We saw the movie, Joy, last night. I’ve enjoyed the onscreen chemistry between Bradley Cooper and Jennifer Lawrence in previous movies, and this particular movie, based (loosely) on a true story offers another opportunity to enjoy these fine actors. Though (this is not a movie review) the first 30ish minutes are excruciatingly slow, once the story of entrepreneurship and inventing takes off, you will be hooked.
Industry rags have already created their listicles of “5 lessons” from Joy, and “lessons entrepreneurs can learn” from Joy. In my role as mentor and investor in startups, I notice items in current startups that Joy experienced as told through the movie. Here they are in no particular priority order.
- Pick your advisers carefully – we naturally turn to our parents, relatives, friends, siblings and business associates for advice. However, advice from a family practice attorney isn’t appropriate for patents, and a bookkeeper doesn’t necessarily make the COO. A parent’s natural role is to protect you from perceived and real adversaries – not exactly the person who is prepared to help through risk-assessment. Joy’s best advisers ended up being a close friend and ex-husband – who do you trust?
- Read your contracts fully – you needn’t be an attorney to understand the minutiae of legal docs. Your legal counsel exists to understand the documents fully. But you as the business owner need to read each of your documents cover to cover. Yes, that includes the operating agreement (30+ pages), the patent application (100+), the tax rules (pub 515 is at least 76 pages), and any contract with a vendor, employee, partner, co-founder, and even the real estate lease for your office. When shit hits the fan – you’ll need to revert back to these very documents. Having read them during peace, they’ll be far easier to manage at times of duress. Though Joy managed to get through the minutiae during severe duress in the movie, this is not a common occurrence.
- Receive input from many, but decide from within – be the basic building block of our bodies – the cell. Receive input from all directions – positive and negative. Collect the various inputs without defending or supporting. Then, when you’re ready, find your place of solace, close your eyes, filter the inputs, and make your decision. Joy makes such decisions while shooting at a range, alone in her bedroom, scared witless at a hotel, and confident on a street. The place of solace will change, but your nucleus is constant – focus and decide.
- No one cares about your business EXCEPT you – Employees, shareholders, investors, advisers, friends are all there in good times and bad, but their focus is forever on themselves – their job, their investment, their dividends, their billing and reputation, and their social standing. So, while you may be focused on growth, survival, collapse, payroll, contract, customer and security – they are not. So, survival depends on your ability to perform perfect CPR. Growth depends on your ability to spot opportunity. Collapse depends on your strength to perform euthanasia. Employee payroll may take money away from your own paycheck. Your business -> you are responsible.
- The littlest pieces of your entrepreneurial journey are worth cherishing – this one got me at the end of the movie. Through the early years of your journey, the tiniest elements set your direction. They may be a sketch, a photo, a piece of clothing, whatever. They were important then and will be imminently important in other parts of your journey. Keep a time capsule through the journey and visit it occasionally. You may be surprised at the feelings that capsule unleashes.
In the end, it was a movie. Probably 50% true story of Joy Mangano and 50% artistic license derived by David O’Russell. It was entertainment but left me with enough parallels to daily life that I felt worth sharing. Worth a matinee investment.