Reinvent Yourself As An Entrepreneur

Five years ago, as I was about to turn 50, I found myself thinking about
taking on new challenges and re-directing my career. No, I wasn't suffering
from a mid-life crisis, I wasn't getting divorced, I hadn't just had a
heart attack nor had I just been told I was going to be downsized. I wanted
bottom-line responsibility/rewards and that goal led to an unanticipated
new business. Here's my story.

I was well into a very successful 20-year career as a senior lawyer at
the Du Pont Company. My work designing and managing Du Pont's award winning
Law Firm Partnering Program led, in the first three years of operation, to
over a 50% reduction in legal costs and added about $2BN in market
capitalization. Articles about me appeared in Forbes, The Wall Street
Journal and numerous other publications. I was selected by Legal Business
as one of the ten most influential lawyers in the decade of the 90's. I was
well treated by Du Pont and a highly respected business lawyer.

Why did I leave the relative security and comfort of Du Pont and start my
own business? What was it like to work without a net after spending most
of my career in a corporate colossus? What thoughts do I have for others
who want to launch their own ships?

I left because I had always wanted to run my own business and I was
beginning to feel a touch of hypocrisy advising business clients about
legal/business issues without really ever having taken on the rigorous
challenges of profit and loss responsibility. While I certainly worried
about and with my clients, I never worried about meeting a pay roll. That's
a very different level of concern. In short, I was feeling a little bit
like the parish priest providing guidance to a couple trying to cope with
difficulties in their marital relations. What did I really know about their
situation?
Three years ago I set out to experience the business world for myself. I
was determined to run my own business and succeed or fail on my own. I felt
confident in my ability to help businesses cut their legal costs and that
convinced me that I didn't need the corporate safety net.

My first step involved leveraging my network and reputation to create a
consulting practice assisting global corporations and law firms address the
serious concerns regarding cost, quality and efficiency of legal services.
My practice has flourished. I stayed focused on the market and sought to
provide solutions to organizations that were willing to pay for them.

Those developments, though certainly gratifying, were well within the scope
of my business plan. What happened next wasn't.

As I started to look at life through the eyes of a small business owner, I
saw a new opportunity. The new challenge was taking what I know about
cutting legal costs for Fortune 100 companies and adapting it to the needs
of small to mid-sized businesses that don't have lawyers on staff but
require legal services. I've just launched my new product, dan mahoney's
Practical Guide to Managing Legal Costs™, a five-part audio/CD training
program with a Resource Book containing the necessary tools to help
business managers cut legal costs.

How would I describe my experience launching this "out of the box" product?
In three words, it was "new and challenging". While I had a clear vision of
the need for the product in the targeted sector of the market, I had never
before: prepared a formal business plan, raised angel capital, scripted a
training program, designed packaging and marketing materials or
participated in a TV commercial. I clearly was sailing on what for me were
uncharted waters.

I certainly made my fair share of mistakes, but I never lost confidence in
my product or myself. I tried to remain objective and candid in assessing
my own strengths and weaknesses and addressed my skill gaps by hiring
experts in critical areas like marketing, new product development and TV
advertising. I knew I needed help and I sought out and retained the best in
those areas.

What are the lessons for other would-be entrepreneurs?

· Don't allow yourself to get too comfortable in your current career.

· Don't let your career be ruled entirely by your head or
pocketbook, consult with your heart now and again.

· Don't define your opportunities exclusively in terms of your
current career.

· Don't ever stop reinventing yourself and developing new skills.

· Don't forget to enjoy yourself.

Well, what is it like to worry about meeting a pay roll? I still don't
know. I've delegated that responsibility to my only employee­my wife.
Somehow I think I'll hear about it if I do miss the pay roll.

Author: Daniel B. Mahoney, Esq.