Living Life as an Entrepreneurial Hero

by Jeff Sandefer

Introduction

Do you long to be successful? Do you want to make a difference in the world? On some days, do
you feel as if you were put on this earth for a purpose, and on other days feel completely lost?
Are you the type of person who is moved by a heartbreaking injustice or excited by an
extraordinary opportunity?

If any of those questions strike a chord, you may be ready to live life as an entrepreneurial hero
and just not know it yet.

What does it mean to live life as an entrepreneurial hero? It means to live life as an adventure, as
did Sir Lancelot or Harry Potteror any other mythic or childhood hero for that matter. It means
digging deeply for your special talents and gifts, and discovering how to use them in ways that
bring you great joy, enrich your life, and serve otherscustomers, employees, family,
stakeholders of all kinds. Sometimes it even means making lots of moneybut while
remembering that a meaningful life is even more satisfactory and fulfilling than the bottom line.

The life of an entrepreneurial hero isnt easier than a normal lifeits more difficult. No heros
journey is a cakewalk. Living life as an entrepreneurial hero means recognizing that life is hard,
and that the greatest struggles bring the greatest meaning and the most powerful personal growth.
And it means giving up the belief that life owes you something, and instead, win or lose, being
determined to never give up, no matter what obstacles get in your way. It means being powerful
enough to live independently, but wise enough to surround yourself with people of good
character and people you love.

Are you ready to choose that more difficultbut much more rewardingpath? If so, this note
will help you get started by offering a glimpse of the road ahead, and questions you may want to
start asking to get prepared.

Why should my opinion matter? Because as a successful entrepreneur, I have been where you
want to go. Ive partnered with some of the most successful businesspeople on earth and have
witnessed unimaginable acts of character and courage. Ive also seen others veer from the narrow
path and throw away their lives and destroy their families and companies.

As a teacher, I have guided hundreds of aspiring entrepreneurs. Ive delighted in those who
chose to enter the arena and engage with life as an entrepreneurial hero, and been saddened by
those so fearful or damaged that they turned away from living a heros life.

Copyright 2011 by the Acton Foundation for Entrepreneurial Excellence. No part of this publication may be reproduced, stored in a retrieval
system, or transmitted in any form without the written permission of Jeff Sandefer or the Acton Foundation for Entrepreneurial Excellence.

The AFEE curriculum is used in its entirety at the Acton School of Business, based in Austin, Texas, an intense one-year program taught
exclusively by successful entrepreneurs. To learn more, visit www.actonmba.org. MBA/MyEJ 052011

So for the next few pages, come along for a preview of what it means to live your life as an
entrepreneurial hero.

How Do You Get Started?

Choosing the life of an entrepreneurial hero begins with a paradox: you have to dream big but
start with small steps. Most people prefer to just let life happen to them; somehow inaction feels
safer (and sometimes blaming someone else does, too). But becoming an entrepreneurial hero is
about taking responsibility for yourself and turning big dreams into step-by-step realities.

Dream big.

Make no small plans, for they have no power to stir the blood.
Daniel Burnham

Dreaming big matters. All heroes have a worthy object for their quest. For Sir Lancelot it was to
find the Holy Grail. For Harry Potter, to defeat Voldemort. For Ayn Rands John Galt, it was the
freedom to create and own his own achievements.

No one ever really wants change. We fear change. We want safety and stability and comfort.
Thats why big leaps help focus our attention outside, toward the horizon, away from our own
daily fears and petty insecurities and sloth. The challenge of a worthy foe or the promise of a big
dream moves heroes to action.

In my case, early on I believed deeply in the importance of individual freedom. I wanted to be

the master of my own destiny, and making lots of money seemed a way to make sure I could
spend my time as I pleased, and not be ruled by anyone else, especially not some petty tyrants.
Through the years, the Grail itself would change, but the dedication to individual freedommy
own and of otherswould never waver.

So what might your reason be for foreswearing safety to seek a Grail? Dont have one yet?
Thats okay. Most people dont. Rarely are these callings clear until much later in life; the hero
almost always discovers that Grails and dreams mean something different once they are grasped
and realized.

For a fortunate few, Holy Grails emerge at an early age. For some the quest starts by running
away from a painful past. Sometimes the relentless pursuit of mastery of a skill or the emulation
of personal heroes or role models leads to grand accomplishments. For others, even the blind
pursuit of money, power, or fame will do, at least as a start.

So dont let not having a big, crystal-clear goal keep you from moving forward. Start with a first
step, a first experiment towards discovering a foe worth fighting, an injustice worth righting, or
an opportunity worthy of your time, talent, and energy.

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All epic journeys and all paths to mastery begin with a first stepso will yours.

Its not death that a man should fear, but he should fear never beginning to live.
Marcus Aurelius

You may feel paralyzed by the thought of a larger-than-life goal, overwhelmed by the need to be
so grand. If so, try starting with a smaller step.

Begin by focusing on your most precious talent, your rarest gift, that task you do better than
anyone else. Sometimes you have to ask others to help you identify it, because its often
something that comes so naturally to you that you dont even realize its something youre good
at.

And search for clues to your gifts while youre in flow states, those timeless, in-the-zone
moments that engulf you when you are consumed by a task you love. Look for times when you
practiced for the sake of practice alone or when you completely lost track of timethese times
will often help identify a gift.

Then start with small challenges where you can apply your gifts and actively revisit those flow
states, and try it in a way that can ultimately help someone else. Because, for example, even a
small first step that results in a satisfied customer can be a step toward mastery. And the best
thing about mastering a skill, industry, or market is that eventually opportunities will begin to
seek you out, because no one looks for a dabbler when an expert is available.

But remember: pursue something where you have some sort of a natural gift, one that brings you
great joy, one where you lose track of the hours spent in it, and one where you would practice for
the sake of practice alone. Why? Because the road to mastery is a long and trying one: it usually
takes at least ten years and ten thousand hours of practice.

I learned the power of focus and mastery later in life. In high school and college, I could
outsmart most people and outwork those I couldnt outsmart. But then I went to Harvard
Business School and found people who were much smarter than I was and others willing to work
harder than I ever imagined. I realized that I had to find a narrow area in which to excel, which
for meearly on, at leastwas a specialized niche in the oil and gas business.

So make a choice. Choose a goal, grand or small. Find a challenge. Pick a foe. Start a fight. No
matter what compels you, you must pass through that narrow gate, that first step that signifies
that there is no turning back.

What Difficult Challenges Will You Face Along the Way?

By now you may start to turn away, to make excuses. But what if I choose the wrong skill or
industry or market? you might wonder. Or, I want excitement, not the drudgery of years of
practice towards mastery.

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But heres a dose of reality, and youll especially need it if youve been coddled up until now.
The life of an entrepreneurial hero is not for the faint of heart or lazy. Just as heroes of old faced
dragons and giants, you too will have difficult challenges.

Four of the hardest challenges will be personal, because youll have to

Accept that life is hard and seldom fair

Know that you must persevere to develop the habits and character that will determine
your destiny
Understand that choosing doesnt mean you are in control, and that real entrepreneurs
learn to fail quickly, cheaply, and often
Find the right fellow travelers, because you will tend to become like those who
surround you

Accept that life is hard and seldom fair.

Life is difficult. This is a great truth, one of the greatest truths. It is a great truth because
once we truly see this truth, we transcend it.
M. Scott Peck

Life is difficult. It is also mysterious, rich, and beautiful. But you are likely to overlook the
beauty and grow resentful if you cling to the fantasy that life should be safe and easy. Its notit
just doesnt work that way.

When I was young, my mother left and my father often traveled on business. I practically raised
myself. It hurt, and for a time I dwelled on the pain and unfairness. But then a trusted elder told
me, Lifes not fair. Thats just the way it is. That felt like the truth.

Those same early struggles made me self-reliant. And that prepared me for building a successful
company, which itself was often lonely and frustrating, too. And the struggles of life kept
coming. Later a trusted employee turned out to be an embezzler. My first marriage ended in
failure.

These wounds hurt, but wounds like these often provide fuel for entrepreneurial heroes. Properly
harnessed, they give you something to fight against and the emotional energy to keep moving
forward. Scenes of formative struggles help explain why Sir Lancelot searches for the Grail or
why Harry Potter must defeat Voldemort. Because, for one, good must triumph over evil, even
when part of that evil is inside of you.

Pity those whove had an easy and uneventful life. Sure, some may stay hopeful and curious and
use those things as fuel for a heros journey, but this is rare. Those who havent tasted much in
the way of pain or defeat will have the most difficult time. And, if youre one of those people,
you might even be secretly angry that your parents tried to mold you to serve their dreams or

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didnt trust you enough to let you make your own mistakes. And, if so, now you might feel like a
fraud, just trying to keep up appearances to please a parent or impress friends and peers.

Take it from me, the first step is the hardest, but win or lose, it gets easier in time. Because
having the courage to pick yourself up after youve been knocked to the ground is what makes
life worth living.

Persevere from difficult decisions to habits to character to destiny.

First we make our habits, then our habits make us.

Charles Noble

Entrepreneurial heroes forge themselves one hard decision at a time, never giving up, always
moving forward. You start by making difficult decisions. Over time, this becomes a habit. And
the way you face these decisions etches character onto your soul, and that character determines
your destiny. All of this requires intention. Because heroes dont fritter away time, they invest it.

For example, I have a tendency to take too much control of a situation, to speak and give orders
rather than to ask questions, to focus on the task at hand rather than developing the lives of those
around me.

Thats one of the reasons Ive worked so hard to invest my time into mastering Socratic teaching,
so that it becomes a habit that shapes my character. Ive still got a ways to go, but now I know
the power of asking the right question and letting fifty brilliant minds debate the answers. I
appreciate the power of listening intently and considering the points of view of others,
particularly when the stakes are high. Yes, I still have some of my basic patterns, those that came
from DNA or early life, but Ive created and deepened some etchings that have made my life
much richer.

Ive also learned how seeing life as a journey and looking for archetypal patterns in people and
in businesses have helped me make much more sense of the world. Yes, Ive still got a lot more
lessons to learn in my own life, but I wouldnt trade lives with anyone, not for any price.

You get to choose, but you are not in control. Real entrepreneurs learn to fail quickly,
cheaply, often.

The credit belongs to the man in the arena . . . who if he fails, at least fails while
daring greatly, so that his place will never be with those cold and timid souls
who have never tasted victory or defeat.
Teddy Roosevelt

You get to choose, but you cannot control the uncontrollable. And that means you will
sometimes fail. The sooner you embrace failure as a friend, the better. Blessed is the
entrepreneur who learns to fail early, cheaply, and often. Cursed is the traveler too fearful of

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failure to choose the more difficult path. Its not that heroes arent fearful. Of course they are.
Its that they learn to get knocked down and get back up again. And they learn how to get other
people on track too. The Grail is more important than the ego.

Many years ago, the first oil well my fledgling company drilled turned out to be dry, so we
drilled deeper and found only a small pool of oil. It was so small as to be barely economic, but
the lessons we learned from that failurehow to develop marginal fields at a low costled to
hundreds of millions of dollars in profit.

Entrepreneurs learn to sell by knocking on doors and hearing no again and again. They learn to
build successful products by designing prototypes that fail. America wasnt built by scientists
and inventors, but by innovators who, through trial and error, turned theory and ideas into actual
products, services, and movements that changed the world.

Over time, with a commitment to mastery, a successful entrepreneur learns to tolerate ambiguity.
He or she rallies the troops to take that hill, even as the entrepreneur searches desperately for
clues that the business must change course. Most people would be paralyzed by the cognitive
dissonance of leading a charge in an unsure direction and by the fear of failure. But to the
entrepreneur, moving forward into uncertainty is simply a disregard for the sting of minor
failure, and faith in the power of trial, error, and perseverance to conquer the unknown.

Choose your fellow travelers well.

We are like chameleons, we take our hue and the color of our moral character, from
those who are around us.
John Locke

Don Quixote tilted at windmills with Sancho. Christian in The Pilgrims Progress walked with
Faithful. Harry had Ron and Hermione at his side. Every hero needs sidekicks and guides and
role models. You too will need trusted fellow travelers.

Extraordinary things happen when you surround yourself with smart, talented, driven, good
people who share your mission. Heres a simple rule of thumb: an extraordinarily talented and
dedicated person gets ten times more done than the merely good person, and the good person ten
times more than the average performer. When it comes to employees, if you set the incentives
correctly, you cant overpay the best.

I wish I had learned that earlier. For too many years I was too determined to do it on my own and
was too stingy with rewards. I didnt spend enough time appreciating or deeply respecting those
walking along with me.

Heres another lesson about fellow travelers I wish I had learned earlier. No matter how talented
the person, life is too short to put up with jerks. And life is too long to associate with liars or
cheats or gossips.

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Know that character matters, because you will become like those who surround you. What kind
of people do you surround yourself with? People who build others up or tear them down? People
who take care of themselves and others or people who are self-centered? People who tell the
truth, even when its hard, or those that will tell you what you want to hear?

Developing authentic relationships with the people you care deeply about is a powerful way
perhaps the only wayto find real meaning in life. So put the big rocks in your schedule first.
That is, make time for family and friends. Its actually more a matter of attention than time, not
because you cant schedule special moments, but because special moments come from honesty
and shared interests, not simply many hours spent together.

I learned that one the hard way too: my first marriage was a disaster, with plenty of blame on
both sides. But I learned a great deal about myself and that time with a daughter or son was far
more important than another hour at the office. In my second marriage, I found a soul mate.

Choosing your fellow travelers may not seem as exciting as slaying the dragons of competition,
but it may well be the most important decision an entrepreneurial hero will make.

Will It Be Worth It in the End?

Ah, but a mans reach should exceed his grasp, or whats a heaven for?
Robert Browning Blake

All good stories have endings. And the climax is usually a surprise. In life, you dont know
exactly where the story is going, and thats part of the mystery.

I do know, from talking with many entrepreneurs who are further along in their journeys, that
near the end, you are likely to ask three questions:

1. Did I accomplish something meaningful?

2. Was I a good person?
3. Who did I love and who loved me?

Nothing about money, or fame, or power. Because money will come, and if you are lucky, you
will make it your servant, not your master, and avoid the ruin that chasing after fame and power
bring.

I know that none of us will ever stop looking for that next challenge. Because, unlike so many
who are resentfully stuck in the past, entrepreneurs long for the future, act in the present, and
learn from the past.

I have also learned that as you grow older, your sense of gratitude grows stronger. Victories and
successes once credited to individual initiative and drive now seem equally the result of good
fortune, the help of others, or divine intervention. The sense of calling that at times seemed so

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difficult to discern, now seems to be made of clearly defined threads, tying together the critical
scenes and struggles, and explaining the motives of the characters.

Perhaps most importantly, Ive realized that the true heros story isnt just about the Grail, but
about how the hero is changed in the process. Whether success story or tragedy, the real tale is
about if the hero becomes who he or she is meant to be.

Most of what Ive learned along the way is, I guess, just the power of the elements of a good tale,
told well, and lived to its fullest. Thank God Im still living mine, in a place like America.

Taking Your Life in Hand

So, now only one question remains: Are you ready to write your own heros journey, where you
are both author and protagonist?

Im far enough along on the entrepreneurial journeyand have witnessed enough journeys of
friends and studentsto believe that each of us has a special mission on this earth, if we are
willing to enter the arena and have the courage to fight a good fight.

Do you have the courage to take that first step, to fight that first battle, even if you dont know
how the story ends? I hope so, because I believe that our spirits are thirsty for adventure, a thirst
that too many of us deny, until that fateful day we realize that life has passed us by.

Do you believe in yourself as much as I do? If so, its time for that first step to begin living life
as an entrepreneurial hero.