Editor’s Note: This post was originally published on Seattle 2.0, and imported to GeekWire as part of our acquisition of Seattle 2.0 and its archival content. For more background, see this post.
By Nathan Parcells
One of the invariable results of starting a new company is constantly learning new skills. Working on a small team (my company, InternMatch consists of three founders + contractors and interns) means digging deep and getting resourceful when a new strategy calls for new tactics to grow the business. The need for an entrepreneur to juggle multiple talent sets lies at odds with basic economic theory on the benefits of economies of scale, and specialization, however it can be argued that learning how to acquire new skills effectively is a skill in itself (Chief Renaissance Man).
One of the biggest challenges and reasons I love entrepreneurship is figuring out how to perform at a high level even in the fields you have little experience in. I wanted to share the beginning of a long list of ideas that have helped me to add new tools to my tool box in an efficient and successful manner. This list still has a ton of growing to do and I would love to hear your feedback as well.
- Determine that you are not a specialist in an area and recognize that you need advice. One of the most insightful early work-shops I attended in Seattle was on A-B testing. A team from Microsoft demonstrated how high level executives when given the choice between two design templates chose the one with a lower conversion rate over 50% of the time. This is only to say that while many startup CEO’s are ex-executives or in the very top percentile of intelligence, case studies show that seeking out expert opinion rather than going with your gut is key.
- Find someone who knows a lot more than you and figure out a way to build a relationship with them. When it was time for InternMatch to make our first sales calls we made no more than five before running into a slew of new questions and challenges that we could not adequately answer. It felt like we opened Pandora’s box; “What’s the best intro?” “Should I be pushy?” “Do we want to try and setup meetings or close over the phone?” We quickly turned to one of our advisors who was an expert in the area and in two hours, he was able to brief us on best practices for CRM, the institutional sales process, tone and pacing, and to give us the confidence that these different strategies would succeed over time.
If you don’t already have an advisor in the area you need help in, scour linkedin, ask those involved with your company, and find a way to get in front of someone who is an expert.
- Read one book on the field. Something I quickly realized talking to different industry veterans, is that every single expert has at least one or two books that changed the way they think. Getting a good book recommendation works in your favor two fold; first you have a new bible to refer to when in times of indecision, second reading this will help you build the relationship with that expert, being able to ask more sophisticated questions and to speak on a common ground.
- Allocate time to do research. Reading and research is like the reconnaissance before a fight. While every muscle in your body may want to keep moving forward, you need patience to build the right strategy and the right foundation. More than anything else this initial time expenditure will save a tremendous amount of money and headache in the long run.
- Sometimes it’s best to settle on an imperfect final product. This tip feels unnatural but usually when doing something really new, completing the first 80% of the project takes 20% of the time. Taking it from 80% (as in very good) to 100% (as in perfect) can frequently eat up countless hours without equivalent return for your time. Obviously sometimes a product needs to be perfect, but if you’re a perfectionist type, learning when to let go in order to maximize your time is incredibly valuable.
- Find joy with the uncomfortable feeling of always being a novice. If you can’t do this then maybe entrepreneurship is not for you. Seth Godin wrote in his book The Outliers that you are not achieving at your highest level unless you frequently feel stressed and uncomfortable with your work. As you improve and perfect new skills work becomes easier and more comfortable. In a start-up the second one skill becomes easier is just about the time something entirely new and challenging lands at your feet, so its important to be able to enjoy being pushed.
