management

Time Flies!

In early May, I will be speaking at the SIIA Ed Tech Industry Summit about the opportunities and challenges that innovators and entrepreneurs face.  And, one of my topics will be that time flies!!  Bringing innovation into educational markets is hard work, and there is way more to do than there are hours in the day.

This past month, I have created pieces of my business plan, financial projections, a website, overviews of the company, and a concept video. I have traveled nearly half the time meeting customers, partners, advisors, investors, developers and my team. I have worn more hats than I can imagine.  I haven’t managed to cross everything off my list in months.  And, Carrieonfire.com has suffered from this flight of time!

Here is what I do when time is flying (and spinning out of control!):

  • Focus on the 2-3 critical success factors for your company today, and give yourself milestones with due dates for these priorities.  For me, it’s setting up pilots and seed funding.  I know what I need to accomplish and when.
  • Take things off your list.  You can’t do everything, but it is better to delegate or postpone than to regret that you failed to complete something critical. Jim Collins, one of my favorite leadership gurus, argues that we all need a “stop-doing” list, because we have too many projects and initiatives.  Isn’t that the truth!
  • Build a team that is GREAT and brings the expertise, skills and passion for things that aren’t your forte.  If you don’t have a lot of money to hire people (most of us don’t), your team can include partners, advisors, potential and current vendors, and friends and family.
  • Take a day off every week.  Starting a company is grueling work, and you need to get away from it or you will burn out. About 10 years ago, I learned this the hard way when I landed in the hospital and spent 3 months recovering my health.  Even when I am swamped, I try to take off one day a week.  And, I find time every day to clear my head.  I exercise or practice yoga nearly every day, and I take walks with my dog, Luna.
  • Give yourself a break when you fail or fall behind.  You are only human.  And, you know that every successful entrepreneur encounters many pitfalls along the way.  You will be a lot less stressed and more effective if you  acknowledge your failure to get something done or that big SNAFU and let it go so that you can move on.

Get The Right People On The Bus

I’m a fan of Jim Collins, who has spent years studying and writing about great companies; his most recent book is Great By Choice. One of his enduring principles is to get the right people on the bus, which he describes in this video:

As an entrepreneur, you are always cash-strapped, so sometimes you think it’s better to focus on hiring lower cost people. I can tell from hard-earned experience that it is critical that you surround yourself by GREAT people, and then figure out how you can afford them. A few things I have learned:

  1. Don’t hire clones. One of you is enough. You need to surround yourself with people who think differently and who are going to challenge your thinking. It is also really important to foster diversity in your company—age, race, gender, etc.
  2. Hire people who want a challenge and aren’t afraid to roll up their sleeves and dig in. In a startup, every person has to pull more than their weight. You don’t have extra support people, so you need to hire people who are willing to wash the coffee mugs, then build a bullet-proof budget, and then meet with clients. Wow, that is a rare person. It takes resilience and a zest for trying new things.
  3. If someone isn’t working out, part quickly, and be fair about it.
  4. Beware of the pigpen effect. Over the years, I have hired a number of people with this effect: they spend an awful lot of time working (routing around in the muck), dust is swirling, but nothing ever seems to get done. Sometimes, they are hard to spot, because they are generally hard workers—so remember point number 3 above.
  5. Pedigree is less important than flexibility in a startup. I have seen a lot of entrepreneurs hire people with very impressive big corporate resumes who didn’t know the first thing about how to get things done in an unstructured startup environment. So, probe carefully to gauge someone’s ability to be flexible and agile.
  6. Hire people who are smarter and better than you are. You will never go wrong by hiring people who are GREAT in areas that you are weak! One of the first things an entrepreneur learns is that nobody is competent at everything, so you need to figure out what you aren’t good at and hire people who will fill in these gaps.

Finally, it’s important to have some fun in life. I like it best when some of the folks on my team are whacky, off-beat and just plain fun. Life is too short, and when the going gets tough, the tough get off the bus for an hour and have some fun.