After decades of serving as a partner at a law firm and a private equity firm, I started Petra Funds Group, a bespoke fund administration firm, with a longtime friend and colleague in January of this year. We learned a lot in just the first few months of building a business from the ground up. Below, I share advice for those seeking to start their own entrepreneurial venture.
If you want to go fast, go alone, if you want to go far, go together. – African Proverb
A business like this is built on the collaboration, trust, and shared knowledge of a team. No one in business succeeds alone, and those who try will lose to a great team every time. Having a partner (or partners) allows you to share the workload, pool your resources, skills, and expertise, and make better decisions.
If everyone is moving forward together, then success takes care of itself. – Henry Ford
One of the most difficult elements of managing a business is hiring the right people. There is no substitute for the hard-won lessons of experience, which is why it is a chief consideration in our hiring decisions. We found people who have done fund administration for decades and know the right way to do it.
The greatest mistake a man can ever make is to be afraid of making one. – Elbert Hubbard
If you are moving fast enough, you will make mistakes. If you’re afraid of making mistakes, you will not move the business forward quickly enough. Making and learning from mistakes is an unavoidable part of growth, and they can serve you and your business better if you are prepared to learn from them.
People who can focus get things done. People who can prioritize get the right things done. – John Maeda
When you are building a business, every problem can seem like a huge problem or even an emergency. But, if you treat everything that comes across your desk as a priority, you will not be able to focus on accomplishing what is most important. Thus, prioritization is key to keeping the business moving forward.
The bad news is time flies. The good news is you're the pilot. – Michael Altshuler
There may not be a perfect time to start your entrepreneurial venture, but starting at a good time will set you up for success. For me, it was the right time personally and professionally, plus I saw an opportunity in the industry. This alignment is what made it possible to start this venture, and without that, I don’t think we could have seen the success that we have had thus far.
My co-founder and I saw a need in the industry for fund administration done differently, and we had the desire to create a business of our own. Starting the venture together, remaining laser-focused on building an experienced team, embracing mistakes, prioritizing what’s most important, and getting started at the right time, have contributed to our success thus far. These lessons are ones that entrepreneurs across industries can employ to realize their own success.
