Entrepreneurship can be a wild ride, filled with incredible highs and gut-wrenching lows. If you want to keep growing, you need to accept the three essential truths about this journey. As someone who’s transitioned from aspiring NHL referee to multiple business owner, I’ve learned that the good, the bad, and the ugly all play crucial roles in your growth.
Celebrate the Good: The Sweet Taste of Success
When you pour your heart into your own business and achieve success, it’s a feeling like no other. But remember, it doesn’t come easy.
Key Highlights of My Success:
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Awards and Recognition: In 2017, my company clinched the Canadian Mortgage Awards’ “Brokerage of the Year” for firms with fewer than 25 employees. This accolade validated our dedication to clients and our unwavering commitment to excellence.
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Major Milestones: The pinnacle of my career came in 2020 when our tech startup, Finmo, was acquired. It wasn’t just a financial windfall; it was validation of our innovation and hard work in disrupting the mortgage process in Canada.
Why You Should Celebrate:
Success isn’t just about the end result; it’s about the journey. Each achievement, big or small, builds momentum and confidence. It’s akin to scoring a game-winning goal — the adrenaline rush fuels your passion to keep pushing forward.
Learn from the Bad: Embrace the Challenges
Entrepreneurship is unpredictable. Many companies fail, often due to circumstances beyond their control.
Here’s How to Tackle the Bad:
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Facing Financial Hurdles: One of the most stressful moments in my journey occurred when an investor pulled out last minute. With just 11 days before potential bankruptcy, we scrambled to secure funding — arriving just 22 minutes before payroll was due.
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Navigating a Crisis: The pandemic was another low point. It forced my mortgage business to pivot rapidly. Although we faced turnover and uncertainty, this disruption led to hiring new talent that ultimately strengthened our team.
The Lessons:
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Stay Resilient: Challenges are part of the entrepreneurial landscape. Embrace them, learn from them, and allow them to shape you.
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Team Cohesion: Like a successful hockey team, your business needs everyone to buy into the vision. Without this unity, progress falters.
Grow Past the Ugly: The Sacrifices Required
Every entrepreneur knows that building a business comes with its sacrifices. Time, energy, and often personal relationships can take a hit.
The Realities of Sacrifice:
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Overworking is Common: Reports suggest small-business owners work the equivalent of an eight-day workweek. This can lead to burnout if not managed properly.
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Juggling Multiple Roles: In the early days, I juggled various side hustles — teaching at a university while refereeing hockey. It wasn’t pretty, but it was necessary.
Finding Balance:
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Know Your Limits: Understand when to delegate. I took on the role of a travelling salesperson to save costs initially. It was grueling but necessary for growth. However, post-acquisition, I reclaimed my personal life and prioritised my health and family.
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Evaluate Costs: Constantly assess what you’re sacrificing for your business. Are the rewards worth it? This evaluation is key for sustainable growth.
Conclusion: Embrace the Journey
Accepting these three truths — celebrating the good, learning from the bad, and growing past the ugly — will keep you moving forward in your entrepreneurial journey.
Success requires hard work, resilience, and the ability to adapt. If you’re willing to put in the effort, you might just find yourself hoisting the Stanley Cup of your industry.
