One of the most rewarding aspects of entrepreneurship is being a part of an ecosystem that feeds off of other entrepreneurs. We thrive because we learn from and are supported by others and because this environment creates the sense of urgency and enjoyment necessary for creating industry-changing businesses.
At VerbalizeIt, we are energized by the scores of Techstars and Wharton alumni supporters and from our surroundings in the entrepreneurial hotspots of New York City and Boulder. Other businesses benefit from similar environments, strong support groups, expert mentorship and a host of other critical factors.
We entrepreneurs are laser-guided missiles, focused on our targets and unwavering in the pursuit of our dreams. Doing so has tremendous benefits but also real costs. Sometimes we become so focused on reaching the destination that we forget to look around and give back to a community that has given us so much.
Here are three suggestions for how fellow entrepreneurs can accomplish their business goals while also leaving an indelible impact on the world and those around them:
Recognition of Support and Responsibility: Realize that your successes are a direct byproduct of the contributions of others and that we have a responsibility to pay it forward. Of course, it’s impossible to respond to all of the seemingly unending requests and solicitations, regardless of the worthiness of their cause. However, there’s an important balance that is based off of the realization that we reached our status by leaning on the shoulders of those who have been there before and who were kind enough to take an interest in our pursuits.
Take Action: Figure out what strengths you have to offer to the world and identify which mediums for sharing those skills and experiences best align with your schedule. I’m lucky to be a mentor in several business incubator programs and I work directly with a handful of other aspiring entrepreneurs in a manner that not only aligns nicely with my work schedule, but also reinforces my own personal and professional initiatives through the energy that I derive from their impressive pursuits. For others, contributions might consist of board-level membership, financial investments, making critical introductions or writing a salient-article specific to a new business or industry trend. Whatever your fancy, the key is that no action is too small to make a difference in the life of another entrepreneur.
Make Giving Back a Lifelong Goal: We never stop learning and benefitting from the advice and experiences of others, so why should we stop giving back to others? Of course, have your boundaries, carve out plenty of “you” time and recognize that you won’t have the same bandwidth at all points in time as you scale your own business. It comes back down to the simple and yet still not fully embraced theme that no action is too small to make a meaningful impact on those around you. When John Sculley responded to a message from an unknown Wharton MBA candidate and agreed to mentor me, he made a lasting imprint on my business and on my perspective towards helping others.
So take out a piece of paper or a digital notepad, spend thirty seconds jotting down an idea or two of someone you can help and go ahead and execute on it. I promise that the reverberations of your action will be felt for generations to come.
How have the contributions of others impacted your successes as an entrepreneur and what can we entrepreneurs do better to foster the right ecosystem for ongoing innovation?
