The Mad Rush to Market for Entrepreneurs

Photo courtesy of Andy Beales - Unsplash.com

This article is for anyone who is participating in a business incubator program, is being coached on starting a business, or is attending a training session for entrepreneurs. Having attended several of these, it amazes me that there seems to be an incredible urge to rush a product to market. It's as if everyone is just chomping at the bit to get you to start your business, set milestones, and start generating revenue. Likewise, there is just as much pressure to set up a website, create social media accounts, and start an email campaign.

I recently attended a month-long training for online businesses. At the start of class, we were told that we would need to have our business online by the end of the four weeks. Now I realize that this can be a good incentive for those people who otherwise just won't start at all, but for many others this is a setup for a false start, or even a quick failure to launch at all.

As expected, almost everyone in the class rushed to put their websites up, but shortly after the final class was over, many of those sites were down again. They simply weren't ready to launch. Those few of us who did keep our sites up did so because we had completed significant planning and preparations well before the class started and we already had a team of people ready to tackle this. Even so, it was a challenge to meet all the classes’ requirements.

Could it be that these programs don’t understand their audience?

The fact is that most people starting a side-business do so while still holding on to a regular job. After all, it’s called a side-business for a reason. For them, the rush to market is completely unrealistic because they have an entire life outside of this side-gig. This does not mean that the business isn't important, it's just that it can (and should) take a little longer to be ready. Rushing to launch is simply not realistic.

Part of the problem is that business incubator programs, coaches, and entrepreneurial training services primarily cater to young people with few other cares or responsibilities. These are entrepreneurs who can sleep on couches a few hours a night, subsist on TV dinners, coffee and pizza, and charge their expenses to a credit card during dictated crunch times. This simply isn't the kind of life that those doping a side-business can keep up with. For them, the building of a business will need to be done at a different pace.

When we attend classes and trainings, it is always with a sense that they simply don’t speak to us directly. While the information is always helpful, it really seems to be geared towards care-free millennial types who can put their whole life on pause to launch a new business. As such, we take what we can from the classes, and then we return to our own pace for running the business. Given that statistically, most entrepreneurs are over 40, it would suggest that they do not know their audience well.

Why the side-business people fare better

How many of our readers fall into the drop-everything and rush-to-launch category, and how many will need more time to bring their product to market? From the people I’ve observed in the many workshops and trainings I have attended, I believe that the majority are the latter. This also means they are more like we are, and that’s OK.

As I am building up our team, I am realizing that those who have a life outside of the business bring more realistic expectations to the table. They understand better how to prioritize and balance their workload because that is how they live their lives already. Starting a side-business requires this balancing act because there aren’t enough people on the team to handle each task separately. As such, most of us wear many hats while we are building up the business. Being able to balance projects, tasks and deadlines is a key skill.

The 3-times rule for scheduling and why side-business people understand this better

Back when I was working in a large organization, I managed a team of technicians and programmers. We were often asked to schedule out how long projects would take. When I received my team’s estimates, I would always have an expectation that it would take three times as long. I wouldn’t tell the team this, but that was my expectation.

As it turns out, the team was pretty accurate when it came to very short projects, but for any projects that would take more than a couple of weeks, my expectation was more accurate. This is because the longer a project is scheduled to take, the more interruptions, unexpected delays and simple life-realities would come into play. While there are always project management tools such as agile to keep the team on schedule, those also have to be flexible to accommodate changes over time. Human beings aren’t machines.

Having launched several products, websites, and campaigns over the years, it is my understanding that the 3-times rule applies to launches too. This is because they also require several weeks of work, and thus also have delays and schedule adjustments over time. So my experience has been that if you have planned out a fairly tight schedule of three weeks, it is likely that the real date is 9-weeks out.

People who launch a side-business (who have a life outside of the business) understand this better. They know that things will come up and schedules will need to be adjusted accordingly. As such, they are uniquely qualified to manage the launch.

Why side-business people understand the human side of business better

I mentioned above that people are not machines. More often than not, the expectation from incubator programs, business workshops and many mentors is that the business launch requires people to work like machines and to put their more human tendencies aside until the product is launched.

What these programs seldom prepare you for is that the rush prior to launch does not end once the product is launched. It is quite likely that the business will need to run at that same hectic pace well after the launch, and perhaps indefinitely. In essence, if you require people to run like machines prior to launch, they will likely need to continue to do so after. This is simply not sustainable. It is not wonder that so many new businesses fail.

People who run their business more like a side-business know that humans don’t operate like that. They know from experience balancing priorities that a more balance approach prior to launch will also allow for a more balanced approach after. By starting with this understanding from the onset, they can then ensure that this is also haw the business will grow after launch. This approach is much more sustainable and realistic.

More important still, is that a balanced approach between the business and the life outside of the business provides more latitude should it be necessary to work more intensely during peak hours. This is in contrast to those who where working at breakneck speed all along – for them, there is no more room for peak times beyond that. Like a machine that is pushed beyond its mechanical limits, something will break. When humans break, it is never good.

Consequently, a more balanced approach provides the latitude needed for growth and expansion. This is critical when launching a business, growth is what keeps the business going. People who have the experience of balancing priorities are also those who can ensure that the business continues to grow and expand.

Conclusion

I am truly amazed at the short-term view that is so common in most business incubator programs, training workshops and from mentors. Most entrepreneurs already have a steady job or a supportive life outside of the business. The side-business really is something extra, something on the side, that is meant to supplement the life.

The fast-moving entrepreneurs in promo videos and those portrayed in the media represent just a portion of new businesses. More to the point, many of them will struggle tremendously along the way. They will struggle because they will be expected to run like machines before, during and after the launch of their business. Some can do this, but most will struggle and many will actually burn out.

People starting a side-business, while also keeping an active life going at the same time, will have that life to draw from for experience. This is tremendously valuable for ensuring long-term success and ensuring that the business will continue to grow over time. It may not be as exciting and news-worthy to build a multi-million dollar business slowly over a decade, but it is still a multi-million dollar business.

In the end, those are the businesses that succeed, that provide jobs for others, and that develop innovative new products and services that we can all benefit from. Even those famous YouTubers that have done so well this past decade didn’t become successes overnight. Most of them have been online for years and developed many different sources of revenue to reach that success.

I sincerely hope that the entrepreneur training services takes a step back from rushing people to market. I don’t believe it is the easiest path to success. Yes, it works for a few people who can make those sacrifices, but for the majority of new entrepreneurs, especially those in their 40’s and 50’s, the reality is that doing it as a side-business is much more effective and lasting.