The 100 things Entrepreneurs Should Always/Never Do

This workshop was the first-ever workshop for UDOTs! It was held at the Catalyst Ranch in Chicago on April 6, 2017.

Dozens of UDOTs--short for Us Doing Our Thing, pronounced "Yu-Dahts"--got together to share joys, pains, and most important, tips you can use right away, to help each other thrive out here on our own. So we as entrepreneurs--UDOTs, really--can do more of what we love and less of what we hate!

The description from the Catalyst ranch website:

"Come join other Chicago entrepreneurs as we put together a list of tips and tools for entrepreneurial success. It’ll be a fun and productive event to share what you know and learn what you don’t. Each person will leave with his or her own Top Ten to take away and use.

Danny Schuman has spent the past several months interviewing entrepreneurs who he calls UDOTs: Us Doing Our Thing. It’s the massive and constantly growing group of people who are out on their own, doing what they love, what they’re good at and passionate about it, but aren’t so in love with, good at, or passionate about the other side of being a UDOT: the legal, administrative, business development, etc part of the business. The stuff that gets in the way of doing what they love.

Those UDOT interviews have helped inform Danny’s to-be-published book on UDOTs, called The Worst Business Model in the World. They’ve also helped him start amassing a list of do’s and don’ts for achieving success as a UDOT.

We’ll use his learnings as a starting point, and collaborate on a list of tips—things you should always do, and things you should never do—to help entrepreneurs do what you do better.

Come share, get inspired, and further your journey as a UDOT!"

Transcript

1. The 10(0) things entrepreneurs should always/never do @2017 Danny Schuman
2. The 10(0) things UDOTs should always/never do @2017 Danny Schuman
3. @2017 Danny Schuman UDOT: Us Doing Our Thing, pronounced “Yu-daht.”
4. @2017 Danny Schuman Programmers, musicians, lawyers, accountants, authors, designers, custom tailors, taco stand owners, dog walkers, psychiatrists, organizational development professionals, not for profit fundraisers, architects, wellness coaches, ahi poke restaurateurs, online photo printers, logistics experts, headhunters, sports scientists, outdoorsmen, choreographers, engineers, brewmasters…
5. @2017 Danny Schuman How/Why we got started: No one common path or reason How do we define success? Two consistent answers, one common theme: CREATION. End game/ultimate objective? Not really. Most just want to do good work and help people.
6. @2017 Danny Schuman Meet a fellow UDOT (what are you passionate about?)
7. @2017 Danny Schuman Me, briefly
8. @2017 Danny Schuman
9. @2017 Danny Schuman Michael Jordan called me “Peanut Butter Jelly boy.”
10. @2017 Danny Schuman
11. @2017 Danny Schuman
12. @2017 Danny Schuman
13. @2017 Danny Schuman
14. @2017 Danny Schuman
15. @2017 Danny Schuman
16. @2017 Danny Schuman “Agenda” Introductions Collaborate on tips Break Collaborate on tips Probably break again Decide on your favorites Share
17. @2017 Danny Schuman Whether we come up with 100, 10, or 10,000, what’s important tonight:
18. @2017 Danny Schuman Share expertise Make new connections Learn things you can use Get inspired A lot of looseness!
19. @2017 Danny Schuman How it’ll work Four WEWs, one at a time I’ll offer tips for each, we’ll continue together One-sentence title/handle Brief description Breaks, talking and drinking Capture ones that work for you!
20. @2017 Danny Schuman Ways Entrepreneurs Win (WEWs) 1. Trust Yourself Where you have faith in the value that you bring 2. Share Where you may be on your own but you’re never alone 3. Do It Where you hunker down and get things done 4. Enjoy It Where you get to do more of what you love and less of what you hate 5. Other Where you come up with ideas that don’t fit into the first four WEWs!
21. @2017 Danny Schuman Quote Where you have faith in the value that you bring Wew One: Trust Yourself
22. @2017 Danny Schuman Wew One: Trust Yourself Where you have faith in the value that you bring
23. @2017 Danny Schuman • Things I can do now that I could never do before To talk about what you’ve learned when it comes to Trusting Yourself, think about: • When doubt creeps in, I know I’ll be OK if I can just… • Then there was the time I made so much money I was almost embarrassed. How’d I do that?
24. @2017 Danny Schuman UDOT FEE CALCULATOR _____ Start with the amount you figure is “fair” to charge potential client (AKA the amount that prompts her to pump her fist when she sees it) _____ Multiply it by 2 (AKA “double”) ____ Subtract the amount that eases the nausea building in pit of your stomach (if the nausea goes away completely you subtracted too much) _____Optimal fee for both you and client (what’s really “fair”)
25. @2017 Danny Schuman Work for free If you really really think you’ll be able to turn it into paid work Don’t look at the balance sheet! That is, when it’s not good. When things suck, deny reality Even when all logic says you’re doomed, believe. Don’t embrace the benefits without realizing the dangers Go in with eyes wide open. Embrace your critics Use it to improve your offering
26. @2017 Danny Schuman Wew Two: Share Where you may be on your own but you’re never alone
27. @2017 Danny Schuman To talk about what you’ve learned when it comes to sharing, think about: • A partnership I entered into that I didn’t see coming • This one person/organization I wish I could collaborate with • An unexpected result of not working for the (Wo)Man has been…
28. @2017 Danny Schuman Don’t pay for a fancy office You can do great work anywhere and people pretty much dont’ care where Be brutally honest with the people you surround yourself with Or pay the price Hire someone else to sweat the small stuff It’ll be worth every penny and then some Let your consumers decide: Don’t be shy to put anything and everything out there Make friends with procurement Get paid faster and more painlessly!
29. @2017 Danny Schuman Wew Three: Do it! Where you hunker down and get things done
30. @2017 Danny Schuman To talk about what you’ve learned when it comes to Doing It, think about: • The thing that finally got me over the hump to just start doing what I’m doing • I was afraid of this and once I actually started doing it I realized it was ridiculous to be so nervous about it
31. @2017 Danny Schuman Do the legal stuff upfront so it gets locked in If you think you need to do legal stuff Meditate Or Spin or Run or Journal or do something to make your mind happy Have a vision for what you want to achieve Ditto Ready Fire Aim! Have passion or quit If you have a burning itch, scratch it It’s never as scary as you think it’ll be Your first version(s) may (totally) suck: But it’ll be better than the version that never exists Have six months of financial runway before you start Great in theory, harder in practice
32. @2017 Danny Schuman Wew Four: Enjoy It! Where you get to do more of what you love and less of what you hate
33. @2017 Danny Schuman To talk about what you’ve learned when it comes to Enjoying It, think about: • If I wasn’t a UDOT I wouldn’t be able to do this • Sometimes I feel guilty doing this but I’m a UDOT and I get to do it anyway, so there!
34. @2017 Danny Schuman Buy yourself new underwear somewhat regularly Because. Have (unpaid) passion projects Sometimes the income will come from things you don't love Milk the little wins Important to make sure every advancement is noticed
35. @2017 Danny Schuman WEW Five: Other Where you come up with ideas that don’t fit into the first four WEWs
36. @2017 Danny Schuman Start with the problem, not the solution Your idea isn’t an idea unless it solves something However long you think will take you to be successful, multiply it by three Because plans are awesome but you know the saying… Create winning streaks in your mind Positive energy drives to positive things
37. @2017 Danny Schuman Assembling your own best version of the Worst Business Model
38. @2017 Danny Schuman THANK YOU.