On Entrepreneurship

I would love to be more entrepreneurial than I am. As an undergraduate business student in the 1980s, I received a strong message that those who relish risk and start companies are to be the most admired. Ever since, I am fascinated by entrepreneurs and what drives them. A good friend of mine, Michael Potter, defines what an entrepreneur is to me. He started very early in his career building and then selling a telecom company and has been engaged in a wide range of pursuits ever since. He kindly sat down with me to discuss his career path and lessons learned, providing food for thought for those at different stages of their career and life.

A little background first

Michael started out with an interest in nuclear arms control while pursuing a master’s degree from the London School of Economics. While in a related internship in Geneva, he realized he wasn’t cut out for the bureaucratic life. He then moved to Washington, DC (where I met him) and worked in a foreign policy think tank. He focused on an area that received little attention but was on the precipice of a massive paradigm shift – international communications. This was a time when the government-run telephone monopolies were going through privatization and deregulation. Michael left the think tank to start a telecommunications company that took advantage of this colossal shift. His company was successful, went public and later sold, setting Michael up to explore whatever interested him. His next move was serving on the Board of an internet infrastructure company that helped build out European fiber optic cable networks and data centers, again leading to a healthy financial exit. He’s been involved in many endeavors since, including producing several documentaries and investing in start-ups. Currently, he is applying much of his prior knowledge and lessons learned to social impact innovation through his non-profit, Geeks without Frontiers. Its ambitious goal is to bring broadband internet to everyone on earth. Among other activities, Michael and Geeks are helping to rebuild Ukraine. To say Michael is an inspiring superstar is an understatement.

We had a wide-ranging conversation. Below are some juicy reflections and advice from a true entrepreneur.

Know Thyself

Michael reiterated throughout our conversation the importance of honestly assessing one’s strengths and weaknesses. Accepting our capabilities and limitations is crucial to pursuing an authentic, fulfilling and hopefully successful path.

Related to this is making sure the career path chosen aligns with our personal values. For Michael, making a positive impact and leaving the world a better place are core values. Another core value is family, and his early success allowed him to be able to put family first. He and his amazing wife Margaret have formed a supportive team that has allowed them individually and jointly to jump into many ventures and causes while being very present for their kids.

Understanding what one likes and doesn’t like is also essential. Michael feels lucky that he had an early introduction to a government-like bureaucracy that he found frustrating, as it seemed more focused on organizational dynamics than on solving consequential challenges. He realized his personality — intent on problem solving — would not jive with working in a structure like that. That’s why he pivoted away from a government/policy-focused career to a business-focused one. 

Comfort level for risk

How we perceive and accept risk is key. According to Michael, entrepreneurs tend to tolerate more risk because they are incredibly passionate about pursuing a goal even if it’s not rational. He was fortunate to launch his first enterprise in his mid-twenties, before kids and family responsibilities, but he feels nevertheless wired to be an entrepreneur.

He believes entrepreneurs tend to be more motivated by the idea they are pursuing than financial remuneration, at least at the founder stage.  They are comfortable being on the roller coaster — on the edge of being out of control.

While it may seem sexy, he cautions that embracing risk is not for the faint of heart and is not a short-cut to success. It takes a lot to see a risky project through, so one must be comfortable with extreme uncertainty.

Thrive on “No”

Michael’s view is that entrepreneurs thrive on upending existing systems and tropes and are used to being told “no.” They don’t accept defeat and are determined to drive forward and innovate a solution. He relishes overcoming institutional resistance, and finds that once momentum builds, change happens fast.  

Success under such conditions is exhilarating and addictive. It feels like vindication and just emboldens those with an entrepreneurial mindset to seek new problems to solve.

Curiosity

We all accumulate context, experience, and know-how as we go. Entrepreneurs seem to have an elevated sense of curiosity that stimulates their “why not” filter, prompting them to invest their time and resources into endeavors that many of us would never consider. For example, Michael (sometimes with Margaret) has produced several documentaries ranging from exploring the commercialization of the Russian space program to celebrating a courageous female spy in Hitler’s Germany. He and Margaret are extremely inquisitive and have made a ton of connections; this combination has spurred their involvement in a constant stream of seemingly unrelated projects.

Attacking challenges

Michael believes that our greatest challenges often provide our greatest opportunities. Solving problems that are pain points for others feels like a calling to him. He approaches complex problems as if playing with a Rubik’s Cube — breaking a situation down to individual steps that must be overcome to be successful. He views himself as a “fanatical problem solver.”

Building our network

He recommends that everyone build their own networking platform, especially since the traditional system of dual loyalty between employer and employee no longer exists. Establishing a consistent social media presence enables a deeper and richer network that can be helpful if something goes right or wrong career-wise. At a minimum, we should all keep our LinkedIn profile up to date, “like” and share posts, and consider writing an original LinkedIn article. It’s important to keep this up to maintain connections and visibility, and not wait to become active on social media until we are close to a needed career change.

More words of wisdom

Michael has found that it’s helpful to be a good multi-tasker.

Mentors are crucial to help advise us and keep us grounded.

Continuous learning, especially around digital technology, is vital to accepting change and fostering innovation.  

He also cautions about spreading oneself too thin. Having too many balls in the air can limit our effectiveness and impact. That said, I’m in awe of how many balls he’s able to manage.

Most of us enter our career hoping to contribute to the benefit of society. Not all entrepreneurs aspire to do this, but Michael does. He is motivated to leave the world and the next generation with tools and information that might not have been available without his efforts. He’s so much more of a doer than anyone I know. He doesn’t just imagine things; he dives in and gets them done. He also has an upbeat manner and a wonderful sense of humor that just draws in anyone who meets him. His personal qualities and world view make him a fascinating and truly impactful person. If I’m fawning, it’s because he deserves it.  

This is my first interview for my blog. I hope you found Michael Potter’s insights and lessons helpful as you pursue your life and career. Please share your thoughts and reactions.

Recommended listens:

I did not intend to provide a link to our zoom conversation, but Michael has a lot of great insights to share beyond what I could include in this blogpost. If you’d like to hear more from Michael, check it out here. [Please excuse the messy beginning of the zoom).

Cathy Heller’s podcast interview with Kendra Scott on her entrepreneurial journey.