Corporate careers are nouns. Entrepreneurial ones are verbs

By George ILIEV

CorporateNature Metaphor Series, No 115

Corporate careers are static: they resemble the nouns in language. 
Entrepreneurial careers are dynamic: they resemble the verbs. 

Yet, there are no limits to who can be an entrepreneur. Entrepreneurship is like the English and the Chinese language: most nouns can also be verbs, with no changes required: to turn, to spin, to fly; a turn, a spin, a fly. 

And even in languages where the verbs and the nouns differ in form (e.g. German, Russian, Spanish), the root of the word is what the two have in common. So almost any root can be shaped into either a corporate noun, or an entrepreneurial verb. 

In five words: Entrepreneurship is an open door. 

Open doorway (Source: Wikipedia)

Entrepreneurship is about relentless execution: like grinding a hot poker into a pin

By George ILIEV
CorporateNature Metaphor Series, No 98

"Life isn't about finding yourself. Life is about creating yourself" - George Bernard Shaw said. This highlights the imporant distinction between thinking and doing. 

Many people believe the key to success in entrepreneurship is coming up with a great idea: a sesame seed that you find after sifting through tonnes of hay. The sesame seed (or a poppy seed) is also at the centre of PhD dissertations, as doctoral students are discouraged by their supervisors from taking on too big a topic. 

A tiny novel idea may be deemed enough in academia. Yet, the metaphor about the sesame seed is far from sufficient in entrepreneurship. The success of a startup is not that dependent on the sesame seed. A more useful metaphor for running a startup is grinding down a hot poker into a pin. In simple terms, execution trumps ideation.

Startup guru Guy Kawasaki demonstrates the importance of execution for a startup with the following scale:

• An idea is worth 1 point;
• A business plan is worth 10 points;
• A developed product is worth 100 points;
• And the first customer is worth 1,000 points

Relentless execution is the key for hammering the hot poker into a pin. The heat makes the poker tricky to handle but also makes it malleable: strike while the iron is hot. The only thing worse than a hot poker is a cold poker, as grinding a cold poker into a pin would be way more difficult. 

How would you know if your startup is a hot or a cold poker in its base? Hot pokers change their shape after each strike of the hammer - a process known as iteration. Cold pokers don't iterate and as a result they end up as cold pokers, just as they started... whereas many of the hot pokers will eventually turn into pins.

Pin (Source: Wikipedia)

Crop rotation and alternating career stages recharge the batteries

By George ILIEV
CorporateNature Metaphor Series, No 81

In the 16th century, farmers in Flanders (Belgium) discovered the four-field crop rotation. This led to an agricultural revolution in continental Europe and in copy-cat Britain. The discovery that planting wheat, turnip, barley and clover on the same plot over four consecutive years would not exhaust the soil led to a big increase in productivity, compared with the previous practice of leaving the land to lie fallow every third year.

Modern lives and careers are starting to look similarly compartmentalised: with the end result of recharging and reinvigorating the person. The four-field crop rotation in one's career can take the form of:
a) work for a company;
b) work for yourself or start up a company;
c) travel;
d) study.

Young people in Western Europe nowadays increasingly take a gap year after high school to travel the world. Mid-career people often do it as well. This corresponds to planting turnips on your field: as the Jewish saying goes "to the worm in a turnip, the whole world is a turnip." After all, it's not a bad idea to come out of your turnip and see what other turnips in the world look like. 

Studying no longer happens only in one's youth. People often do professional degrees after working for some time, e.g. an MBA in one's late 20s / early 30s, or an EMBA in late 30s and 40s. And even beyond that, to keep up with technology advances, many professionals choose to do shorter (e.g. 3-month) IT courses. This is the experience that recharges one's career the most, similar to the effect of clover and other legumes on the soil (enriching it with nitrogen that benefits the crops thereafter).

Entrepreneurship also comes at different stages in life: one may try out an idea in their 20s (what I call Type 1 or  "wolf-type" natural entrepreneurs), then work for a company to gain experience and contacts, and then start up a company again in their 40s or 50s, tapping their accumulated expertise (which I call Type 2 or "dog-type" corporate entrepreneur). In the farming analogy, this stands for planting barley - from which craft beers for the hipsters are made.

Working for a company is the remaining (most mainstream) piece of the sequence. Good old wheat is the bread (and butter) of the global economy after all.

Apart from the four-field rotation, there is another very productive agricultural technique which was developed by the Native Americans before the rise of modernity: planting maize (corn), beans and squash simultaneously, known as the Three Sisters. However, this simultaneous recharging of the soil by growing three different crops has a much rarer analogy in the human world. It can only be pulled off by the Rennaissance Man / Woman. It takes an entrepreneurial polymath to manage to juggle with study, travel, working for a company and launching a startup at the same time. 

Crop rotation (Source: Wikipedia)

Entrepreneurs approach opportunities in two ways: like monkeys or like chimps

By George ILIEV
CorporateNature Metaphor Series, No 73.

Capuchin monkeys and chimpanzees both enjoy eating nuts (see documentary video below). Cracking a nut open is no rocket science but for a monkey (or even a human toddler) it can be quite a challenge.

Monkeys waste a lot of energy bashing rocks against the nut without seemingly learning much from each attempt. Chimps and other great apes, on the other hand, plan and execute the blow to the nut shell with precision learned from watching others in the family. Thus, chimps often manage to crack the nut with a single strike.

Some entrepreneurs adopt the monkey approach to tackling problems and opportunities. Others take after the chimps. Younger entrepreneurs are generally more likely to follow the "monkey way" of cracking nuts: multiple trials, multiple errors, slowly learning from their own mistakes and expending a lot of energy in the process. Mature entrepreneurs are more likely to resemble chimps: having observed others for a long time, they have learned from these observations which nuts to tackle and which to leave aside, and how best to crack the nut with the least amount of energy.

Yet, whether you are a monkey or a chimp, when you reach a nut (an opportunity), you'd better start cracking it as best as you can. Or else another species will eat it.

Entrepreneurship, Consulting and the MBA: The Three Stem Cells of the Business World

Three ways to maintain versatility in the age of uncertainty

By George ILIEV

An undergraduate student at the business school I graduated from recently approached me for career advice. "Is there a way you can keep your options open throughout your career?", she asked. The article below summarizes my advice to her:

Many things in life are path-dependent:
- Your second job depends on your first job;
- your first job depends on your internship;
- your internship depends on your university degree;
- your university depends on your high school,
- and so on all the way to kindergarten and even before that, possibly to the kindergarten of your parents and grandparents.

There are opportunities to get out of the rut and change direction from one stage to the next but the probability of this happening naturally is very low. Even a smaller cross-industry lateral move (say from retail manager to supply chain manager) requires a lot of effort in rowing against the current... and a dose of luck.

The Three Stem Cells of the Business World

There are three tracks in business that are immune to path-dependency and can lead naturally to a variety of different industries and functions. I call these “the three stem cells of the business world”, as they contain a high degree of versatility and can be moulded into almost anything, just like the stem cells of an embryo multiply and grow into different tissues and organs:

1. Entrepreneurship is the most functionally-versatile profession as an entrepreneur (on the business side) will perform a variety of functions. These include marketing, business planning, business development, PR (blogging), finance (raising capital), accounting, legal and at least half-a-dozen other functions before the startup grows big enough for these roles to be filled by specialists.

2. Consulting, unlike entrepreneurship, is not functionally versatile but is instead extremely industry-versatile. Management and operations consultants often clock up projects in a dozen different industries, which is the essence of consulting and the main source of value creation: the cross-pollination effect.

3. The MBA gives a graduate both functional and industry versatility, as it combines condensed educational and professional experiences in a number of fields. However, the MBA is a “stem cell” with an expiry date: after your first post-MBA job, you can no longer rely on its versatility and will invariably start specialising in your new pathway (unless you go into post-MBA entrepreneurship or consulting).

These three stem cells of the business world are crucial in our age of uncertainty. The sheer number of unemployed finance professionals after the 2008 crisis shows how path-dependent business can be. And though the trio is not entirely ploripotent, (i.e. the three cannot lead to absolutely any outcome), they are the closest we get to a business world version of the stem cell.

Energy, mass and the speed of light

If you remain unconvinced by the biology metaphor above, here is a memorably superficial analogy from physics. Einstein's fundamental equation E=MC2 (energy equals mass times the speed of light squared) has the same three elements: E(ntrepreneurship), M(BA) and C(consulting). Now, who would argue with Einstein?

(Photo credit: Stem cell, Wikipedia)