Here’s a true story. I had a great idea to connect recipe websites and grocery stores. I’d launch a MVP (minimal viable product) to demonstrate the software, raise capital and become a zillionaire. At the time, I knew a little something about financials, but couldn’t pronounce or explain EBITDA without looking like an idiot.
Because I could only spell financials and not do them myself, I hired a friend’s husband to be part of my founders team so he could do the dirty work. The problem was I couldn’t call B.S. on him and had to live with his Excel documents, his explanations and his pitches. It was completely uncomfortable, unprofessional, and well… dumb.
I never will make that mistake again.
How do you turn bad into good? My bad was not knowing something and passing it off to someone else, hoping he would teach me or I could keep quiet during VC pitches. Not smart. The good? Going back to school to learn more about the subject so I wouldn’t get caught off guard again.
If you don’t know something that you KNOW you need to know, learn it. It’s not like there aren’t a billion options and/or opportunities. Go to school; study online; read. The key is to do it so Y-O-U get the first-hand knowledge you need to move ahead. In business school last semester, I actually survived statistics and now can talk data analysis with confidence.
What are your biggest weaknesses? You probably know. Don’t worry, I won’t tell anyone. Whatever those weak links are, you need to address them head-on. Strive to become educated on a broad scale (some call it macro learning) and become fluent in topics rather than leaving them to someone else. Think about them, write them down, and, then, tackle them — take a class, download a webinar, hire a coach (hint, hint).
The subject doesn’t matter. Mine, obviously, was financials. Yours could be anything, from marketing, to sales, to repairing the light fixtures. Once you’ve filled that knowledge gap, THEN you can feel good about hiring an expert to do the work. You’ll have a sense of the work, and it’s cost, timing, and outcome. You can call B.S. if you have to.
Many of my clients see me as a conduit for understanding issues from operations management, to leadership, to sales and marketing that they probably don’t know as well as they should. It sometimes is hard to know where to start. Things move slower than they should. However, when working with those who have a good sixth sense (wink wink) I can focus on where I need to bring them up to speed. Things move quickly.
Knowledge definitely is power. And, as an advisor, I can tell you that it’s also something to share. It’s gratifying to point my clients in the right direction, and it’s fun to teach my students the tricks and tools of the trade. The hope is that they, in turn, teach others. You can too. Learn what you don’t know before you need to. Then, implement, practice, and share.
If you have questions about which way to start first….click here.
Warmly,
Jocelyn and Team