Four Lessons I Learned In My First 3 Years As An Entrepreneur: A Personal Note from the Founder

Two years ago on my one-year anniversary of founding Kaeros Capital I had planned on writing a blog post about what I’d learned as a new entrepreneur. Well it seems it’s taken me a bit longer to get organized. I’m glad I waited as the lessons keep coming! 

Lesson 1 - Skills used to achieve success in a previous role ≠ skills needed to achieve success in a new role – I’ve paraphrased this idea from the first chapter of one of my favorite leadership books, The First 90 Days. While I read this book many times before starting Kaeros, this concept didn’t sink in until well into my first year of operations. Pre-Kaeros, I prided myself on the depth of my business network, always encircling myself with like-minded “deal makers” and finance types. As such, when I launched my company, I instinctively leaned on my existing network for introductions to potential clients. Yet when looking back, it was the skill of networking and rapport building which has yielded me the greatest success and not only my network, in and of itself. I spend countless hours, arguably all my time when not working on transactions or pitching deals to investors, honing my network, fostering new relationships and gleaning market intel to better understand who is deploying fresh powder, and into which sectors. The knowledge gained from these efforts is what’s produced the greatest value for both me and my firm. 

Lesson 2 - Stick to your guns – as many entrepreneurs know, building a business from scratch takes a lot of work. When I wrote my business plan back in 2018, using my daughter’s colored markers, drawing tables and pie charts on large pieces of paper on my living room floor, executing on my plan seemed straightforward. Boy was I wrong! When starting a business, even the best laid plans can fail. Each founder must find a balance between sticking to their plan and being flexible along their journey. In my experience, each time I went against my gut instinct, things didn’t go so well. Today, as best as possible, I will try to stick to my guns. I don’t deviate from my principles and values. When I speak with prospects that aren’t market ready, when I speak with prospects where funding success is less clear or uncertain, or when I look to onboard prospects where our preliminary due diligence reveals questionable business practices or lack of sophistication, I now know to walk away. Sometimes following your gut instinct results in a lost client. The upside is that you retain energy to focus on clients that you want to work with and where you believe you can add the greatest value. 

Lesson 3 - Grit is not enough – the last three years as an entrepreneur have been eye opening for me. I’ve worn many hats, solved many problems, created some (many?) more, had plenty of tough customer conversations, as well as both won and lost business. Initially, many of these situations I faced on my own. As a person my tendency is to do everything myself and so emotionally speaking, having to deal with many of the ups and downs in my first year of business were exhausting. However, this strategy could only work so long. While I understood that it was ultimately my job to drive the direction of the business, it was during moments where I was unclear where to go that I leaned on my family, my friends and industry network for support. This support is often what bolstered my resolve to press on and keep going during times of uncertainty (think the pandemic). People offer support how and when they can. I’ve learned to take what’s being offered, and with thanks.  

Lesson 4 – Live your life, celebrate your wins and be grateful – My business took over my life when I started Kaeros. Obsessed with wearing all hats, watching every penny, and being everything to everyone, I thought that if I worked hard enough and burnt the midnight oil long enough, that eventually things would fall into place. Despite knowing being an entrepreneur was a marathon, and not a sprint, I acted to the contrary. For a long time, I missed important milestones without stopping to reflect on my accomplishments, to be grateful and to enjoy my successes. Always looking for that elusive next deal, I missed the proverbial roses as I raced past them. Slowly I’m changing my ways. After closing a big deal this past summer, I celebrated simply, with a fantastic cup of coffee (thanks Abbott St. Cafe) whilst overlooking Lake Okanagan. No fanfare. No pretention. Just a few minutes out of my day to reflect on, and be grateful for, all that I had in life and how far I’d come in my adventure as a entrepreneur.

Cheers and thanks for reading.

Trevor Palmquist

Founder & Managing Director