Scott Miller, founder of The Bee tells us what lessons he has learned over the years and how they've helped him with his newest company.
It's been five years since I sold my software & services company, Treadstone Group, to Exact. Life's been good. I had been doing all of the things that people say you should when you sell your business. I joined an angel group and made some investments. I taught entrepreneurship at Miami University (OH) where I went to school. I learned to play golf, to a level where nobody gets injured when I step into the tee box.
Taken individually, all of these pursuits were fulfilling. However, taken as a whole, something was missing. What was it? After much introspection, I realized how much a part of me, being an entrepreneur was. Its my identity.
Its been about a year since I came to this realization and started my new venture, the Bee. Triggering me to begin another startup was not just a desire to 'get back in the game', but also, to create something that would leave the world a better place. The creation of a business with a social cause at its core.
A year into the 'second time around', here's what I've learned. Some old lessons apply.....but the world has changed, a LOT.
Its Still About the People
Find and hire the best people you can afford. This simple (but hard to do) premise was the key to our success the first time around, and is where I'm placing my bets (capital) for my current venture.
The Web and Social Media are Seductive
Tools such as Twitter, blogs, Facebook, and LinkedIn make the Web seem like a marketer's paradise. However, cutting through the 'chatter' and having meaningful conversations with prospective customers via these channels requires time and attention. At our company, we're only beginning to understand how to leverage social media.
Start-ups are Hard
You forget just how hard a start-up is. Money's tight, especially tight, when its your money and you are bootstrapping. Self-doubt creeps in. Getting the first batch of customers is tough. New customers don't magically appear when you launch. Trust with customers is gained slowly, over time.
It's Easy to Quit
In the early stages of a new venture, it seems that more things go wrong than go right. Its easy to get discouraged with lack of progress, software bugs, and slow customer adoption. Its even easier to quit and give up. However, its been my experience, that when things look the worst, there usually is some encouraging sign. Whether its a new customer, a new product release, or a successful marketing campaign, these wins need to be celebrated to keep morale up.
The Rewards of Entrepreneurship
The rewards of entrepreneurship remain the same. Making your own decisions. Choosing who you work with. Charting your own course. The ability to create something that will truly make a difference in someone else's life. The ability to make the world a better place. This is why we do it.
Scott Miller has been a leader in the software industry for over 20 years. He previously founded the Treadstone Group and is now working to save the bees through his latest venture, The Bee.
Connect with him on Twitter or LinkedIn.
