Be willing to sacrifice your darling to become a professional entrepreneur

What do you have to do to become a professional entrepreneur? You have to preserve the ability to step back, look at your work objectively and then be willing to adapt, evolve and compromise and not become emotionally attached to a single idea.

Twitter began as a podcast app. Nokia was originally a paper mill. If Jeff Bezos had stuck to his guns Amazon would still just sell books. However, the ability to pivot and not become emotionally attached to a single idea is the mark of a professional entrepreneur, says Heather Lowe, head of SME development at FNB.

She says it is only natural to form an emotional attachment to your creation. “If you are an artist, you will love the painting you worked on. If you are an architect, you will be proud of the new design you came up with. And if you are an entrepreneur, would it not be strange if you did not have a soft spot for the business into which you invested so much time and thought?”

It is only natural, but not always beneficial, Lowe says. “Artists know this well. There is a piece of advice commonly given by experienced writers: “Kill your darlings”. In other words, do not be afraid to sacrifice your favourite character, scene or line of dialogue if it benefits the overall story. Architects know that a design is always a work in progress that evolves alongside changing specs, briefs and client expectations.

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The divide between amateur and professional

“In some ways this marks the divide between the amateur and the professional in any field. The amateur prioritises their emotional connection with their creation, while the professional prioritises the result.”

The same is true among entrepreneurs. Lowe says as your business grows, your relationship with it will inevitably change. “The business itself will become something you never anticipated. There are too many internal and external variables at play for this not to happen, such as competition, access to resources, external shocks, new ideas, new opportunities and risks.”

She points out that if you want to be a successful entrepreneur, you have to acknowledge that this is part of your journey.

Lowe warns if you become too attached to your original vision for the business, you run the risk of making poor decisions that could jeopardise the company’s future. It is important to always remember that the business is bigger than any one idea and that you have to be willing to let go of the things that are no longer working.

“This can be difficult, especially for a certain type of entrepreneur, the A-type, commanding, headstrong. These entrepreneurs struggle to delegate and cede control, which can help in the start-up phase, but becomes a liability when the business needs to scale.”

Being so headstrong might prevent you from noticing unexpected opportunities. “We saw this in the pandemic, where a white-swan event caused immense damage to those businesses unwilling or unable to pivot. Those who did pivot not only survived but laid the foundation for enhanced growth post-lockdowns.”

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Example of a professional entrepreneur

Lowe cites the example, Sandton-based Zinacare which offered accessible, convenient testing for sexually transmitted infections before the pandemic. Zinacare quickly pivoted to Covid testing in April 2020 and that allowed them to hire more staff, generate exposure and grow their brand and forge new partnerships.

Philip Mngadi, Zinacare’s founder, says by pivoting during Covid-19 his company gained exposure to the biggest laboratory in the country and access to a market directly relevant to its core business of home-health testing, while the revenue generated funded post-Covid product tests and launches which allowed it to expand to provide health testing via at-home health test kits.

Zinacare recently partnered with BioLytical Laboratories, a Canada-based developer of medical diagnostic tests working with global agencies such as UNICEF and the US state health departments. BioLyticals medical devices will enable Zinacare to offer simple, reliable and accurate rapid tests that are much more affordable than current DNA-based lab tests, making essential health testing more accessible.

The company was one of 30 African HealthTech start-ups recently selected for the i3 Health Innovation Program backed by the World Health Organisation and the Bill and Melinda Gates Foundation.

“I do not suggest that you be dispassionate about your projects, but you must be driven, energised and engaged. You will not maintain the level of activity needed if you do not believe in what you do. Your emotional attachment cannot be to the detriment of that project’s future.”

Lowe says one personal adaptation would be to try and shift your broader goals. “Instead of working hard to build a specific idea into a great business, work on developing yourself into a great entrepreneur. This means that you focus on iterative improvement and pragmatic execution, as well as building great businesses that will eventually outgrow you.”

She says once you established yourself and the pressures are not externally imposed any more, you will have a better chance of reviving that passion project and doing it on your terms. “Maybe it is a social enterprise, maybe a moon shot. If you have the freedom and backing, go for it: the world needs uncompromising idealists. But you need to earn the space to be uncompromising and you do that by first building successful businesses, not perfect ones.”