1287: As An Entrepreneur You Can Expect a Lot of Things by Mike Smerklo on Critical Moments of Self-Doubt

[00:00:00] This is Optimal Work Daily, Episode 1287. As an entrepreneur, you can expect a lot of things

[00:00:06] by Mike Smirklo of mikesmirklo.com. And I'm Dan, I'm your host here and welcome back to Optimal

[00:00:12] Work Daily. Or if you're just discovering us, glad you did. This is where I read an article to

[00:00:18] you each and every day of the year covering employment, work-life balance, entrepreneurship,

[00:00:23] and a whole lot more. So let's get to it now as we hear from Mike Smirklo and optimize your life.

[00:00:30] As an entrepreneur, you can expect a lot of things by Mike Smirklo of mikesmirklo.com.

[00:00:39] As an entrepreneur, you can expect a lot of things that come with the journey.

[00:00:43] It is, more than anything else, a proverbial roller coaster, excitement, uncertainty, a sense of

[00:00:49] accomplishment, and the pure adrenaline of chasing your dream. In the beginning, most

[00:00:54] of your focus is on what can go right. In fact, it's a requirement to get started.

[00:00:58] The motivation to start comes from that big vision, building a company, disrupting an industry,

[00:01:03] or solving a huge problem. You dream of building a culture, creating jobs,

[00:01:08] doing the impossible and perhaps getting wealthy along the way.

[00:01:12] As I type this, I get goosebumps. Every day at Next Coast Ventures, I get the pleasure of

[00:01:17] meeting amazing entrepreneurs filled with energy and enthusiasm as they pursue their

[00:01:22] entrepreneurial dreams. I get to briefly and vicariously put on my past entrepreneur hat

[00:01:28] and dream big with them. It's so inspirational. But as an entrepreneur, unfortunately,

[00:01:34] something will happen along the way that can shake you to your core. You lose a key customer,

[00:01:39] a critical team member, quits. You cannot raise the capital you need to run your business.

[00:01:44] Consumers don't think your product is really as cool as your mom thought it was when you

[00:01:47] showed it to her just a few months ago. With a real lottery winner, a global pandemic

[00:01:52] happens and your travel startup is hit with a huge punch in the face that no one could

[00:01:56] ever have predicted. I call these oh no moments and every entrepreneur knows this experience.

[00:02:01] In fact, if you are going to be an entrepreneur, you can expect so many of them,

[00:02:05] you will lose count. And that is what wine and therapy are for as it turns out.

[00:02:10] These oh no moments are predictably followed by a mental avalanche of destructive thoughts

[00:02:15] and demeaning questions, the worst of which is why the heck am I doing this? Why, why, why?

[00:02:21] This one question has destroyed more entrepreneurial dreams than just about all other events combined.

[00:02:27] It is the question that makes you question everything you are doing and changes your

[00:02:30] perspective from the positive dream to the consequences of failure.

[00:02:35] This alter ego of negativity, despondency, and weakness is what I refer to as your

[00:02:40] Mr. Monkey voice. If you listen to this voice espousing fear, uncertainty, and doubt,

[00:02:46] your temptation to throw in the towel will be high. The key is not to let the voice win.

[00:02:51] But how can you do this? How can you stay connected to your entrepreneurial vision when

[00:02:56] everything seems to be telling you to give up? Here's a simple formula that I've found the

[00:03:00] most helpful when I struggle with this very issue. It is an exercise that helps me keep

[00:03:04] my focus and resist the rabbit hole of negativity that Mr. Monkey wants to take me down.

[00:03:10] And it is a pretty simple way to use the why question in your head

[00:03:13] and take your thoughts in a different direction. It's also an effective and simple way to take

[00:03:17] Mr. Monkey's why and turn it on its head. In short, it is an exercise in mental judo.

[00:03:24] Think back to the start of your entrepreneurial journey and ask not just one but three why's.

[00:03:29] But focus on your original vision. Think about the very reason you started on your

[00:03:33] journey in the first place. Ask yourself, why did I start this in the first place?

[00:03:38] Whatever your response is, ask the same question again. Then do it one more time.

[00:03:43] For me, it would go something like this as it relates to my decision to do a 180-degree

[00:03:48] professional pivot from an entrepreneur to a venture capitalist co-founding Next Coast

[00:03:52] Ventures a few years ago. Me number one, why at this point in my career did I want to change

[00:03:58] to being a venture capitalist? This seems a lot harder than I thought. Why? Answer,

[00:04:04] I wanted a new challenge in my career and wanted to invest money to help fellow

[00:04:08] entrepreneurs bring their visions to reality. Me number two, why? Answer, number two,

[00:04:14] entrepreneurs need help and I think I have something besides money to help them achieve

[00:04:19] their dreams. Me number three, why? Answer, number three, entrepreneurs can change the world

[00:04:26] and we need their help now more than ever. I draw inspiration every day from my job and

[00:04:31] can't think of doing anything else. Bingo, by the end of the exercise, I quickly remember

[00:04:36] why I changed my career, set out to learn a new set of skills and took on the risk of

[00:04:41] co-founding a venture capital firm. I love challenges. I love trying new things. The idea

[00:04:47] of building something from the ground up is invigorating, exhilarating, and above all, rewarding.

[00:04:52] Most importantly, I get to work with the best and brightest entrepreneurs in the world

[00:04:57] and watch and help them chase their dreams. Wow, now I remember what I'm trying to do.

[00:05:03] Now I am reconnected to my entrepreneurial vision. The beauty of the exercise is its simplicity. However,

[00:05:09] it is only as effective as you challenge yourself to go deep on the why. Staying connected to your

[00:05:15] vision might be the hardest part of being an entrepreneur. Seriously, so many ups and downs

[00:05:20] will come your way that you might have trouble remembering your first name, let alone recalling

[00:05:24] what your original vision was for the journey. The next time you're feeling stressed,

[00:05:29] challenged, or are thinking of giving up, find a quiet space, put your phone away, and try the three

[00:05:34] wise exercise. I bet you will feel a renewed energy, a sense of purpose, and clarity of thought

[00:05:40] and purpose. Give it a try and let me know if it worked. And always remember, if it was easy,

[00:05:47] anyone could do it. You just listened to the post titled,

[00:05:54] As an entrepreneur, you can expect a lot of things by Mike Smirklow of mikesmirklow.com.

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[00:08:13] gusto. Get started today. And thanks to Mike, he is the author of Mr. Monkey and Me,

[00:08:20] a real talk guide to cultivating a mindset to support greatness in entrepreneurs,

[00:08:24] and actually narrated an excerpt from that book back in episode 88. So if you liked what you heard

[00:08:29] today, go check that out. And Mike is an experienced entrepreneur, investor and business leader

[00:08:35] driven by the desire to turn ideas into reality. Having bought and scaled a small

[00:08:40] business into a publicly traded company worth nearly a billion dollars in value,

[00:08:44] he's got a deep understanding of the hard work, dedication and grit that truly powers

[00:08:49] successful entrepreneurship. Today as the co-founder and managing director of Next Coast

[00:08:54] Ventures, which you heard Mike talk about in this post, he's a champion for a new

[00:08:58] generation of entrepreneurs building disruptive companies in big markets.

[00:09:02] He is a great author for this show. So come by his site to check out his work,

[00:09:06] that's MikeSmerclo.com and his last name, Smerclo is spelled S-M-E-R-K-L-O. And as usual,

[00:09:14] I do have that linked in the episode's description for you. And that is going to do it for

[00:09:18] OWD today. I thank you so much for joining me as always, and I'll see you back here tomorrow

[00:09:23] for the Wednesday show where your optimal life awaits.