Sizzling in the City with Erin Rayner

Don’t Jump!

It’s only business

Edmontonians, January 2010: I’ve never left a business event in tears. That’s not to say I am without emotions. In fact, I can tell you I cried at the Support Network breakfast while listening to family members of people who had committed suicide. I’ve cried at the Norquest fundraising breakfast as I listened to new Canadians talk about their trials before coming to Canada and their heart warming experiences at the school. But very, very rarely do business-focused events get me all choked up. This one did.

On November 19th, Entrepreneurs’ Organization (EO) Global hosted 65 events in 21 countries, covering 17 time zones around the world. EO24 hit every chapter throughout the world, including Edmonton, and touched its 7000 members globally.

Frankly, reaching the stringent criteria of being an EO member is a personal life goal of mine—a goal I’m a long way from reaching. At least that’s how I feel when I open my eyes and hit the ground running for another day on the steep learning curve of business ownership/management/leadership. In order to qualify to be a member of EO, its website says a prospective member must:

• Be the founder, co-founder, owner or controlling shareholder of a company (√)
• Hold one of the above titles for a company that grosses more than US$1 million annually (Hm… not quite)
• Join before age 50 (I’d love to. √)
• Plus a host of extra stipulations for venture-backed companies.

To quote a Bryan Adams song, “2 out of 3 ain’t bad”, let’s just say, I’m still a ways off. The speech by 1-800 Got Junk co-founder Cameron Herold, The Emotional Intricacies of Entrepreneurs, hit a nerve. In fact, it was like he hit my finger with hammer: immediately impactful, painfully shocking, and it left a lasting impression.

In the room, there were 90 men and only seven women. Of those seven women, I learned later, three were from sponsor companies.

Herold did a great job of establishing why he was fully qualified to lead this discussion: With 20 years business experience, he is a leading force behind 1-800 Got Junk, taking the company from $2 million to $105 million in six years, with no debt or outside shareholders.

After a quick non-bio (he hates bios), slides of his likes and dislikes, he jumped into his presentation. Apparently being an entrepreneur is emotionally similar to being bipolar—which might explain a lot.

I sat enthralled as he spoke about the four stages of what he calls the transition curve, a sine wave type line that many entrepreneurs’ emotions follow: up and down, and back up and down again—an entrepreneurial emotional roller coaster. I could relate closely to each stage. I looked around at the other people in the room. Was I the only one who knew exactly what this guy was talking about?

The stage that resonates most in my mind is the Crisis of Meaning stage where, as an entrepreneur, you question everything you know and hold dear: the vision, the passion, the potential for profits. It is at this stage where, without the ability to ask for and receive support, we business owners run a serious risk of a burn out. This is the stage where getting out of bed is nearly impossible and even the most menial tasks seem monumental. The analogy Cameron used was standing on the ledge of a building contemplating entrepreneurial suicide.

I know this stage. I’ve been hanging out here for a while, months actually, as I try to regain my footing in my own business. Revenues are good. Sales are coming back and we are great at what we do. I love business ownership, emotional instabilities and all. But what a relief to know that I’m not alone. I was thoroughly impressed by the EO members and prospects in the room when Cameron asked how each one deals with that crisis stage. Every entrepreneur he asked had something to contribute – whether it was coping by working out, talking to an advisor or friend, or listening to angry music and powering through the day. Each one knew what he meant when he said “crisis of meaning” and not one person declined to share personal coping mechanisms.

I had the chance to spend a couple of minutes with Cameron at the reception. He asked easy questions but his eyes pierced my soul. I couldn’t lie, so I told half-truths instead. I told him that it’s been a tough year but it will all work out. I said: “Isn’t the third year of business traditionally a transitional time?” I think he saw right through me.

A few days after the event, I ran into a friend, also a female business owner. We spent a few minutes at Second Cup, catching up before we each headed off to our next meeting. It turns out, she is in the midst of selling her three-year old business for just enough to get her out of it. I could feel her recent exodus from Crisis of Meaning. I asked her how she felt about getting out of something she had spent countless hours, blood, sweat and tears building. She had perfected her speech and she delivered it well. She said she wasn’t bitter anymore and she wouldn’t be who she is had she not gone through her first business. She said that she never would have learned the lessons she did had she spent the same three years working for someone else. Strong words, from a strong woman at a vulnerable time. She might be right though, she could be on her way to another, more efficient, exciting and profitable entrepreneurial rollercoaster. √