3 Lessons From The Art of Entrepreneurship

3 Lessons From The Art of Entrepreneurship

The Art of EntrepreneurshipOn Tuesday I attended The Art of Entrepreneurship, a day-long event with info and resources for business owners and entrepreneurs. However, even though the speakers were famous, much of the advice about running a successful business was old-hat.

You know the stuff. Build a positive work culture. Find your passion. Be bold. Et cetera.

That advice works; you can’t be successful in business without following it. But there’s more to entrepreneurship than that.

Despite this, I did learn some other lessons. Here are three of them.

1. Entrepreneurship is like basketball: it’s all about pivots and rebounds

The best anecdote that I heard was from Alexis Ohanian, who talked about starting reddit. Reddit is one of the darlings of Paul Graham’s Y Combinator program, but initially Ohanian and his co-founder Steve Huffman were rejected when they applied. Their plan to create a mobile-based restaurant ordering service didn’t pass the sniff test — the infrastructure for this sort of thing just wasn’t there in 2005.

However, they got a sudden reprieve: the next day, Graham called them back, offering them a second chance if they worked on a different idea instead.

Y Combinator wasn’t yet the legend it is now. But both founders knew a good thing when they saw it. With the right guidance, they got reddit off the ground and made it so successful that it was bought out by Conde Nast the following year.

Could they have stuck with their initial bad idea? Yes. Could they have improved on that bad idea? Probably. But they recognized that changing direction would be better in the long term. They pivoted and rebounded from near failure.

2. Give your presentation balance

There were five speakers at the event:

  • Eric Ryan, from the eco-friendly cleaning product company method;
  • Chris Guillebeau, best-selling author and “travel hacker”;
  • Debbie Travis, design expert and founder of a multi-media empire;
  • Alexis Ohanian (mentioned above); and
  • Gary Vaynerchuk, founder of the Wine Library and VaynerMedia.

These are all notable people — big names draw in big crowds.

However, I suspect they scheduled the speakers in the above order on purpose: the opening and closing speakers, Ryan and Vaynerchuk, had the most energy. Ryan was fun and goofy. Vaynerchuk was confrontational and swore a lot. (This had the benefit of waking up an audience that was crashing at the end of the day.) In contrast, the other three speakers were more muted.

The point is that what applies to high-school essays can also be applied to people: start and finish with your strongest stuff, and leave the weaker parts in the middle.

This isn’t to say that the other three speakers were “weak” — just that different people have different levels of charisma, and that you need to take advantage of that. Personally, I found Chris Guillebeau’s talk the most appealing, but he was far more subdued than Eric Ryan was.

3. It’s not just about the art; it’s also about the people

The true value of these events lies in meeting interesting people, so let me tell you about some awesome people I met. Maybe they can help you. Maybe you can help them. Whatever happens, they’re still doing cool stuff.

Viviana Machado of Foodies Inked — Viviana’s day job involves managing social media for a major hardware store chain, but during the evenings and weekends she reviews restaurants across Toronto on her blog, Foodies Inked. In addition to her reviews, she travels, runs contests, and posts recipes online.

Belinda Monpremier of 99founders — 99founders is an online benefits club for Canadian entrepreneurs and business owners. It offers special deals and discounts on travel, hotels, web apps, and other aspects of running a business. Note: The site is currently invite-only.

Lindsay Knowlton of Iron Lady Golf — Lindsay started playing golf as a hobby with her dad. Eventually, people asked her to teach them how to play golf so they could take part in corporate events. She soon realized that knowledge of golf was a useful asset for women who wanted to “break into” primarily male parts of the business world, and founded Iron Lady Golf as a result. Lindsay has made some fabulous connections with golf courses across the GTA. Now she’s learning how to play golf left-handed to learn all over again what it’s like to be a newcomer to the sport.

Were you there too?

There were hundreds of people at The Art of Entrepreneurship; were you one of them? How did you feel about the speakers? What did you learn? Let me know in the comments.