In 2018, shortly after giving birth to her third child, social justice lawyer Andrea Christie David founded her startup, Leor In Home Learning. The startup was acquired by ASX-listed company G8 Education in 2021. She is currently exiting her business and stocks. Her reflections on the key things she's learned since launching and then exiting her business.
When I started my entrepreneurial journey, many people saw my shift from being a social justice lawyer earning a steady wage to taking risks and starting a business with an untested concept. I was surprised. I had just given birth to my girlfriend's third child and many thought it was a crazy time to take such a big financial risk.
But only those close to me knew that I came from a family of entrepreneurs, business owners, and risk takers, so not only was it in my blood, but it was also my turn. That is to say.
I needed to challenge myself and test my ability to combine commercial goals and my passion for solving social problems. I recognized a gap in the market that conveniently addressed my needs for quality early childhood education and caring for her three children under the age of three, and decided to fill that gap.
There are some great things about immersing yourself in entrepreneurship, like achieving a 20% month-over-month revenue increase in your first year of business. But there are some worst situations, like hitting rock bottom in your personal bank account because you can't pay yourself yet, but you have to keep the lights on. The solitary decision-making and risk-taking at the top requires grit and determination, but if you pull it off, it can also bring immense personal and financial rewards.
Now that I've stepped away from the business I started, I thought it was timely to share my reflections on this experience in the hopes that others can take the plunge and turn their ideas into reality and change the world. I did.
stomach for that
I've always said that in order to take a leap of faith as an entrepreneur, you have to have the stomach for it. Even with the best plans, you need to get used to being rejected, making mistakes, and making decisions that don't always go the way you expected.
recent episodes hidden brain In my podcast (which should be on your list if you're a human behavior geek like me), I talked about the ability to live with failure and your own mistakes. They discussed the concept of “intellectual failure,” or the failure that occurs when one is well-informed but tries to explore new ideas and innovations or push oneself out of one's comfort zone. did.
My journey so far has required me to be willing to try new things, even if they don't work out, and to take time to learn, reflect and improve my future decisions and actions. The feeling of creating something out of nothing is something that cannot be expressed in words, but it is only through mistakes and failures that such results are achieved.
the right team
Having the right people around you to execute is important, but it doesn't guarantee that you'll be able to make the right decisions at startup or from the beginning. So, again, feel comfortable knowing that you made the wrong choice, and if it's not a good fit, take quick action to move that person on to the next step.
Diversity of experience, skills, backgrounds, and perspectives among team members is essential. We don't want people glorifying themselves and just being excited about joining a startup. You want someone who will question your thinking, push you out of your comfort zone, and bring skills you don't have.
As an entrepreneur, you're likely to be the biggest risk-taker in the room, but you need at least one person to sit next to you and tell you not to jump off a cliff.
mental burden
Any entrepreneur or business owner will tell you that the mental strain of being a leader is nearly impossible to quantify.
Not only can being at the top be lonely, but you can also feel burdened by the weight of the business, have sleepless nights worrying about finances, and make difficult decisions that make you unpopular. Therefore, ensuring you develop strong self-care habits is key to getting through this period.
In the midst of COVID-19, I started exercising more and taking frequent breaks from my computer to balance the stress of financial uncertainty. A good support network outside of your company, such as family and friends, can also provide a reprieve and a place to debrief during difficult times, not to mention be there to celebrate your successes.
When it comes to keeping your business running, make sure you have a team member you can trust to run your business in your absence. Not only is a break from everyday life good for your mental health, but the right distance from your business can also reinvigorate creative solutions to problems you've been working on for a while.
learning
If you decide to start a business, you probably have the tools and skills to get something off the ground.
But be prepared to learn. a lot. Before I knew it, I was watching YouTube videos, building her website myself, asking a friend to teach her how to use InDesign, and tapping into my network to ask questions about insurance, marketing, trademarks, and more.
Once you've established your business and are confident in the team you've built, be prepared to let go a little (yes, this is for all the control freaks reading this). You need to be there to pass on your knowledge and give others the freedom to learn and make mistakes while guiding and supporting them on their own growth journey.
However, this kind of freedom means that a strong culture of responsibility and autonomy must be maintained. If you don't, you'll be forever doing someone else's work. The rewards you receive from developing the skills of others will also form part of your entrepreneurial legacy.
“why”
Many innovators and creative people are easily distracted, so make sure whatever you decide to focus on when taking the leap into entrepreneurship has the staying power to keep your attention continuously.
There is no easy way to make money in business, so if it's just a temporary interest, don't do it. Success requires time and dedication, and continued interest in the subject matter is critical to achieving success.
In my case, the “why” had a strong social purpose as well as achieving a commercial goal. The overall vision of the original business plan allowed us to create a clear set of values that will remain relevant throughout the evolution of the business. This means that many new employees join the company because they align with our values and understand the ethical framework around decision-making and the way we operate, which helps our business thrive. We've been able to stay true to our purpose as we grow and change.
leap forward
Taking the leap is both the scariest part of the journey and the most exhilarating. That feeling of suspense when you don't know if something will work out, but you've done all the preparation, planning, and research to get there, is fun, wild, and takes courage.
If this is what you're looking to do, please jump. You just don't know if he's sitting on the next big thing that might change one person's life or change the direction of society forever. So maybe it's time to step into the uncertainty and share your ideas with the world.
