Wednesday, December 11, 2013

The perils of being a famous Entrepreneur!

Entrepreneurs spend so much time getting more visibility for their idea that there is tendency for them to loose focus from their long term vision. 

Daniel quotes Rebecca, a tech-entrepreneur writing, "Yesterday, we got written up in TechCrunch and LA Magazine, and we all had dinner at Nobu to celebrate!" She will, however, conveniently forget to mention that her startup has yet to settle on a viable business model and has zero paying customers.

While PR and press coverage for a startup definitely means more visibility and credibility, it is as good as saying, "We've arrived!". Once this message is broadcast through popular press, people will come to see you once. But if you aren't interesting or don't offer value, it is going to hurt you. Since it means a lot of people will watch even before your idea is ripe.

Daniel further writes that "Going for visibility is not only exhausting, it’s distracting. John, a middle manager at a Fortune 500, attended no less than 21 industry conferences this year in an effort to increase his overall visibility". All this could have been used to mentor his team, build relationship with potential clients, or strengthen the business viability. All of these would have contributed to long term success of his company by strengthening its fundamentals.

While "I wish I had the confidence to start my own business" is one major career regret for many people, entrepreneurs have may reasons for being confident about the relatively bolder decisions they've taken in the choice of their career. But it is also important to be aware of the trap of entitlement, which popular press coverage can do. In fact, getting in this trap is inexcusable mistake.