In
their obsession with the business they’ve created, entrepreneurs can sometimes
forget their teams have other concerns.
EXPERT OPINION BY HOWARD TULLMAN, GENERAL MANAGING PARTNER, G2T3V
AND CHICAGO HIGH TECH INVESTORS @HOWARDTULLMAN1
APR 15, 2025
Every entrepreneur I
know has said, at one time or another, that, if they had any idea of how tough
the journey to build a new business was going to be, they would never have
started in the first place.
Successful entrepreneurs
are a special breed, and they only know one direction and one pace, which is
forward and full speed ahead. You can call it undue optimism, perseverance,
passion or just plain orneriness, but they don’t quit. They’ve got too much of
themselves invested in the effort to think any other way.
Many serial entrepreneurs learned not to be afraid of the future when their early ventures failed, and the sky didn’t fall. Bad news and bumps in the road are just business as usual. If they get knocked down, they’re the first ones to pick themselves up and get back in the game. Pundits call you stubborn when you fail, but persistent when you succeed.
Team members are not like
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But in their boundless
enthusiasm, the guys and gals in charge tend to lose sight of the fact that
things can be considerably different for their partners and team members who
don’t all necessarily regard themselves as warriors and zealots on a sacred crusade.
They’re there for their
own reasons – it’s a job, not a jihad – and they may be believers, but they’ve
also got fears, futures, and families to look out for. And the whole world is
worried today. Worry is a debilitating form of fear because it saps people’s
energy.
One of the mistakes
entrepreneurs often make as they rush ahead even in hard times is to believe
that they’re automatically bringing all the troops along with them. And that
they’re doing a good job of communicating and getting their message through to
the others in the business when, in fact, most of the team members have no idea
of what’s going on and how the business is really doing.
Don’t sugarcoat any bad
news
Fear springs from
ignorance. The team needs to hear what’s happening from the horse’s mouth –
realistically, regularly and without any euphemisms or sugar coating. They’ve
stuck with you through the pandemic and some really perilous times in the past
and you owe it to them to give them the straight scoop.
As the crazy Orange Monster continues to tear the economy and the country apart,
and the stock market craters, and whether you know it or not, your people need
some renewed encouragement, substantial reassurance, and whatever other comfort
and consolation you can offer them to help them get through these tough and
frightening times. If you think that their friends, family and spouses aren’t
asking them how things are going at work, you’re living in a bubble.
You may believe in
betting the farm and putting your life and livelihood on the line because
you’re the boss, but plenty of your employees aren’t even sure that they’re
gonna have a job six weeks or six months from now and you better believe that
it’s a top-of-mind concern and that it’s also impacting and influencing their
daily work life. When people lose their confidence, they are driven by their
fears and not their hopes.
If you want your people
to get back to business and to pay attention to what needs to get done every
day, you’ve got to take the time to tell them a few key things. They’re all
walking on eggshells right now and you’ve got to speak up and wake them up. Here
are five important things to tell them.
First, no one’s getting
fired for making mistakes. We all make
mistakes and they’re a healthy and important part of the growth process. The
key is to make ‘em, learn from ‘em, and then forget about ‘em. Putting
them behind you – we call it “in-game amnesia” – so you can move ahead is the
most critical thing you need to do. But trying to hide a mistake or a problem
is a guaranteed ticket out the door.
Second, failures are also
par for the course. They happen –
they’re unavoidable – and we expect them. But two kinds of failure are not
acceptable: failing to ask for help when you need it and failing to offer help
when you’re asked. We’re a team – no one does anything important all by
themselves – and we have each other’s backs.
Third, we’re still
standing. Five awful years after the
pandemic, our firm is still up and operating and nothing makes us prouder or
confirms that what we’re doing is worth the blood, sweat and tears we’ve all
shed. Because our work matters to ourselves and others as well. We’re being
careful and conservative and we’re building and rebuilding our important
relationships with our loyal clients and customers, supportive vendors and
partners, and patient investors.
Fourth, parts of the
startup journey are always uphill. We
shouldn’t expect that our path will be any different, but we’ll weather any
future storms and make any required sacrifices that may be necessary bolstered
by the knowledge that all these ups and downs will be borne and shared by the
entire team.
Finally,
entrepreneurs never say “thank you” enough. Tell the team that you’re grateful for their work, loyalty,
and personal sacrifices. You can never say it too much.