Today's post is dedicated to Peppercom Co-founder, Edward "Aloysius" Moed.
Peppercom opened for business 17 years ago this Friday. That's when two men, burnt out by the red tape and politics of big agency life and chomping at the bit to capitalize on a bullish economy, gave the entrepreneurial life a go.
And, Ed and Steve had a tough slog in the beginning.
The first month was dedicated to creating an infrastructure, so they set up a checking account, had business cards printed and did all the other things an embryonic, two-person business needs to do.
The duo's second month was spent on business development. So, while Steve wined and dined former clients, prospects and the heads of global agencies (asking the latter for any morsels too small for their digestive tracts), Ed was smiling and dialing.
Between them, the co-founders set two new business meetings each and every week of the second month. And, sure as the leaves fall in an Autumn storm, every single prospect canceled at the 11th hour. Ed called it Black October. Steve opted for Bleak October. Either way, it was one grim month to be sure.
Then, in early November, their luck changed like the seasons (this is starting to sound like a Sinatra song, isn't it?). It began with a memorable lunch at The Yale Club. They were there with Ben Case, a former client at Duke University. The entrepreneurs begged Ben to give them his account. He played hard to get, saying they'd be so focused on building their own business that they wouldn't pay attention to his. The trio agreed on a compromise: three free trial months. If Peppercom delivered, Ben would put them on retainer. They did. And, he did.
Being able to name drop Duke as an existing client worked wonders with prospects. Soon, Ed and Steve landed two or three more accounts. And, they never looked back.
Epilogue: I liken entrepreneurship to a roller coaster ride. In fact, we're helping a client right now to build a new website aimed at entrepreneurs. I suggested a roller coaster visual. They agreed, and will be using it as one of their main visuals.
The roller coaster ride came to mind because there are far more downs than ups in business, and resiliency is critical to an entrepreneur's success. So is preparation.
That's why I advise any Mark Zuckerberg wanna-be to read 'The Outliers' by Malcolm Gladwell. It describes the importance of first logging 10,000 hours of practice before grabbing for the brass ring.
Mozart, the Beatles and Steve Jobs, among others, all put in countless hours of blood, sweat and tears before they achieved their success. Ed and I did the same at two prior agencies, where we amassed our 10,000 hours of practice.
As a result, we already knew who would do what and how we'd differentiate ourselves on day one. It made all the difference in the world. It also enabled us to survive Black October.
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