Core trait of good decision makers
One of the most surprising takeaways from Jonah Lehrer’s book, How We Decide, is that one of the most important characteristics of a good decision maker is the ability to sit with uncertainty.

Entrepreneurs and shades of gray
Entrepreneurs ought to see the silver lining in this, as I have witnessed no path quite as exhilaratingly uncertain as that of someone putting it all on the line to start his or her own company.

From product and business models to actions of third parties, and of course funding your business – shades of gray are simply par for the course.

(Image Shades of Gray by Webmink, Creative Commons)

So, if uncertainty is inevitable and ultimately leads to better decision making, the question becomes:

How best to thrive in the face of uncertainty?

Essentials for dealing with uncertainty
Having left the security of my former professional trajectory and graduated from the comfort of business school only to find myself completely engrossed in the world of early stage companies, developing a set of tools and practices to thrive amidst uncertainty has been absolutely essential.

1) Create structure through daily routines and personal rituals
When much is unknown, daily routines and personal rituals can provide a sense of order and control. Doing things you love, in your unique way, is a great reminder that while some things may feel out of control much of your day, time, and life is yours to create. I, for example, enjoy starting my day off with morning music, songs that give me a dose of energy and set a tone for the rest of the day. Even after I’ve pulled near-all nighters, or woken up feelings heavy under the weight of stress, I try always to greet the morning this way.

2) Act as if
Uncertain when a big deal will close? Waiting for funding to finalize? Act as if the client is already on board, the money is already in the bank. While you can’t necessarily write the checks, you can certainly comport yourself in a way that is consistent with someone who has already ‘made it.’ In doing so, you alleviate the discomfort associated with an ‘if’, and replace it was the confidence associated with a ‘when.’ True, the mindset of ‘acting as if’ is a well known tactic, but worth mentioning again because it lubricates the path [and mental attitude] between waiting and having.

3) Keep your eyes on the road, not the potholes
As resident of our nation’s capital knows, in this city even the most beautiful of streets are often speckled with potholes. Along any road, whether you choose to focus on the potholes (what’s wrong), or the tall trees, unique architecture, or kids playing in the front yard (what’s right) will entirely effect your attitude about the journey. When the destination is vague, ambiguous, or even unknown, the journey is the destination, thus making this mindset an essential difference between success and failure.

4) Surround yourself with tenacity
Identify tenacious people and surround yourself with them. Listen to speeches by others who have been along the same path, participate in their online communities or read books about them. Create a rock solid foundation built on a mountain of faith that even if you don’t know the nature of the path ahead, you know that whatever it is, you can handle it. A group of women that I meet with regularly even created a little jingle about this, and sometimes I find myself singing it multiple times a day.

5) Embrace the ambiguity
I learned this lesson in my yoga practice, but it is widely applicable. Changing from one static position to another necessitates transition, which is by its very nature ambiguous. Learning to accept this allows you to enjoy the state of uncertainty, and even approach it as an opportunity, a time to learn and grow.

More from:
Alexis Rodich and her Emerging Entrepreneur series at Women Grow Business.

Guest post by Alexis Rodich, regular guest contributor to Women Grow Business and its series The Emerging Entrepreneur. Recently featured in the Washington Post as an up-and-comer breaking down the digital divide, Alexis graduated this year from American University with a Masters in Business Administration, specializing in finance. She takes particular interest in venture capital, social technology, and how women entrepreneurs can use both to further business innovation. A 2009 LaunchBox Digital summer associate, Alexis currently directs partner relations for Bands In Town and can be reached via www.twitter.com/alexismichelle.

Share Your Thoughts on this article here: When Uncertainty Is Par for the Course: 5 Essentials for Entrepreneurs

Guest post by Alexis Rodich, regular guest contributor to Women Grow Business and its series The Emerging Entrepreneur. Alexis graduated this year from American University with a Masters in Business Administration, specializing in finance. She served as AU’s chapter president of Net Impact and takes particular interest in venture capital, social technology, and how women entrepreneurs can use both to further business innovation. Taking the Level 1 CFA exam mid-2009, she is a summer associate for LaunchBox Digital and can be reached at www.twitter.com/alexismichelle.

Lately, I’ve been thinking about the old adage:

“How do you eat an elephant? … One bite at a time,” and I have decided that this advice is only half baked: The real secret to elephant eating lay not only in the number of bites you take, but also in the table you set.

Earlier in the month I finished my first course of elephant du jour:
I took the Level One Chartered Financial Analyst (CFA) exam, a six hour test with a 35% pass rate that required a recommended 250 hours of preparation. Although the process was downright messy at times—occasionally I seemed to lose sight of who was consuming who — I believe the lessons I learned about “setting the table” for success may help you devour your next elephant, whether launching a new business, earning a higher degree, or even scaling a mountain, with greater confidence and ease. So move over Martha, here are a couple new table tricks:

Hone your vision
Take the time to lay a solid foundation to prevent collapsing under pressure.

A clear articulation of your desired outcome and honest assessment of your motivation in wanting to achieve this desired outcome are essential to creating a sturdy foundation.

Once you hone in on a vision and truly compelling motivation, I recommend putting both into writing.

Make sure copies are accessible to you at all times. In fact, you may want to consider keeping a copy near your nightstand, in your wallet, and even distributed among trusted members of your personal and professional network, so they can better empathize with and support you along the way.

The opportunity cost
I spent several weeks really exploring my motivation for wanting to become a charter holder before finally registering for the exam. The opportunity cost of those 250 hours was enormous: time with friends, family, tending to other obligations at school, and perhaps most dear to me, my career as a professional dancer and instructor. I knew that neither ego (i.e. the benefit of bragging rights), nor the potential financial reward (the average charter holder makes over 6 figures), would be enough to sustain me through the toughest times, and make the effort worth the cost.

So, I took the time to dig very deep and identify what earning the designation really meant to me, and evaluate whether an outcome of that significance was worth the sacrifice.

I cannot tell you how many times I re-read my articulated vision over the course of my exam preparation, but I know with absolute certainty that during those moments when I felt closest to breaking, having a razor sharp vision that I fundamentally believed in gave me the extra dose of strength to keep me in the game.

Never eat alone.
While you may think the elephant is yours and yours alone, even the most solitary of projects are easier to digest with the right team and network in place.

I see this principle in practice all the time among the portfolio companies I work with at LaunchBox Digital. Although there is no doubt that the success of each individual company ultimately rests on the shoulders of its founders, the collaborative work environment, access to an extensive network of mentors and advisors, and hands on participation by the LaunchBox Partners play an invaluable part in helping each company reach heights that would simply not be possible going it alone.

Before the very first bite, take some time to consider who may be helpful to have at the table—and then make some room! If this seems overwhelming, I recommend reading Who’s Got Your Back, by Keith Ferrazzi, which is an excellent resource to help define and build beneficial, collaborative, and supportive relationships.

Finally, as any experienced dinner party host will tell you, spills are inevitable. Success depends on the ability to wipe ‘em up and get on with your ‘elephant’ meal.

More from:

• Alexis and her Women Grow Business series as The Emerging Entrepreneur.

Share Your Thoughts on this article here: The Emerging Entrepreneur Gives Secrets to 'How to Eat an Elephant'

Guest post by Alexis Rodich, regular guest contributor to Women Grow Business and its series The Emerging Entrepreneur. Alexis graduated this year from American University with a Masters in Business Administration, specializing in finance. She served as AU’s chapter president of Net Impact and takes particular interest in venture capital, social technology, and how women entrepreneurs can use both to further business innovation. Taking the Level 1 CFA exam mid-2009, she is a summer associate for LaunchBox Digital and can be reached at www.twitter.com/alexismichelle.

My MBA and the last 3.5 years
Earlier this month I completed my MBA at the Kogod School of Business at American University. Over the brief period between my last exam and graduation, I left town for a few days to catch up on sleep, and take advantage of the opportunity to reflect on the previous three and a half years that I had been pursuing the degree.

As I considered all of the courses I had taken, from marketing 101 to IT vendor management, I realized that perhaps the most valuable lessons I learned came not from a single course, but from the experience of earning an MBA as a whole. While I know more about giving power point presentations and ‘creating synergies’…” than I could have ever dreamed possible, what business school really taught me was how to learn, how to fail, and how to deal with change.

And I’d say that’s precisely the preparation needed for success during such a unique moment in our economic history.

Lessons in how to learn
Although I had spent countless hours sitting in a classroom throughout my life, business school taught me that learning is anything but passive. Whether within an educational institution or in an enterprise environment, to effectively learn requires much more than just listening. I have discovered it often requires:

• Preparing:
  A baseline level of knowledge is essential in order to gain value from the expertise of the person from whom you are learning — whether that be a business professor, mentor, or peer. It is a missed opportunity to spend time with an expert re-hashing material that is widely available elsewhere.
• Engaging:
  Engaging my professors fundamentally changed the way I learn, and exponentially increased the value of the experience. It was invaluable to take advantage of extra opportunities and get to know the person from whom I was learning. My goal became to learn why they are passionate about the topics they teach. I suspect practicing this approach will completely change the way you approach absorbing new concepts (and make even the most stale of topics memorable).

Lessons in how to fail

Perhaps the most pivotal moment in my entire MBA came when I failed the first- level finance class.

Despite enthusiasm for the subject and adequate time and effort, I simply struggled with the material—A LOT. Let’s face it: failure is embarrassing, and a blow to the ego and the morale. Yet, when the world does not crumble around you, despite a big failure, the experience becomes an invaluable learning opportunity. And actually failing removes one of the most ardent obstacles to success: fear of failure itself.

In my case, failing my first finance class toughened my resolve on the subject.
But [failing this course] taught me also to fail with compassion. One year later, I was asked to become the teaching assistant in that same course, and am now preparing for the CFA exam. Perhaps no success is as meaningful and lasting as one that is built in the wake of failure.

Lessons in how to deal with change
A funny thing happened in the course of my MBA—the financial system nearly collapsed and business as we knew it fundamentally changed.

When I began my degree in 2006, the economy was booming and working at an investment bank was an objective of many of my classmates. Three years later, the term “investment bank” seems almost quaint.

If change is inevitable, however, then it is, I believe, those who embrace change that will recognize opportunity as it arises.

Seeking opportunity vs shelter
I am frequently asked whether I am nervous about graduating during a period of such economic uncertainty, or whether I wish I had one extra year of “shelter” from the working world. On the contrary, I am incredibly excited about being a brand new MBA right now. With challenges as daunting as the ones we face, our collective wisdom is more important than ever. Yet rarely does one have the right tools, at the right time, to contribute to the dialogue around solving problems that are truly systemic in nature.

So I strongly believe that the subjects and skills I learned in the classroom, and the lessons I learned throughout the course of my entire degree program, have fully prepared me not only to succeed, but to make an impact in this unprecedented moment in time.

More from:

• Alexis on LaunchBox Digital’s start-up program and the Emerging Entrepreneur series at Women Grow Business;
• Global Small Business Blog on making entrepreneurship education worldwide.

Share Your Thoughts on this article here: Fear Not Failure (or this economy): MBA Lessons from the Emerging Entrepreneur

So many brainstorms:

…on helping women become entrepreneurs, emerge as thought leaders, grow expertise, utilize social media, and triumph in business with a sense of service and integrity (and fun!).

It all happened this weekend at The Ritz Carlton where many of our regular core contributors and thought leaders behind the blog’s development met for afternoon tea.

Video: a fun (8) minutes
Meet them face to face here as they celebrate National Women’s History Month and why they’re involved with the Women Grow Business community:

Want to be a guest contributor?

Please get involved!

I invite you to consider the different ways to participate with Women Grow Business (now!).

And again, Happy Women’s History Month.

More from:

• Melissa Meeks Makfinsky, Network Solutions Marketing Manager, on the National Women’s History Project;
• How in Queens, NY, women are launching new businesses at a higher rate than men;
• SCORE’s mentorship and other resources for women entrepreneurs.

Share Your Thoughts on this article here: Entrepreneurship + Small Business Resources (video!): Happy Women's History Month

Guest post by Alexis Rodich, regular guest contributor to Women Grow Business and its series The Emerging Entrepreneur. Alexis graduated this year from American University with a Masters in Business Administration, specializing in finance. She served as AU’s chapter president of Net Impact and takes particular interest in venture capital, social technology, and how women entrepreneurs can use both to further business innovation. Taking the Level 1 CFA exam mid-2009, she is a summer associate for LaunchBox Digital and can be reached at www.twitter.com/alexismichelle.

An environment where teamwork is a must, collaboration encouraged, mentors and advisors are central to the program -and- the objective is for all to win as big as possible!

When I first learned about LaunchBox Digital’s accelerator, a 12 week program where entrepreneurs receive the initial funding and crucial guidance to take their start-up to the next level,

I thought:

“Wow. This is a perfect environment for women to do business.”
So you can imagine my surprise when I found out that not a single woman lead team (nor team with a female member at all!) participated in LaunchBox’s inaugural cycle in 2008.

In fact, very few submitted applications in the first place.

Like many readers of this blog, I know several women with great ideas, and the passion, dedication, and intelligence to bring those ideas to fruition—perhaps you ARE one of those women!

So why not consider submitting an application to participate in LaunchBox’s 2009 accelerator program?

Program Benefits and Tips for Success:
To learn more about the 2009 LaunchBox program, and how women in particular can benefit from participating, I sat down for a Q & A with LaunchBox Executive Director Mathew Jacobson.

WGB:
Your application deadline is March 16th. Can you elaborate on what specifically you are looking for in applicants?

Mathew:

Passion, determination, and adaptability.

We want to see that you can deal with the ups and downs and that in the face of all obstacles you have the resilience to continue on.

[image below, 'Determination', from LadyBugBKT, Creative Commons]

We want good ideas, but what we are really funding is the people behind those ideas. Don’t count yourself out, simply because you do not have a fully developed prototype. I think Andrew Lee described it best in his recent blog post about getting in to LaunchBox Digital:

WGB:
Clearly, a competitive program like LaunchBox’s receives many more applications than can be accepted in to the program. What can applicants gain from the process of applying, regardless of whether they are accepted?

Mathew on the selection process:
The selection process, which is made up of three phases (a written application, phone interview, and in person interview), forces focus. It encourages entrepreneurs to look closely at the market opportunity and potential competition in a way they might not otherwise have done.

Value of feedback:
The phone and in person interviews gives the entrepreneur an opportunity to receive feedback and refine their idea— a very useful exercise, regardless of outcome.

WGB:
Would you elaborate a bit on female participation in LaunchBox Digital?

Sure. To be clear, we want women involved and strongly encourage them to apply.

We believe that their participation would definitely enhance the program as a whole.
Last year we received a limited number of applications from women lead companies. Teams with female members did make it to the final stage of the application process, but were not ultimately selected.

I should also note that we have two great women on our team of advisors, Dany Levy of the Daily Candy and Caroline Little, CEO of Guardian Media Group.

WGB
On that note, should you have more females participating this year, would you go out of your way to connect them to female mentors and advisors?

Mathew on mentorship for women entrepreneurs/applicants
We want to introduce them to the best mentors and advisors, period. Our goal is to make sure that each team is connecting with the most qualified and appropriate mix of advisors to meet their unique needs.

WGB
Would you elaborate on the role of community and collaboration in the LaunchBox program?

Mathew on teamwork and startup success
Teamwork plays a huge role in the LaunchBox program. It is not a competition in the sense that our ultimate goal is for all of the start-ups to be as successful as possible, so we strongly encourage teams to share insight, ideas, and solutions with one another.

In terms of community, we do our best to create a culture that is open to dialogue, on several levels: between advisors and LaunchBox Digital principals, the principals and teams, teams and advisors, teams among one another, etc.

The interactive nature of these relationships, all with the shared purpose of driving each team’s success, naturally creates a sense of community.

WGB
LaunchBox Digital’s accelerator program lasts 12 weeks. After that period, do you continue to remain involved?

“Very much so!” … and Mathew elaborates further:
Although the extent of our involvement varies, the relationship certainly does not end on August 31st. We continue to provide guidance in a variety of areas, such as product growth and rollout or negotiating term sheets on future deals.

Our primary goal is the continued growth and success of our portfolio companies.

Interested in learning more?
Here are some great resources to engage the LaunchBox Digital community:

First and foremost, apply to the LaunchBox Digital accelerator program!

Join the LaunchBox Digital Facebook Group. This is a great place to find additional team members, learn about important dates, deadlines and related events, and engage the LaunchBox Digital team.

Check out the official LaunchBox Digital Blog or sign up for the newsletter.

Gain insight from LaunchBox Digital alumni Buzzable and JamLegend.

Ready or not—Let us know (we want to hear from you so leave a comment here!)
If you are a women entrepreneur deciding whether or not to apply to LaunchBox’s 2009 program (or have already decided one way or the other), please let us know in the comments section what factors are influencing your decision.

Not only will your insight help others women weighing their options, but it may also help the team at LaunchBox understand how best to reach and attract the next generation of female entrepreneurs.

(‘Determination’ graphic from LadyBugBKT, Creative Commons)

Share Your Thoughts on this article here: Be the First Woman-led Business to Participate: Emerging Entrepreneur Alexis Rodich Invites You to Apply (by 3/16th!) to LaunchBox Digital's Startup Program

Guest post by Alexis Rodich, regular guest contributor to Women Grow Business and its series The Emerging Entrepreneur. Alexis graduated this year from American University with a Masters in Business Administration, specializing in finance. She served as AU’s chapter president of Net Impact and takes particular interest in venture capital, social technology, and how women entrepreneurs can use both to further business innovation. Taking the Level 1 CFA exam mid-2009, she is a summer associate for LaunchBox Digital and can be reached at www.twitter.com/alexismichelle.

Elizabeth Gilbert posed an interesting question during her talk at the most recent TED Conference in Long Beach, CA:

Is it rational that any of us should be afraid of the work we feel we were put on this earth to do?

From professional dancer to private equity: a career shift
As a young woman embarking on a seismic career change, Gilbert’s question struck a chord. When I began my MBA three years ago, I was a professional dancer and labor union strategist. Now, as I finish my last semester of business school, I am preparing to sit for the level 1 CFA exam and exploring a career in venture capital.

Needless to say, the differences could not be more stark between my past and present! While I generally feel confident about my newfound path, the uncertain terrain can feel, at times, incredibly frightening.

Surviving the early stages
While I intend to blog about my path into the opaque world of private equity, I feel compelled first to share some of the lessons I’ve learned about tackling the early stages of career change:

1. Explore.
I’ve used the prospect of changing careers as an opportunity to explore from the inside and out.

If you face a similar crossroads, I suggest:

• subscribing to industry blogs; on this front, I’ve gained a lot from these in particular: Jibberjobber (fabulous for planning and contact management);
  Penelope Trunk at Brazen Careerist; and the NYTimes Shifting Career Blog.
• finding out who is active on Twitter in your field (with a strong recommendation to follow @dailycareertips);
• attending related events in your community;
• and engaging.

At such an early stage in career development, I find I have everything to gain from new experience, insight, and relationships – and nothing to lose. Again if you and your career are at a related crossroads, I have found this mindset to be especially motivating:

Consider yourself a student embarking on a cultural immersion for a new career (and get out there!).

2. Avoid “wet blankets.”
At the earliest stage of career change, it is crucial not to put out sparks of inspiration before they have a chance to ignite. You may be able to identify 101 reasons why things won’t work out, but now is not the time to give them an ounce of energy or attention.

This moment is about the art of what is possible; save “reality” for later.

3. Don’t negotiate with yourself through fear.
While changing careers, there’s a strong likelihood you may not currently be working in your desired field. In that case, you cannot know how you will be received by members of that new community, so don’t waste a moment of time trying to project [what you assume is] how they will perceive you – especially if you’re nervous or fearful of next steps.

Instead, focus on proactive thoughts, such as fortifying the reasons why this new career speaks to you and identifying the unique value and attributes that you – as an outsider – bring to this new industry.

After developing a few close relationships with people working within your new professional track you may find trusted feedback and guidance from new mentors. But this will happen organically (and ideally, will not be rooted in your original anxiety or fears).

After experiencing these stages, I feel much better positioned, as Gilbert said, to do the work I was “put on this earth to do.”

Share Your Thoughts on this article here: Once a Professional Dancer, Alexis Rodich Is Now 'The Emerging Entrepreneur': a New Series at Women Grow Business