Inside My Brain

Thoughts about startups, tech, marketing, and life

CATEGORY: Business

It only takes one

one championship

There are a few things in life where it only takes one, and then you’re pretty much set.

But these things are really hard to achieve.

A sports championship. A strong marriage. A successful startup exit.

So many things have to go right in order to attain these accomplishments.

There are so many great pro athletes who haven’t won championships. Dan Marino of the Miami Dolphins was one of the most prolific QBs of all time and couldn’t win a Super Bowl. Patrick Ewing of the NY Knicks is one of the all-time great centers, and he never won an NBA title. Alex Ovechkin of the Washington Capitals has been the NHL’s best scorer since he’s been in the league and hasn’t yet raised the Stanley Cup. Ted Williams of the Boston Red Sox may be the best MLB hitter ever and never captured a World Series.

Getting a date is pretty easy, finding the right spouse is hard. You need to be able to connect with someone on multiple levels, and the other person needs to be able to connect with you. You have to be attracted to each other, physically and emotionally. And your lives have to be in the same stage, or it won’t work.

It is so hard to build a successful business and sell it or go public. Over 90% of startups fail, and many more won’t ever see an exit. That’s a tough pill to swallow.

All of these are so difficult to achieve because they require hard work, a great team (yes, you and your spouse should be a team), and good timing. If one of these factors are off, it will be tough to find success.

But because it’s so hard to obtain these accomplishments, it may only take one to be happy and satisfied.

And that makes them worth fighting for.

What are your thoughts about these “only one” accomplishments? I’d love to hear from you. Write your thoughts in the comments, tweet at me @mikewchan, or email me at mike@mikewchan.com.

I hope you found this interesting! If so, please share this article with the share buttons on the left. Then sign up for my email list below and connect with me on Twitter for future updates. And check out my podcast at GoandGrowPodcast.com!

Photo courtesy of Wikipedia

If making history was easy, why bother?

After the Golden State Warriors’ game 4 loss to the Oklahoma City Thunder, Kobe Bryant sent a text to Warriors power forward Draymond Green that said, “If making history was easy, why bother?”

I love that.

Why bother with doing anything that’s difficult? Why bother with pushing yourself to be better? Why bother with getting out of your comfort zone?

Because accomplishing something difficult feels good. Doing something that’s hard helps you improve. And learning a new skill or craft keeps things interesting.

If something comes really easy, it’s probably not worth doing.

There are instances where it’s OK to take the easy way out, as there may be better ways to spend your time.

Pay for that mechanic instead of learning how to change your oil. Buy that sprinkler system instead of watering your lawn by hand. Automate some processes and workflows to achieve scale and efficiency.

But for the things that matter, like making customers happy, forging strong relationships, and constantly improving, you have to bother with putting forth more effort. Because doing those things may be what you need to make history.

What are your thoughts about doing hard things? I’d love to hear from you. Write your thoughts in the comments, tweet at me @mikewchan, or email me at mike@mikewchan.com.

I hope you found this interesting! If so, please share this article with the share buttons on the left. Then sign up for my email list below and connect with me on Twitter for future updates. And check out my podcast at GoandGrowPodcast.com!

One-on-one attention vs. automation

Paul Graham, founder of accelerator Y Combinator, wrote a famous startup essay called “Do things that don’t scale.” Give it a read, I’ll still be here. :)

Graham said that in order to get your startup off the ground, you need to do things that might take a lot of time – like engaging your potential customers one-to-one and building your own hardware – and eschew automation and outsourcing.

He cited companies like Airbnb going to door-to-door to recruit users, or hardware startup Meraki assembling their own routers, in the early days.

Talking with your customers in person, via Skype, or on the phone is so much more valuable than sending them a link to a survey.

I think automation is a powerful concept that can lead to increased efficiency, productivity, and scale.

But it has to be used in the right context.

If automation isn’t natural, it can backfire.

Sales automation is a hot topic these days. Sales reps and account managers have tools that help them automate their emails to prospects in order to move them closer to a deal.

I get a lot of emails that come from these automation programs and I can see right through them.

I would have welcomed a single phone call instead of five perfectly-timed, unnatural emails.

Anyway, that’s my rant for the day. Like I said, automation can be really powerful, but many times doing something with a personal touch that doesn’t scale is the better way to go.

What are your thoughts about doing things that don’t scale? I’d love to hear from you. Write your thoughts in the comments, tweet at me @mikewchan, or email me at mike@mikewchan.com.

I hope you found this interesting! If so, please share this article with the share buttons on the left. Then sign up for my email list below and connect with me on Twitter for future updates. And check out my podcast at GoandGrowPodcast.com!

Why I disagree that startup ideas are worthless

pen-idea-bulb-paper

In the startup world, most will say that an idea is worthless, and it’s all about execution.

I disagree.

Of course, execution is absolutely essential, and an idea with zero execution is worthless.

But coming up with many possible ideas and selecting the right idea is very, very important.

If your idea is a social network for doorknobs, I don’t care how well you execute, you’re not going to build a successful business.

Most people in the startup world say to focus on the problem, not the idea.

I do agree with that.

Identifying a big problem is one of the most important things you can do at the early stages of building a company.

But coming up with ideas of how to solve that problem creatively and uniquely is so important as well.

Most of the time, a good idea isn’t something that just pops into your head randomly while brainstorming with a few pints of beer.

Ideas are the result of experience and knowledge of a particular subject matter.

Ideas can be forged while talking to potential and current customers and subject matter experts.

Good ideas are created by research, testing, and insight.

The act of coming up with ideas is a process. And an important one.

First Round Capital partner Josh Kopelman, one of the most successful and influential venture capitalists, says that most entrepreneurs don’t spend enough time on idea selection (see bullet point #2 of this blog post).

In my mind, creating and selecting the right idea is just as important as identifying the problem and executing at a high level.

Do you agree or disagree?

I’d love to hear from you. Write your thoughts in the comments, tweet at me @mikewchan, or email me at mike@mikewchan.com.

I hope you found this interesting! If so, please share this article with the share buttons on the left. Then sign up for my email list below and connect with me onTwitter for future updates. And check out my podcast at GoandGrowPodcast.com!

Why you should always work to build equity

equity

Equity is a word that has many meanings in different contexts.

In its truest form, equity means fairness and impartiality.

In startups, equity is how much of a company you own.

In finance and accounting, equity is the difference between the value of your assets and the cost of your liabilities.

In marketing, brand equity is the value of having a well-known brand name, which allows you to beat your lesser-known competitors.

In real estate, owning a home gives you equity, as opposed to renting.

Equity is an extremely important and beneficial thing to acquire, which is why you should always look to build equity regardless of the context.

Equity requires a longer-term mindset, rather than seeking short-term wins.

In your career, your salary isn’t likely going to make you rich. Ownership in a successful business will.

In marketing and business, companies who seek to maximize short-term profit instead of building long-term customer loyalty will always lose. If you take care of your customers, you will build brand equity with them, and they’ll become repeat buyers as well as advocates. Zappos is a great example of this.

On the personal side, being fair with family, friends, and other people in your life will help you have lasting, more fruitful relationships.

No matter what the situation, whether it’s your career or personal life, building equity will always leave you better off in the long run.

What do you think about building equity? In what ways have you sacrificed short-term wins for long-term gain?

I’d love to hear from you. Write your thoughts in the comments, tweet at me @mikewchan, or email me at mike@mikewchan.com.

I hope you found this interesting! If so, please share this article with the share buttons on the left. Then sign up for my email list below and connect with me on Twitter for future updates. And check out my podcast at GoandGrowPodcast.com!

Photo courtesy of The Blue Diamond Gallery

 

Listening vs. hearing – what’s the difference and which is more important?

LIstening vs. hearing - White Men Can't Jump

While listening and hearing may seem similar, they are very different. And maybe in a way you may not expect.

You might hear in the background a song on the radio, a show on TV, or a friend speaking, and may not be actively listening. You should always listen to your friends, BTW.

By this definition, listening requires more attention and cognizance.

That’s true, but let’s take it a step further.

In the classic movie White Men Can’t Jump, Wesley Snipes says to Woody Harrelson, “There’s a difference between hearing and listening. White people, you can’t hear Jimi (Hendrix)!”

You can listen to someone, but it takes that much more attention, thought, and empathy to really hear someone.

That’s what Wesley Snipes was saying – that white people couldn’t understand where Jimi was coming from.

So while hearing does come before listening, it also comes after.

Hearing equals understanding and empathizing with what or whom you’re listening to.

In careers where you work with clients or sell to potential customers, you have to be a really good listener.

And when you hit the point where when you actually hear someone and understand them, it’s a beautiful thing. There’s this moment of clarity where you realize that you’re just on the same page with someone, and at that point you can deliver the most value.

Next time you’re listening to someone speak, or sing, or act, really try to hear them. I think the interaction will be much more valuable.

What do you think about the difference between listening and hearing?

I’d love to hear from you. Write your thoughts in the comments, tweet at me @mikewchan, or email me at mike@mikewchan.com.

I hope you found this interesting! If so, please share this article with the share buttons on the left. Then sign up for my email list below and connect with me on Twitter for future updates. And check out my podcast at GoandGrowPodcast.com!

Photo courtesy of YouTube

Finite vs. infinite resources

infinite resources

Finite resources are found in limited amounts and can’t be renewed at a rate that keeps up with consumption.

The more you use finite resources, the less you have. Fossil fuels and water are prime examples.

These are such important resources, and one day we’re going to run out of them.

But I think infinite resources are more important.

Knowledge and creativity are infinite resources.

The more knowledge you apply, the more knowledge you’ll gain.

Creativity is a muscle that when used over and over again will make you more creative.

These infinite resources can help solve many problems, include those that we face with finite resources.

How are you using the infinite resources at your disposal?

I’d love to hear from you. Write your thoughts in the comments, tweet at me @mikewchan, or email me at mike@mikewchan.com.

I hope you found this interesting! If so, please share this article with the share buttons on the left. Then sign up for my email list below and connect with me on Twitter for future updates. And check out my podcast at GoandGrowPodcast.com!

Photo courtesy of Sliderbase on YouTube

It’s all about the people

In any situation, it’s the people that matter.

At work, if you surround yourself with the best and brightest, you’ll learn from them and continue to get better. The best team always find the way to win.

If you surround yourself with high-caliber friends and family (though you can’t choose your family), you’ll grow as a person and have a great personal and social life.

Motivational speaker Jim Rohn said that “you are the average of the five people you spend the most time with.”

I am amazed at the people I work with. I’ve been lucky to be surrounded by really smart, driven, and well-rounded co-workers.

And I love my friends and family, and all of them are just as smart, driven, and well-rounded as my co-workers.

I’m very appreciative of everyone I interact with and owe a lot to all of them.

If you feel that you’re not getting enough out of your career or personal life, look around at the people you spend the most time with to see if a change is needed.

Because it really is all about the people.

What do you think about the people that surround you, and how do they affect you?

I’d love to hear from you. Write your thoughts in the comments, tweet at me@mikewchan, or email me at mike@mikewchan.com.

I hope you found this interesting! If so, please share this article with the share buttons on the left. Then sign up for my email list below and connect with me on Twitter for future updates. And check out my podcast at GoandGrowPodcast.com!

 

 

Good things come to those who sweat

Sweat

I saw a bumper sticker that said “Good things come to those who sweat.”

I like that. And not only because I sweat profusely. Seriously, my forehead is like Niagara Falls.

Anyway, if you’re physically sweating, you are likely doing some sort exercise (or are in a warm place, which usually isn’t so bad). Good things like health and higher levels of energy come with that.

In your career, you may be working hard and sweating at your job. If you work smart, keep grinding, and continue to learn, you’ll increase that “sweat equity.”

Good things come to those who sweat, both literally and figuratively.

I hope you found this interesting! If so, please share this article with the share buttons on the left.

Then sign up for my email list below and connect with me on Twitter for future updates. And check out my podcast at GoandGrowPodcast.com!

Image courtesy of Wikimedia Commons

Getting into the right frame of mind

All work isn’t created equal.

There are difficult tasks and easy tasks.

There are tasks that you can execute quickly and others that may take a long time.

Some tasks might require more brainpower or physical energy than others.

For some tasks – namely the difficult ones that require brainpower and may take a long time – being in the right frame of mind is crucial.

Take blogging, for instance. If I’m not in “writing mode,” it’s really difficult for me to crank out a blog post. I’ll procrastinate and the thought of writing will stress me out all day. And when I do sit down and write, it usually isn’t my best work.

Or working out at the gym. If my head isn’t into it, my workout will suck.

I’m not sure of the best way to get into the right frame of mind when I’m not into it.

Sometimes I’ll look for another less difficult task to execute.

Other times I just have to barrel through the original task and get it done. Many times that’s better than not completing the task at all.

Regardless, being in the right frame of mind makes things so much clearer and easier.

How do you get into the right frame of mind when you’re not in the mood to complete a task?

I’d love to hear from you. Write your thoughts in the comments, tweet at me @mikewchan, or email me at mike@mikewchan.com.

I hope you found this interesting! If so, please share this article with the share buttons on the left. Then sign up for my email list below and connect with me on Twitter for future updates. And check out my podcast at GoandGrowPodcast.com!