The Startup Rollercoaster is not fun, but it's a reality of startup life. The great founders learn to manage it rather than be overwhelmed by it. In this lesson of greatness, Mike Maples summarizes key lessons from Kim Polese's success at this, as well as specific techniques to stay grounded through all of the inevitable ups and downs.
Kim Polese:
And that emotional rollercoaster is really tough to ride day in, day out, but it's just part of reality. So just knowing that and realizing you're going to get through this and not letting that rattle you, that's probably the most important thing I could tell any entrepreneur, and remind myself still of.
Mike Maples:
These words from Kim Polese in her journey as a founder are a perfect example of a lesson of greatness. Startup founders have to tame the roller coaster. Let's talk about why.
Normal companies operate like a merry go round. There's a rhythm and a tempo and a cadence to the business. Dependability and predictable execution are valued most. You do innovative projects, but you could still always return back to the safety of the ride.
Startups operate like a roller coaster. You have moments of incredible highs where you feel on top of the world, like you can't be stopped and there's nothing that could possibly be better than what you're doing, and then you can also feel like it's over. You lose a competitive deal. One of your best employees leaves or someone runs a hit piece on you in a major publication. Your biggest customer decides not to renew, and often the highest highs and the lowest lows happen on the same day. You go from euphoria to your stomach tied in knots. You feel it physically every day, but try not to show how terrified you are in front of your coworkers because that would only make it worse.
Ben Horowitz has said that the hardest part of being a CEO was managing his own psychology. People who fall short of greatness tend to take things either too personally or not personally enough. When the CEO takes things too personally, she might either become impossible to work with as a micromanager, or she might hold things inside internally and not face them because she feels overwhelmed. It becomes hard to even get out of bed in the morning. And if the CEO doesn't take things personally enough, he tends to operate in a state of denial, telling everyone it's not so bad while problems fester and get catastrophic Lee worse.
But make no mistake, even if you run the best startup ever with the best opportunity ever, things will be horribly broken all over the place. When you have a multifaceted team of crazy idealists trying to compete and win in a freakishly dynamic savagely competitive market, you will be humbled over and over again.
Kim Polese had to ride the roller coaster, but with an extra added turbocharger.
While most startups handle the ups and of the roller coaster mostly under the radar, Kim had to handle hers on a stage she didn't even ask to be on, but in spite of this, I bet you could tell by the way she carries herself in our interview that Kim is extremely effective at managing her own psychology. When you're named one of Time's most influential Americans, the roller coaster gets even crazier. On one day you're viewed as a genius, the next day they tear you down. And keep in mind you still have to run a startup where the real job is to build an awesome product that customers are desperate for.
In her case, the press created expectations that were utterly insane. She had to be careful not to let all the attention go to her head. It's easy to start reading press clippings when people are building you up, and it's even easier to read them and feel bitter when people tear you down, but you don't have the luxury to take it too personally either time. And she had to make sure that the attention she got didn't create a rift with her team. It can be challenging for people who work super hard to watch one of their colleagues get all the limelight, but Kim and Arthur, Sami and Jonathan had enough mutual respect to not let this stand in the way of doing the real work of building a unique product that people cared about.
If you are starting something great, you will have to get used to the roller coaster and its violent ups and downs.
Stories about startups tend to romanticize it, but I have never met a great real world entrepreneur who thinks the reality of it is fun. They had to manage their own psychology as well as have a leadership style that would stabilize the mood of those around them.
So how do you master your psychology when you're riding the roller coaster? Your mileage may vary, but here are some tips from the greats.
First off, make friends with founders who've ridden the roller coaster. It's good to know people who've had to manage their own psychology on that startup rollercoaster. It's best if these people are willing to share their mistakes even more than their successes. It's also helpful if they're not on your board of directors or in any position to control your fate. You want friends who you can be 100% vulnerable with.
Another great idea is to get it outside of your head and onto paper. When a decision or a crisis or a fear is messing with your head, write down the logic of what the options are and develop a thesis for which one is best.
The third is to focus on the path through the pins. You might recall our lessons of greatness episode about Osman Rashid where we emphasized that great auto racers don't look at the pins they might hit, instead they visualize the path through the pins. Visualizing the way through rather than how you might crash is much better for your psychology, as well as your ability to visualize a way out of a crisis.
The last point is take care of yourself physically. In Kim's case, she maintained her hobby of dance, but it's important regardless of what you do to get into a centered physical state regularly. When you're on a startup roller coaster, you will feel physical impact inside of you, and it's good to reboot this often so you don't get consumed by it.
If you're on the roller coaster right now, this might be exactly what you're feeling right now, but know this. All the greats have written it. It comes with the territory. And when you contemplate it, you can now ask, "What would Kim do?"
In the meantime, make sure you fasten your emotional seatbelt at the start of the ride.