Top 5 Lessons Learned from Starting a Business
Welcome back!
When I think about the journey of creating TRAX Analytics, it’s hard to not reflect about the very, very beginning. In case no one has mentioned it to you before, creating a new technology business can be hard…very, very hard.
If you don’t maintain a healthy balance, if you listen to every negative opinion that comes your way, if you start to doubt yourself… it can take its toll on your mental health. However, if you are mindful and present in the journey, you can walk away with powerful lessons learned about who you are as a leader, what strengths you bring to a business, and how important it is to surround yourself with a strong team that you can trust.
Let’s dig into the top 5 lessons that I have learned over the past 5+ years of building this business. The good, the bad, and the ugly.
Lesson 1: Your idea might be truly groundbreaking and something that inspires you daily; however, not everyone around you will feel the same way and that is okay. I have learned that people seem to not have any problem sharing their disbelief in you or your new idea, but don’t let the negative chatter distract you from your goals.
When I was brainstorming and creating the first beta version of TRAX SmartRestrooms with my brother (dynamic duo!) back in 2017, our traditional aviation network was, to say the least, confused. People would laugh behind my back at conferences, told each other how dumb it was, and even told me that it would NEVER succeed. However, instead of hiding or giving up, I got my butt on stage to speak about it at those very conferences. More and more clients bought it, and fast forward we are in over 35 different airports and counting. Ironically, after seeing our success, the people who laughed the loudest, are now struggling and trying to find a way into the same space 5 years later.
Lesson 2: Your leadership style can and should be different than those around you. As a business owner, I think it’s important to surround yourself with incredible visionaries, founders, and CEOs. However, I think it’s important to find your OWN leadership style. Take what has worked from those you admire and leave behind what doesn’t feel authentic. There is nothing more powerful than a leader that is authentically themselves versus one who is copying every play out of the CEO playbook. You will make a bigger impact by beating to your own drum instead of beating to the drums of others.
Lesson 3: Just because you CAN do everything, doesn’t mean you should. I met with our team about this very concept the other week. We are all high functioning, fast paced, and intelligent members of this team; however, we all (myself included!) have strengths and weaknesses. It’s important to tune into yourself to realize what those attributes are and own them! When you are on a lean team, it’s easy to jump in and pick up the slack because you can… but contrary to what we might think, that might not be the best for the team as a whole. Is it better to do something at 50% because you can, or to raise your hand and brainstorm a solution to get it completed at 100%? My vote is the latter. Just because you can, doesn’t mean you should. Focus on your strengths, and let those around you focus on theirs so that quality never suffers. Then together you can deliver at 100% if you think strategically and efficiently. I can fall into this bucket too… as do many CEOs. Often times you can get in the habit of “doing it all,” but that can lead to a decrease in quality over time (life and work gets too busy as you scale!) Once your business starts to grow, it’s imperative that you rely on your teams to use their strengths to make up for the areas you might be weaker in. No shame.
Lesson 4: Ask for help. Don’t let your ego get in the way of learning from others, even as a business owner. Now I am an independent and strong headed lady (sometimes to my downfall!)… so when I started TRAX and I didn’t know something, I had the habit of putting my head down to “figure it out” quietly so people wouldn’t secretly doubt my capabilities. And sure, that worked for a period of time… but I can’t tell you the amount of times that if I had just raised my hand to ask someone who was an expert in that field, I would have come to the resolution faster and more efficiently. How silly it is to let the fear of being judged slow you down in any way. We all can’t be masters of everything. Learn from those around you. It will only make you better and it will do so in a much faster way than your competition.
Lesson 5: Balance is key. I am a huge advocate for maintaining mental health in the work place. I have seen far too many startups fail due to burn out, or CEOs sacrifice their own health and wellbeing to win the deal. How fleeting that feeling is once you win it, right? Life is too short, and business is not everything. Find that balance as a leader to maintain your own health so that you can show up whole for those around you. No one needs a leader who is burnt out, exhausted, and dealing with major brain fog. Your team needs a leader that is clear headed, living a healthy life, and leading by example so that they too feel safe to do the same.Find time to unplug- the email will still be there tomorrow. My tricks to balance are the following:
-Meditation first thing in the AM… every AM.
-Daily lunch time walks with Milo to think creatively while moving and getting away from a screen
-Listening to business and lifestyle podcasts while I do the business tasks that don’t need my full attention…time sheets, expenses, travel booking, linked in updating… you know the types!
-After work yoga…its a must.
Hopefully, some of those lessons resonated with you and left you with something to think about. I would love to hear about some of your business lessons learned as well in the comments section!
TD