What is it really like to run a company? Entrepreneurship can be portrayed as glamorous in the media, which can create a magnetic pull for many people. What’s often not portrayed is the hustle, the endless to-do list and pressures of a launch. Today, you get to see the inside line to the nitty-gritty details of actually walking this road, day in and day out.
Meet Patrick Latcham, founder of ProEditors.com. Here’s a guy who has come to understand the hustle on a very intimate level. Patrick shares with us today the highs and lows, the joys and pains, the long hours and hard decisions that go into turning an idea into a successful venture. As Patrick says, “Ideas are a dime a dozen.” It seems like everyone has good ideas, but the sad truth is that most of those ideas will never turn into anything, because the idea is just the first step. What comes after the idea (read: the work, hustle and iron will) is what separates those who succeed in entrepreneurship from those who don’t.
ProEditors was Patrick’s idea. It’s a platform that takes raw video footage from fledgling videographers (read iPhone and point-of-view camera users) and turns back a pro-quality video. But his journey from that fantastic idea to the reality of a viable business has been a roller coaster ride that any entrepreneur can relate to. He’s gone through The Telluride Venture Accelerator (which has made an appearance on Intrepid Entrepreneur before) – which is an intense boot-camp for entrepreneurs, through the process of taking on funding and learning about the details of the venture capital world, and through the long hours and sleepless nights of turning an idea into reality.
This episode of Intrepid Entrepreneur gets into the details of what this journey looks like, from the eyes of the individual going through it. As an adventurous, intrepid entrepreneur, Patrick has worked to find a balance between the long, grueling hours required to launch a successful venture, and his first love, the passion that started this venture in the first place: a love for the outdoors. Patrick calls his time living an adventurous life in Telluride, Colorado, ‘outdoor-market research,’ – but also talks about the ways that it revitalizes him, and how this time doing what he loves gives him added productivity and inspiration in the office.
So get ready for an inspiring story about how one man was able to take his passion, formulate a needed product around it, work extremely long and hard hours to eventually turn it into a reality, and finally develop the ability to attain a balanced lifestyle in all of this, finding time to do all of the things he loves and to develop the venture that has become his main focus. Get ready to learn and be inspired by Patrick Latcham on this episode of Intrepid Entrepreneur!
Bravery in Business Quote
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The Cliff Notes
- When starting something new, the ‘side hustle’ is tough but so important. You have to find a way to put in the time and effort, even when you have multiple other things going on
- If you’re considering taking the leap into entrepreneurship, find a way to validate your idea first
- Schedule time to get outside. If you don’t schedule it, it probably won’t happen
- Taking time off will often give you the most inspiration. Get out of the office!
- If you take funding for a project, it’s important to be very purposeful about keeping your investors up to date with everything that is going on
- ‘Reach’ goals are great to motivate you personally, but be extremely realistic with what you tell investors about projections. Manage expectations
- You have to count on almost anything you do costing twice as much you expect, and taking twice as long as you expect
- Early on, learning from customers and understanding patterns should be your first priority
- Anything that you find yourself doing over and over again can and should be automated
- When you’re working to create your own thing, you can put in the effort and hours with joy at what is being built. It makes all the difference
- As an entrepreneur, expect the roller-coaster ride. The ups and downs will be extreme, so know that both are coming and be prepared
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Habit for Success
Business is a roller-coaster ride. You’ll have crazy ups and downs. When you’re at a low, remember that a high-point is right around the corner, and when you’re at a peak, stay humble and remember that the low is also coming.
Mentioned: Rework (book) – by Jason Fried