Overcoming Setbacks and Failure

Dave Grohl rose from the ashes of Nirvana, achieving his own success

If you’re like most people, setbacks and failure can rock your world and sometimes permanently. If you’re like most entrepreneurs, you are more resilient but still susceptible to quitting. But if you’re like successful entrepreneurs, you simply don’t give up. Notice I didn’t write “most” successful entrepreneurs—because successful ones are partially differentiated by the fact that they just don’t throw in the towel. Now, they may quit a project, quit developing a product or service, quit pursuing an idea, and quit many things, but they never give up their quest for entrepreneurial success in some way. In fact, as Seth Godin points out in The Dip, successful entrepreneurs (and successful people in general) quit often; the key, however, is they know when exactly to quit and shift their resources elsewhere. It’s a fine line, balancing dogged determination with flexibility.

Rock stars arguably encounter more severe setbacks than most entrepreneurs. I say this because they have, as an industry, a disproportionate number of unexpected deaths—the ultimate setback—to contend with. When was the last time you heard of an entrepreneur dying of an overdose, throwing the entire company into potential chaos? Even Steve Jobs’ death, as striking as it was, was somewhat anticipated, at least within his inner circle. And Jobs left Apple with a plan for continuity after his passing. I’m guessing Jim Morrison didn’t do that.

This all comes to my mind in the wake of Dave Grohl and Foo Fighters winning their Grammy this week. There are many debates about the Grammys—that they are highly political, that they aren’t a fair measure of artistry and significant contribution to music. But it still remains true that you don’t win a Grammy if you aren’t successful in some way. And so it is with Grohl and Foo.

It’s almost hard to remember that Foo Fighters rose from the ashes of Nirvana, and if you’re under 25 this isn’t even part of your memory. But imagine what it must’ve been like for Dave Grohl on that fateful day in April of 1994. Of course, the overwhelming tragedy was the loss of his bandmate and friend Kurt Cobain. But swirling in that personal loss was also the loss of Nirvana. Few bands have lost such a major member at the peak of the band’s stardom. And more important, it was truly impossible for Nirvana to carry on; there simply could be no Nirvana without Cobain.

Dave Grohl epitomizes the intrepid spirit of all successful entrepreneurs. He quit (Nirvana) but didn’t quit (his pursuit of greater success). Do you know when to quit but not quit?

Tags: Dave Grohl, determination, entrepreneur, failure, Foo Fighters, giving up, Grammys, not giving up, not quitting, persistence, quitting, success

Your business is your lifestyle

Stefani rocks music and business

“The best thing about our success is that it afforded us our lifestyle. I never have to wear a suit. I never have to wear nylons. I can do my hair pink. I can do whatever I want to.” — Gwen Stefani, singer in No Doubt and founder of fashion line L.A.M.B., with an estimated net worth of $80 million

It’s easy to forget that when you’re starting a business you’re starting a lifestyle. Your business may be an extension of your lifestyle (e.g., you’re an avid skateboarder starting a line of skate gear), but if not, you’ll probably find that your venture and lifestyle will ultimately blend. This is why it’s so important to do something you love. Your business will pull you into circles of people, connections with organizations, a variety of environments, and (hopefully) a blessing of customers and fans. The sum of these will be a major component of how you experience your life.

Often, budding entrepreneurs and those considering a business venture forget (or don’t realize) this. The focus tends to fall more on making money, getting out of an existing job, or another motivation that has nothing to do with how you want to live your life. There are many, many benefits in being a successful entrepreneur. But none probably top the ability to create the lifestyle you want. And I don’t mean the trappings of nice homes, cool cars, fabulous fashion, vacations, or the typical “lifestyles of the rich and famous” visions. Yes, those things can be great, but it’s the “life space” in between where you truly live—where you are fulfilled, where you feel meaningful, where you deeply feel your purpose on earth.

When you build a business that creates the lifestyle you want, you create a circle. The business nourishes your lifestyle, your lifestyle nourishes your personal fulfillment, and your personal fulfillment nourishes your business.

The wacky but astonishing brain

Early this morning, I was dreaming that I’d composed this incredible song in GarageBand. I was playing it back for myself one last time before I exported it. Trust me, it was amazing. Then I awoke. Although I still vividly remembered the dream, the song was too complicated to quickly jot down the concept (there were no lyrics), and although I remembered the melody, in itself it wasn’t that great. It was the overall composition of the song that was so rich and textured—it was a rock orchestra, a sound I can only best describe as Ronnie James Dio circa 1980 meets the symphony. In my dream, I simply couldn’t believe I’d done this.

Well, fast forward about an hour and I’m trying to play a song on my iPhone. For some reason it’s not working. I check the headphones are plugged in all the way; they are. I check the sound is up; it is. I stop the song and start it again. I close the iPod app and restart it. Then, just before I move to the next level of troubleshooting—restarting the iPhone—I realize my earbuds are not in my ears.

So, how exactly is it that someone’s brain can come up with an impressive musical composition and then an hour later think its ears are wearing earbuds when they’re actually in a pocket?

Tags: brain, fail, music composition, psychology, thinking

Learn from Joan Jett and Be a Runaway

Jett rockin' Norway in the '80s

I finally got around to watching The Runaways—the 2010 film starring Kristen Stewart, of Twilight fame, as Joan Jett. Because Jett was one of the executive producers, we can reasonably expect the movie to be a realistic portrayal of her start in rock and roll. It’s worth noting, however, that the film leans far more toward the tale of The Runaways lead singer, Cherie Currie (played by Dakota Fanning). This makes sense when you learn the film was based on Currie’s autobiography, but will probably surprise viewers who expect more of Jett’s tale.

But the story still does give us a good idea of Joan Jett’s drive, ambition, and take-no-prisoners desire to be a rocker. (Consider this in light of her only being 16 years old when she started The Runaways.) And it was these traits that played a part in Jett’s becoming the first female rocker to start her own record label (at age 21), with the help of manager Kenny Laguna. This was their response to 23 record labels rejecting her solo album (after The Runaways had split).

Fast forward over 30 years to today. Unlike Joan Jett, we have so many more opportunities to produce and publish our own work, and at far less cost. Even promotion is easier with the Internet and social media. Have you been rejected by “23 labels”? Perhaps your “album” is a business idea turned down by investors. Perhaps it’s a book turned down by publishers. Perhaps it’s a product turned down by businesses in that space. Or perhaps it’s an actual music album. Whatever the case, maybe the signs are pointing toward being a runaway—and taking matters into your own hands.

Of all the lessons we can learn from rock stars, perhaps the biggest is to embody or emulate their incredible belief and investment in themselves. Otherwise, the means to success are really all there—we don’t have to press our own vinyl records, print the sleeves and covers, and sell them from the trunks of our cars, as Joan Jett and Kenny Laguna had to. But the one thing Google+, PayPal, CreateSpace, Twitter, Etsy, Kickstarter, WordPress, or any other tool on the Internet can’t give us is belief in ourselves and our ideas. This is what ultimately separates the rock star entrepreneur from the one who doesn’t ever quite make it.

Tags: belief, determination, Joan Jett, persistence, success, The Runaways

What have you got to lose?

We’re frequently told that gambling is bad. We get this message from a variety of sources in a variety of ways, both applying to literal gambling (as in a casino) and gambling in a more casual way. But are we actually doing ourselves an injustice by lumping all gambling together as a no-no?

I was recently talking with a successful entrepreneur who runs a small business he’s had for three decades. He told me about a $20,000 “gamble” he was taking on a promotional project to start 2012. But he was quick to add that he’s built into the company’s budget the money to take this gamble, and therefore it’s not really a gamble — it’s money that can be lost without causing harm to the business.

It got me to thinking how many entrepreneurs I know, including myself, who don’t allow for there to be any “gambling money” in the budget. This particular entrepreneur even said, “What fun would business be if you can’t play around with ideas because you can’t afford for them to not work?” How true. And yet, again, many entrepreneurs budget themselves into a corner, not allowing any room for the playing around that can result in killer ideas coming to fruition.

Rock stars generally don’t fall into this trap, however, which is yet another reason why we have a lot to learn from them. In fact, rock stars are generally expected to gamble big. Think of the U2 “360 Tour” a couple years ago, with its incredibly massive production. Or at the other end of the spectrum, think of the budding rock stars who quit their jobs, throw everything into a van, and go on a tour. This isn’t to say that it’s savvy business to risk it all or even risk a lot — but we need to be reminded that it’s best to leave some room to gamble. The person who buys only one lottery ticket a year still has one more chance to win the jackpot than the person who never buys a ticket.

So, as 2012 marches on, think about your business and your budget. How much money can you afford to gamble this year on an idea or two that could make your business better or more successful — or perhaps just make it more fun? Some of the coolest things rock stars do in their work (smashing guitars being a great example) are as much about enjoying the business as they are about growing the business.

Happy Birthday, Frank Zappa

Today would’ve been Frank Zappa’s 71st birthday. Because he was so bizarre and unconventional for his time, many people don’t realize he was quite a savvy entrepreneur.

Frank Zappa is perhaps the epitome of the rock star as businessman. The touchstone of his philosophy has always been to read the small print and, preferably, help to draft it himself. Zappa, right from the start of his career, has been careful to ensure that he knows what’s going on around his musical activities. — “Frank Zappa: Portrait of an Artist as Businessman,” Cream Magazine, January 1972

Zappa sold encyclopedias to make ends meet while starting his music career. Then, he landed a $1,500 gig (significant money in those days) to score the music for a film. From those earnings, he started a recording studio, which led to his band Mothers of Invention, which led to his successful and lucrative career.

Worth noting as well that, while bands forming their own labels is not so unusual these days, Frank Zappa was one of the earliest rock stars to do so.

News You Can Muse

If you’re over the age of 45, you probably hadn’t heard of the band Muse—at least not until they opened for U2 during its 360 Tour a couple years ago. Before that, they had gained acclaim and hit the charts in 2003 (and had been playing since the mid-90s), but the U2 tour grew their fan base exponentially. As a result, they hit a new chart this year—the Forbes Celebrity 100. Arguably among the least recognized names on the least, Muse ranks tied at #47 with a one-year gross revenue of $76 million and net income of $35 million (both figures in U.S. dollars). We’ll never know how things would be for Muse had they not opened the shows during the U2 tour, but it’s certainly safe to say their sales, fame, and income wouldn’t be what it is.

So, the question is, what can you do to partner with a complementary entrepreneur to further both of your efforts? This is what happens when bands tour together. In the case of U2 and Muse, the benefits to Muse are obvious, but U2 benefited as well in reaching many (notably younger) Muse fans who may have had a lesser acquaintance with U2′s music. Likewise, in whatever venture you have, at least consider the possibility that your “competition” may actually be a potential partner. You may even team up among many promotional partners—much like bands do when they are billed on festivals. Sarah McLachlan created the very successful Lilith Fair in the early ’90s that boosted her own career but also that of many other female rockers of the time. Likewise, Perry Farrell of Jane’s Addiction started Lollapalooza in 1991, which went on to promote and feature some of the biggest rock acts of the 1990s.

Share with us your ideas and experiences with promotional partnerships like this.

(By the way, U2′s earnings for the same year were $195 million, solidly planting them in the top spot among rockers on the Forbes list. Their 360 Tour set a record with sales topping $700 million, surpassing the Rolling Stones Bigger Bang Tour’s $554 million a few years earlier.)

Tags: competition, cross-promotion, Lilith Fair, Lollapalooza, Muse, partnership, promotion, rock festivals, U2

Entrepreneur or dabbler?

One of the most common mistakes entrepreneurs make is taking on too much at once. Or I should say, taking on too much before you’re successful at one thing. This is understandable because, after all, the DNA of entrepreneurs compels us to start stuff. The problem, though, is the confusing message it often sends out to the world, as well as the dissipation of energy and attention.

I met a woman a few years ago who was selling custom scarves online, writing a book, looking to start a cafe, and getting her real estate license. I forget what else she mentioned. While I commend her Renaissance spirit, purely from a business standpoint (and she did say she wanted to be financially successful, not just have fun) she was making it harder on herself. My guess is, few people at the party where I met her walked away with a clear idea of what this woman’s about, other than being a dabbler.

If her pursuits where all under one brand umbrella, then it might be different. Conceivably, she could tie two of those ventures together, like selling custom scarves and opening a cafe, but that’s about it. The book could tie in, if the intended reader were very much within her target audience for the cafe and scarves — but that would still be pushing it.

The point is, 99% of the time, success comes to those who focus on a very singular pursuit to the exclusion of other opportunities or interests. I think this is a major, unspoken challenge for many budding entrepreneurs. We tend to think that if we throw enough stuff against the wall, something will stick. But look at the stories of successful entrepreneurs (and rock stars), and you’ll see this is not their story. Mark Zuckerberg was very singularly focused on making Facebook a success, as was Gene Simmons with KISS. Jeff Bezos started Amazon as an online retailer only selling books, while Bono helped start U2 to only make great, socially conscious music.

The good news is, you can keep your additional interests and dreams close to your heart, because success in one area will open doors later in others. Amazon now sells everything. Bono promotes and participates in many ventures. Gene Simmons has a TV show. And Mark Zuckerberg is trying to tackle problems in the U.S. education system. Not likely, however, that any of them could’ve achieved their additional (and possibly more meaningful) successes without having focused on making their first venture successful.

Tags: Focus, multiple ventures, success

What’s in a name?

Perhaps nothing needs to be as unique to any band or business as its name. And the name must be memorable. While having a longer name doesn’t necessarily mean people will forget it, nearly every successful band has been wise enough to choose names of only one or two words (and businesses would be wise to learn from that).

Spelling helps, too, whether intentionally misspelled (Led Zeppelin, Def Leppard, Linkin Park) or simple to spell (Rush, Yes, Kid Rock, 311, U2). “I like our name because it’s easy to spell,” said Ric Ocasek of the Cars. Likewise, guitarist-vocalist Paul Stanley is credited with coming up with the KISS name because it was easy to remember and spell. (To make it more prominent in text in the era of the typewriter, they spelled it in all caps.) After all, if your name isn’t easy to remember and communicate, how will it be easy to spread the word?

In fact, more-complicated names will often evolve to shorter ones as people naturally seek to make them easier to say and remember, such as FedEx (once Federal Express), IBM (International Business Machines), and Nabisco (National Biscuit Company). Fans often refer to Led Zeppelin as simply Zeppelin, Black Sabbath as Sabbath, and Iron Maiden as Maiden. As with IBM, popular, long band names often became acroynms—Electric Light Orchestra (ELO), Bachman-Turner Overdrive (BTO), and Emerson, Lake, and Palmer (ELP). More often, however, bands with long names simply don’t last. For every They Might Be Giants or Clap Your Hands Say Yeah, there are many that never made it (and still, both bands’ names are often shortened to TMBG and CYHSY).

Sometimes, it’s hard to come up with a name, though. And with the dominance of the Internet making a good domain name important to your brand effort, you need a name that’s truly unique in order to find a dot-com name that’s not taken. Look all around you for inspiration. Names often come from the most unlikely sources, but if you don’t keep your eyes open, you won’t see it even if it’s right in front of you. Here are some sample rock band names and their inspirations:

• Lynyrd Skynyrd — Based on a high school teacher named Leonard Skinner.
• Spandau Ballet — Graffiti on a bathroom wall.
• Grateful Dead — Jerry Garcia saw the two words next to each other on a page and they jumped out at him. (LSD can cause that to happen.)
• Pink Floyd — Despite rumors that it’s a phallic euphemism, the name actually came from two blues musicians: “Pink” Anderson and Floyd Council. Interestingly, Pink Floyd originally went by the name Meggadeth, almost twenty years before the metal band Megadeth.
• Fleetwood Mac — In 1967, guitarist Peter Green and drummer Mick Fleetwood decided to start a band in place of the one they were in and wanted the bassist, John McVie, to join them. McVie wanted to remain in their existing band, however, so they successfully enticed him by naming the new band “Fleetwood Mac.”
• Seven Mary Three — It’s been misinterpreted as having a Biblical meaning, but it actually came from the 1970s’ hit TV cop show CHiPs. Officer Jon Baker’s unit number was 7M3, called on the police radio as “7 Mary 3.”

But be careful your inspiration isn’t unattractive, difficult to remember or say, or already taken:

• In the film That Thing You Do, the Oneders had to change their name to the Wonders because their manager (played by Tom Hanks) was finding that people didn’t know how to pronounce it.
• The Doobie Brothers were originally named Pud.
• Audioslave found out their name was already being used by another band in England, so they paid the English band $30,000 to use it. Ironically, they were later panned by critics for having an “assinine” name that was “one of the dumbest” in recent history.
• Chances are, Sex Maggots wouldn’t have become a multi-platinum band if they hadn’t changed their name to Goo Goo Dolls.
• And grunge may not have taken the rock music scene by storm in the early ’90s if the bands Mookie Blaycock and Pen Cap Chew hadn’t renamed themselves Pearl Jam and Nirvana, respectively.

So, what’s in a name? Sometimes everything.

Tags: brand, branding, company name, name, product name, trademark

National Entrepreneurship Month

President Obama has proclaimed November to be National Entrepreneurship Month for 2011.

NATIONAL ENTREPRENEURSHIP MONTH, 2011

BY THE PRESIDENT OF THE UNITED STATES OF AMERICA

A PROCLAMATION

From inventing the traffic light to developing the artificial heart, our Nation’s doers, makers, and entrepreneurs have proven time and again that, in America, it takes only a single good idea and the courage to pursue it to change history. In fulfilling this simple promise, these visionaries play a critical role in sparking new industries, expanding our economy, and generating new job growth across our country. This month, we celebrate the remarkable and everyday successes of our entrepreneurs and innovators, and we reaffirm our commitment to ensuring that our economy remains the engine and the envy of the world.

Earlier this year, my Administration launched the Startup America initiative, which accelerates the success of our entrepreneurs by unlocking access to capital, cutting red tape, and expanding mentorship and educational opportunities. The initiative works to improve the climate for all high growth companies, and includes specific provisions to bring expertise and services to entrepreneurial scientists, students, immigrants, and veterans. Startup America also coordinates action across the Federal Government to bolster private investment in early stage companies, helping ensure that our best ideas have a chance to get off the ground and into the marketplace. By making it faster and easier for entrepreneurs to turn new ideas into new businesses and new jobs, we are building an innovation economy that will propel our Nation into the future.

To fast track our startups and enable them to bring products to market more quickly, I signed the America Invents Act in September of this year. This essential legislation will help entrepreneurs and inventors secure a patent three times faster than they can today, drastically cutting the time it takes to roll out novel technologies and products. The Act will also improve the quality of our patents and do more to give entrepreneurs the protection and confidence they need to attract investment, grow their businesses, and hire more workers. We stand at a moment when our Nation’s economy must become more dynamic and flexible than ever before, and these reforms will help us meet this challenge.

My Administration is also working to create new opportunities for collaboration within the private sector. Run by and for entrepreneurs, the independent Startup America Partnership has assembled an extensive network of mentors, advisors, investors, and established corporations to share strategic assets with our country’s next great innovators. This movement harnesses the agility, intelligence, and ingenuity that has powered our success for generations and uses it to fuel our growth in rapidly evolving, global markets.

The task of making America competitive throughout the 21st century is a job for all of us. By cultivating innovation on our college and university campuses, we can inspire the next generation of entrepreneurial leaders.  With the help of experienced entrepreneurs and companies, and through events like Global Entrepreneurship Week, which begins on November 14, we can ensure our startups have access to the resources, connections, and partnerships that will promote their success. To encourage great ideas in all parts of our country, our lending institutions, foundations, and investors can finance vibrant entrepreneurial ecosystems that extend to our rural and underserved communities. By pooling our talents and investing in the creativity and imagination of our people, we can move forward with the spirit of hope and ambition that has defined our past and will drive our Nation in the years to come.

NOW, THEREFORE, I, BARACK OBAMA, President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim November 2011 as National Entrepreneurship Month. I call upon all Americans to commemorate this month with appropriate programs and activities.

IN WITNESS WHEREOF, I have hereunto set my hand this first day of November, in the year of our Lord two thousand eleven, and of the Independence of the United States of America the two hundred and thirty-sixth.

BARACK OBAMA

Tags: entrepreneurship, Obama, proclaimation