There are no hard-and-fast rules when it comes to entrepreneurship. But there are industry pros who’ve learned a thing or two about what not to do in business, including Mark Mullett and Ashley Mills, co-founders behind the on-demand fitness platform obé.
At Create & Cultivate’s Wellness Means Business summit a few weeks ago, Mullett and Mills, who earned $15 million in their series A funding and have captured the hearts of countless fitness fanatics, listed out a few learning lessons about finding an idea, surrounding yourself with the right people, and staying inspired as your business grows. So if you’re looking for a few “don’ts” to keep in your back pocket as you navigate new entrepreneurship, keep scrolling.
1. Don’t fool yourself
Before committing to a business, Mills and Mullett want you to ask yourself: Is it a hobby, a trend, or a passion? Here’s an example. Maybe you’re big on knitting and love celery juice. That doesn’t necessarily mean you need to start a juice-drinking knitting business. A passion, Mullett says, is something that keeps you up at night and something you’re uniquely qualified to create.
“If it's a passion, that's going to help you out when you're working 25 hours a day, eight days a week, 366 days a year,” says Mullett. “If it's a passion, that will carry us through. Fitness, connection, community, and working with each other have been a passion of ours. And that's carried us through a lot of high highs and a lot of low lows over five years.” So ask yourself: What am I truly passionate about?
2. Don’t be a copycat
Referencing a book called Blue Ocean Strategy by Renée Mauborgne and W. Chan Kim, Mills says that saturated markets are like shark-infested waters. The trick is to find the patch of blue ocean that’s shark-free and made for your talents. “Once you do that, you can identify your audience and a different strategy so [that] you can attract other folks—and you can probably do it more efficiently if you continue to scale your business,” says Mills.
For example, she says, Obé’s “ blue ocean” was creating an online fitness platform that emulated the fun, community-oriented feeling of hitting a boutique fitness class in a major city. So think about what your business’ “blue ocean” looks like—and steer your ship there.
3. Don’t journey alone
“It is so important to find yourself a partner, a co-founder, an investor, an advisor—someone who you can trust and who share the same vision as you,” says Mullett. “For Ashley and I, being together in this journey has been probably the most rewarding part. In the low moments, you want to lift each other up, and in the high moments, you want to hug and celebrate and press forward.” Even if you’re currently acting as CEO, CMO, and CFO of your company, make a point of finding a community that lifts you up.
4. Don’t fall in love with everyone you meet
So you finally have the funds to hire some help. Maybe it’s a copywriter. A graphic designer. A CMO. Whatever the position is, Mills says to take your sweet time finding someone who’s the right fit. (No matter how much you needed help, like, yesterday.)
“We love people; we love to meet people. But what you have to really understand is: What is the role that you're hiring this person to do? What is the skill set and background that they need to do it?” says Mills. Think critically about your ideal candidate for this position, and don’t stop interviewing until you find them.
5. Don’t psych yourself out
“You’re working on a business where you’re the only employee; you're white-knuckling it half the time. We all know that feeling of being on a roller coaster and feeling like you might be crashing. But here's what we learned: A timeout is stronger than you think,” says Mullett. All founders have doubts, but the key—according to Mills and Mullett—is to take a break when they arise. Then, get back to work.
By Kells McPhillips