion that my experiences are valuable to others. I think of myself and my experiences as average. But telling the world about them has shown me otherwise. People have expressed how a post was helpful to them. It feels good to know that I’m adding value to others’ lives.
- Thinking – Writing forces me to synthesize scattered thoughts so other people can understand what I’m getting at. This was by far the biggest benefit. My brain is in a different state when I’m reflecting and looking for connections. It’s like I’m exercising my brain. I found myself bringing up my newly coherent thoughts in ordinary conversation.
- Top of mind – People I know but with whom I haven’t been in contact have reached out or commented. I’ve reconnected with some of them.
Lessons learned:
- Conditioning – Creating quality posts day after day is a big, difficult commitment. But it got much easier over time. I’m now conditioned to think of a topic and what I want to say about it and then write, every day.
- Consistency – Daily posts are perfect for me. Fridays and weekends are the hardest, but I still prefer doing them daily to taking days off.
- Timing – There’s no perfect time to start posting because it will be hard regardless.
- Perfection – Don’t aim for a Pulitzer every day. That’s not the point. It’s OK to miss the mark from time to time. Everyone has off days.
- Conciseness – Write simply. Leave the fluff out. I’ve noticed my emails and other writings are more concise now.
- Simplicity – I started with LinkedIn because an audience existed and the functionality was there. I focused on establishing my habit and thinking about my content. I was glad not to have to deal with marketing or technical challenges. LinkedIn isn’t perfect (for example, searching for articles isn’t great), but it’s good enough to start with.
What would I do differently?
- Start earlier – I’ve gotten so much from this that I wish I’d started years ago.
- Write succinctly – My first posts were more in depth but they took too long to write. A post should be short and communicate a single point. It needs to be created in a reasonable amount of time and be quick to read.
- Enhance visibility – There are ways to make posts more visible on and off LinkedIn. I wish I’d experimented more. After all, the goal was to help others. I can’t help them if they don’t see it.
- Add pics – At first, I was just focused on getting the content out. A reader suggested that I add photos to enhance visibility. Toward the end of the challenge I did, and it helped. I wish I’d done it earlier.
I’m appreciative of this challenge and look forward to maintaining this new habit. I hope others continue to see value in my posts.
