I mentioned earlier in the week that I learned this particular lesson because of my fixation on a project (and partner) that was dead in the water. As I gave this post more thought, though, I realized that the situation with my partner was just a symptom of a bigger problem that had started much earlier.
What am I talking about?
There is more than one path to success. Maybe that seems obvious, but hear me out.
Being the type of person who casts a net instead of using a dagger to get opportunities (who told me that phrase this week? I love it), getting into the commodities industry was mostly a fluke. I walked into my boss’ office and he asked if I wanted to start a brokerage. “Ok.” I have a screw loose, I realize.
I had very clear expectations in my own head. I would get the bond, do the leg work, and would avoid advertising at all (hugely regulated in commodities) because my partner’s software would draw customers. Clean and neat.
And most importantly, easy. The legal stuff was no big deal- that’s my comfort zone. I had no interest in doing anything other than serving his need for a brokerage. I didn’t want to get outside customers and expose myself to the risks that advertising in this industry brings, I didn’t want to go to trade shows, I didn’t even want to become some big industry player. I was married to providing services for this one person and software.
But then all of the messes I have written about this week happened, and it suddenly wasn’t so neat anymore. There was a brief moment when I thought of breaking free from this guy and contacting other people in the industry who didn’t have the exact license I did and providing brokerage services to them. Much less risky than dealing with individual customers from a legal standpoint, but still lucrative. The thing is that I resented the fact that I had to get off my duff and do something different if I wanted to salvage the business. That’s when I dealt with the line between quitting because it turned out to be nothing like I signed up for, or sticking with it and making something happen in an industry I had limited knowledge about.
As you know, I quit. In general, I feel good about that decision, but not for the right reason. I know now that the new regulation from the Wall Street reform kills the type of business-to-business stuff I thought about switching to, so it makes me happy I didn’t do a bunch of work only to be put out of business. But I don’t feel good about the fact that I acted like if things didn’t go exactly as planned, i.e., the easy way, I was out.
I have since kept in touch with a few owners of brokerages who have stuck with the business through all the new laws, and they fill me in on how they are making their businesses work. It is possible, and they have had to stay light on their feet to do so. They all seem to be on several paths at one time. I could have done it. I just didn’t see it though, because I was so fixated on the failure that was my technology partnership.
I like to think that maybe if I was more interested in the industry itself I would have stuck with it, but that is probably just a cop out.
The message I’m trying to pass on is that whether your project is a success or on its way to failure, don’t be afraid to let your mind wander in all directions about the possibilities. My fear in doing that limited me, and this experience just highlighted this tendency in myself. This is definitely not the first time I was afraid to just see what ideas popped into my head without worrying about whether I would actually have to, or want to, do any of them. Breaking out of the usual can be scary and lonely, but also exhilerating. I skipped it, though, but I hear the excitement in the voices of those brokers I keep in touch with.
In a more general sense, I guess that trying new industries entirely is in itself a different path to success than the ones I have tried before, so I try to remember that when I start getting down on myself. I definitely learned a ton of lessons, more than I have written here this week, on starting a business and working with other people, so it was worthwhile in its own way.
Have you had an experience that left you better off, but not in the way you intended it to, or expected it to?
