Entrepreneur, Starting A Business Is Like Scaling Steep Peak

Seattlepi:

Question: My wife and I want to franchise a food business that ‘just hasn’t been done.’ It is sure to explode nationwide, if not worldwide. We really just want to develop it, prove it, attract a few dozen franchise investors and sell out. I believe we could make millions in a few short years. Do you have any advice on how to proceed from here?

- R. and R. Sims, Jacksonville, Fla.

Answer by Susan Schreter: I’ve always found a lot of similarities between entrepreneurs and mountain climbers. Both wake up each day eager to explore unpredictable terrain.

Pioneering mountain climber George Mallory, who may have summited Mount Everest before Edmond Hillary, once described his climbing struggles as sheer joy. He said it was these daunting adventures that allowed him to enjoy life fully. For him, climbing Mount Everest was not for the record books but ‘because it was there’ to do. It satisfied his soul.

So with this in mind, I ask if your enthusiasm for your startup idea is more about the monetary rewards of your entrepreneurial climb or the climb itself. I believe you have to love the challenge of solving day-to-day business problems to succeed as an entrepreneur.

Whenever I read a letter from an entrepreneur that speaks to ‘quick profits’ or ‘fast millions,’ I worry. Successful entrepreneurship is rarely quick, easy or an overnight lottery win.

You ask a common question: What is my first step forward? Here are some thoughts:

* Re-align your expectations to startup business reality. Founders of businesses with big expansion plans don’t usually get to cash out for a good seven to 10 years after startup. And if you raise venture capital to fund business growth, expect VC funding agreements to include preference clauses that require companies to pay back investors before the founding entrepreneurs.

* Meet Mallory’s test: You and your wife should measure your commitment to a tough, but doable climb. Do you both feel that you ‘have’ to climb or do you just ‘want’ to climb? That is an important distinction. Here’s another question: If you didn’t think this was a big money deal, would you still enjoy testing your ideas in the marketplace? Talk it through.

More steps…