Sydney’s Growthtown evenings are an irregular gathering of entrepreneurs discussing challenges facing fast growth businesses, and always a stimulating night with founders telling how they dealt with issues as diverse as setting up US operations, finding investors and exiting a successful venture.
Last week’s event featured Marketing Angels’ Michelle Gamble explaining how she uses the brand pyramid to help her clients and Kylie Little, founder of Essential Baby, describing the journey from a business idea to exiting from a big business buy out.
Kylie’s story of Essential Baby’s early days resonates with anyone who has started a business after the arrival of a baby. It’s always a relief to find you’re not the only one who thought it’s possible to run a business while your blissful cherub sleeps contently for most of the day.
In many ways, Essential Baby’s story describes the dream exit for many entrepreneurs, or at least most venture capital funders, with the website being bought out by Fairfax.
Interestingly, Kylie’s tale about what happened after a big organisation bought her business has some similarities to Lars Rassumussen’s experience of Where 2 Technologies’ absorption into Google.
The cultural shock of moving from an independent start-up to being part of a bigger organisation is huge and the problems can’t be underestimated. So there’s a lesson on being careful what you wish for.
One part that shone through both Kylie and Michelle’s presentations was how important communities are to a business. It’s often easy to think businesses are stand-alone entities, proudly independent of the world around them.
In reality every successful businesses relies on groups of supporters, be they customers, suppliers, financiers or just simply fans. Businesses need communities just as the community needs them.
Communities aren’t just generated by Twitter followers, witty blog entries or clever search engine optimisation, it takes credibility, honesty and doing the right thing by those around you.
So who are your communities and what are you putting into them? You may find those groups are your business’s most important assets.