Foundational Lessons for Entrepreneurs from the President & Founder of Evocati PR
Unlock the Secrets of Entrepreneurial Success with Three Essential Lessons Bootstrapping a Public Relations Firm
Don’t Become a Statistic
Did you know that almost half of small businesses fail within the first five years? However, fear shouldn't deter you from pursuing your dream of starting a successful PR firm or small business. As the founder of Evocati PR, I've gained valuable insights and experiences that I wish I knew before starting out. If you're looking to join the ranks of successful entrepreneurs, let me share the three critical lessons I've learned. Learn from my mistakes and ensure that your company not only survives but thrives beyond the five-year mark!
Here's what I wish I knew as an entrepreneur before founding Evocati PR.
Lesson 1: How Much Time I Would Spend on Sales
Source: Evocati PR supporting a College Board planning session with military-connected stakeholders (2019)
Sales is the lifeblood of any company as it drives revenue, but more importantly, forces you to focus on product/market fit. I wish I knew how much time would be spent on sales before founding the company. I mistakenly assumed that "if I build it, they will come;" that my professional reputation would be enough to drive attention and convert prospective clients. For a time, it worked as we leveraged existing relationships to create client opportunities like with The College Board. Today, we're a larger company with greater reach, and more work to fulfill in professional services. I failed to build an adequate sales funnel at the beginning and we're paying for it (literally) today.
We need more clients to grow the firm and hire more talented people. Now I'm having to spend an excessive amount of time creating a marketing and sales funnel when I wish I had paid more attention to it from the beginning. To avoid this pain point, you should invest at least 50% of your time at the beginning building and executing a sales funnel. To help you get started check out the support Rogue Pine Creative provides. I've worked with them and highly recommend you reach out for their help.
Lesson 2: How Much Problem Solving Dominates My Day
Source: Squarespace (2023)
I learned from my mentor who goes by Arch that our ultimate goal as entrepreneurs is to become professional problem solvers. Regardless of our specific title or position, each day presents a unique set of challenges - from website defects that threaten sales to employee issues that can damage morale. It's a daunting responsibility, but I've been fortunate enough to work in both large and small companies, which has given me experience in handling complex problems. Even still, having a team to rely on and share the load with is invaluable.
To mitigate this, I added a CEO to the firm and welcomed him as a partner to the company. Now I have a trusted colleague to manage the day-to-day business and problem-solve together. To help you navigate adding valuable problem-solvers to your company, check out Slicing Pie by Mike Moyer. It's jam-packed with actionable strategies that leverage equity to help your business expand and overcome even the most difficult challenges.
Lesson 3: How Lonely it Feels
Source: Evocati PR - Pitching Evocati PR to Bunker Labs (2020)
As the founder of your company, you are the accountable official for everything that happens, good or bad. Yes, it's a scary proposition and the loneliness can be crippling. Especially when you prefer to keep certain conversations, especially difficult ones, within a small circle of confidants. It's hard to talk through tough decisions with your team when they report directly to you. I wish I had planned for more shared accountability from the beginning. Thankfully, my service in the U.S. Marine Corps taught me valuable leadership skills like personal accountability, discipline, and more to tackle this problem.
To deal with loneliness, I prioritized participating in cohort-based programs to become a better entrepreneur and leader. This includes the invaluable support from my Bunker Labs chapter in Washington, D.C., Standford University's Ignite Program for Post-9/11 veterans, and the George W. Bush Stand-To Veteran Leadership Program. Each have proved to be great investments in my personal growth as an entrepreneur and leader. However, more importantly, they've provided a "kitchen cabinet" of people I can lean on in times of loneliness or when I'm in need accountability. The day after you found your company, go find a cohort-based training program to support your growth as an entrepreneur. You won't regret the time invested.
These are the things I wish I knew before founding Evocati PR. I hope it helps you on your entrepreneurial journey. If you're a veteran interested in our help navigating the world of entrepreneurship, check out the service we offer and contact us today for help.
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