{"id":19502,"date":"2016-02-15T23:56:09","date_gmt":"2016-02-16T04:56:09","guid":{"rendered":"https:\/\/www.wework.com\/creator\/?p=19502"},"modified":"2020-03-30T19:26:54","modified_gmt":"2020-03-30T23:26:54","slug":"that-moment-entrepreneurs-realize-theyve-made-it","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/professional-development\/that-moment-entrepreneurs-realize-theyve-made-it","title":{"rendered":"That moment entrepreneurs realize they\u2019ve made it"},"content":{"rendered":"\n

It\u2019s easy to see when an entrepreneur hits the \u201cturning point\u201d in a career, however it\u2019s hard to pinpoint exactly how it came about. Was it a happy accident? Perfect timing? A bout of good luck? Or was it a series of small, incremental milestones?<\/span><\/p>\n\n\n\n

For Nimit Sabharwal, the road to entrepreneurial success was paved with questions\u2014specifically, those of defining his customer base and customizing his product offering. Finding the answers to these types of questions led to a breakthrough moment for his mobile payments startup.<\/p>\n\n\n\n

\u201cThe product we had was really a mobile platform that could be used in any industry,\u201d Sabharwal says of Global Bay, which offered businesses cell phone-based point-of-sale capabilities, inventory management, and clientele solutions. \u201cBetween 2002 and 2008, we were anything to anyone who needed some kind of mobile solution. Because each deployment was different and each customer had very different needs, it was difficult to scale.\u201d<\/p>\n\n\n\n

Faced with a scalability problem presented by a too-diverse client base, Sabharwal, then Global Bay\u2019s chief financial officer, changed course slightly in 2008 to focus exclusively on the retail sector. The move came shortly after Global Bay signed on with the clothing and accessories brands Coach and Guess.<\/p>\n\n\n\n

\u201cThat\u2019s when we really started to scale the business,\u201d Sabharwal says. \u201cIt was a happy accident. We were able to get three to five retail customers pretty quickly, so we made a strategic decision to focus on retail and to try and ignore any other distractions, as hard as it was.\u201d<\/p>\n\n\n\n

By 2011, Verifone had come calling, and Sabharwal sold Global Bay to the telecommunications giant, earned out for a few years, then happily walked away.<\/p>\n\n\n\n

Hitting the \u2018turning point\u2019<\/strong><\/h2>\n\n\n\n

Sabharwal has no doubt shared his story with the fledgling entrepreneurs whose startups he advises a WeWork Labs<\/a> in Chelsea.<\/p>\n\n\n\n

That\u2019s where Philip Arkcoll is building his second company, a tech-focused human resources startup called Worklytics<\/a>. The idea came about as Arkcoll and his partner were growing their previous venture, Tuenti\u2014the largest social network in Spain\u2014and they came across the problem of evaluating a team that had grown to 100 engineers, product managers, and designers.<\/p>\n\n\n\n

\u201cThe biggest challenge was how to manage a team of that size,\u201d Arkcoll says. \u201cIt grew more and more complex with scale. How do you measure and track the productivity and performance of technology and software teams?\u201d<\/p>\n\n\n\n

As Arkcoll struggled to decide what kind of feedback to give, how to improve his team\u2019s technical skills, determine promotions and bonuses, and track productivity, he realized there was a dearth of great HR tools specific to technology companies that could provide solutions to these problems. And so, Worklytics was born.<\/p>\n\n\n\n

Eight months down the road, Arkcoll has a team of 100 engineers and has rolled Worklytics out at two companies, with a plan of increasing his client base fivefold. He points to refining his product offering to ready it for his first customers as a major landmark in Worklytics\u2019 journey.<\/p>\n\n\n\n

\u201cWith the first two customers, we worked with them very closely on getting the product to where it was ready for a larger group of customers,\u201d Arkcoll says. \u201cRolling it out at the first customer was big. Having people actually using it to evaluate their engineers and getting good feedback about it\u2014that\u2019s the biggest milestone we have had so far.\u201d<\/p>\n\n\n\n

Still, Arkcoll is reluctant to think in terms of one major turning point to account for Worklytics\u2019 early success. He would rather view each step of the process as a subtle yet positive change in momentum.<\/p>\n\n\n\n

\u201cThere\u2019s never one big step; it\u2019s a series of incremental milestones,\u201d Arkcoll says. \u201cHaving 10 other companies try Worklytics out is the next target that we set. That will be a big milestone for us. The next major milestone is to take the product commercial, and so by the middle of next year, our goal would be to grow, in terms of customers, as quickly as possible.\u201d<\/p>\n\n\n\n

Getting \u2018better and better\u2019<\/strong><\/h2>\n\n\n\n

Arkcoll isn\u2019t alone in his preference for viewing the minor victories of his burgeoning entrepreneurial career as part of a collective roadmap to success\u2014as opposed to identifying one specific game changer.<\/p>\n\n\n\n

\u201cYou don\u2019t ever feel like you\u2019ve made it,\u201d says Jason Stein, founder and CEO of social media powerhouse Laundry Service<\/a>, which was recently acquired<\/a> by the sports agency giant Wasserman Media. \u201cUp until the point where we were acquired, and even still, we have always felt like there was a lot to do. I don\u2019t think a true entrepreneur ever thinks they\u2019ve made it; they just focus more on what they need to build and getting better and better.\u201d<\/p>\n\n\n\n

Laundry Service, which started out as a video production company focusing on digital videos and web series, hit its stride when Stein recognized a way to combine services and fill a market gap nobody even thought existed.<\/p>\n\n\n\n

\u201cWe very quickly realized, after a few videos, that making the video wasn\u2019t enough\u2014you had to make sure it was seen by a lot of people and have a really great distribution strategy,\u201d Stein says. \u201cSo I said, \u2018Why don\u2019t we start a creative and<\/em> distribution agency?\u2019 And people just said, \u2018You can\u2019t do it.\u2019 The more people who said, \u2018You can\u2019t do it,\u2019 the more I realized this was a great opportunity.\u201d<\/p>\n\n\n\n

A \u2018recipe for success\u2019<\/strong><\/h2>\n\n\n\n

This kind of aggregational innovation, according to another veteran entrepreneur, can be a recipe for success.<\/p>\n\n\n\n

\u201cCreating a business that, in its component parts might exist in other places, but, those components combined, has never existed before\u2014we\u2019re really, really proud of that and what it\u2019s resulted in,\u201d says Andrew Deitchman, co-founder of advertising behemoth Mother<\/a>, who recently left<\/a> to launch The New Stand<\/a>, an underground retail venture that\u2019s part high-end convenience store, part media company, and part technology startup.<\/p>\n\n\n\n

The New Stand offers memberships through its app that allow customers to pre-fund their accounts in order to easily make purchases in its upscale underground marketplaces\u2014currently in New York city\u2019s Union Square subway station and Brookfield Place shopping center. The New Stand app also provides daily newsletters and playlists with carefully curated articles and music that Deitchman hopes will resonate with the company\u2019s customer base and hopefully bring a few smiles.<\/p>\n\n\n\n

And while he points to unexpectedly high retail sales and app downloads as noteworthy turning points for his nascent venture, Deitchman also subscribes to the theory of the slow and steady tackling of hurdles as the key to entrepreneurial success.<\/p>\n\n\n\n

\u201cIt\u2019s more of a culture or empire building than getting a hit,\u201d Deitchman says. \u201cIt\u2019s every day, checking in\u2014how is the vibe? How are our people feeling? How do people out there feel about us? How is our work doing? Pay attention to this every single day. Incrementalize every single day.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s easy to see when an entrepreneur hits the \u201cturning point\u201d in a career, however it\u2019s hard to pinpoint exactly how it came about. Was it a happy accident? Perfect timing? A bout of good luck? Or was it a series of small, incremental milestones? For Nimit Sabharwal, the road to entrepreneurial success was paved […]<\/p>\n","protected":false},"author":1605,"featured_media":19507,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43902],"tags":[],"class_list":["post-19502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-professional-development"],"acf":[],"yoast_head":"\nThat moment entrepreneurs realize they\u2019ve made it<\/title>\n<meta name=\"description\" content=\"Was it a happy accident for these entrepreneurs? Perfect timing? A bout of good luck? 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