Entrepreneur Spotlight – Stephen Smith

Entrepreneur Spotlight – Stephen Smith

We caught up recently with Stephen Smith, a successful entrepreneur and founder of The Sole in One, as well as a proud dual DCU graduate of both the Bachelor of Business Studies and the MSc in Work and Organisational Psychology/Behaviour. Stephen’s entrepreneurial journey began with a spark of inspiration during a New Enterprise Development (NED) class, where an idea that once seemed like a classroom project soon grew into a fully-fledged business venture.  Here’s what Stephen had to say….

Can you tell us a little about your background and what inspired you to become an entrepreneur?
One Halloween when I was about 14/15, I got my hands on a 48 pack of lighters and I started selling them for a fiver a pop to my peers. I was terrified of fireworks at the time, so this gave me the social credibility to be involved but hid my cowardice. On the last day of the festivities as I left with my bag pack full of lighters, my parents asked what was in the bag (obviously in fear that I was going drinking). “It’s for Trick or Treating” I implored… the bag was confiscated. A supply chain disaster. A brand disaster. But an entrepreneurial kindle was lit.

I am from Skerries in Co. Dublin. I play for the Westmeath Senior Footballers. I went to DCU. I won a Sigerson cup. I studied Business and came back for a Msc. Work and Organisational Psychology/Behaviour. I have worked at Enterprise Ireland, a Wellbeing Company and PwC. I enjoy NFL, F1 and Movies. My hero is Mathew McConaughey. Alright. Alright.
Alright.

Entrepreneurship has been in my family for several years… particularly my Mam, she has ran her own business for almost 40 years. I never knew I was more entrepreneurial than any other person was but looking back it was definitely in my DNA. I’ve always loved the stories surrounding it, I used to love watching The Apprentice more recently the podcast How I Built This. I am an ideas man and the thought of building something which started as a thought, into a real-life and tangible thing that contributes to society excites me.

What was the pivotal moment that made you decide to start your own business?
Well I had the idea for my business for several years but the pivotal moment came when I got offered a place in New Frontiers Phase 2 programme. This is an Enterprise Ireland run scheme which gives innovators six months to validate, research and explore their ideas. As well as the mentoring and workshops, you avail of 15k euro spread out over the six
months. 2.5k a month to build my dream business… I’ll take it.

Even with this, it takes a great deal of courage to quit your job and focus on it full-time. I was also sacrificing a graduate visa to San Diego and I knew the majority of that 15k was being put towards getting the product made (and more where that came from) – so I did live off my savings for those months. I guess I just got sick of thinking about the ‘what ifs’ and the fear of regret if I didn’t do this. So I took the leap.

How did you come up with the idea for your startup? Was there a specific problem you wanted to solve?
I have always been a bit of an ideas man (my biggest struggle is usually following through on those ideas), for example since I was young I had a notes folder of ‘money dollar ideas’ and I would jot anything down that came to mind. I would advise anyone interested in entrepreneurship or problem solving to do this. There is an art to noticing problems or picking up potential solutions but it starts with being aware.

So my start-up is based on an alternative to a golf shoe, Sole in One which can be attached to any runner to transform it into a golf shoe. We generally target casual/beginner, holiday makers or junior golfers – not the typical country club style golfers which the majority of golf brands target. This is what you call a Blue Ocean Strategy. Funnily enough, this idea came from one of the modules in the undergrad business course, NED (New Enterprise Development). We had all come from an internship in Enterprise Ireland so we were hot-tipped to walk this module. Now when I tell you we couldn’t think of an idea to save our lives… we had the likes of; facebook for dead people, adult nappies and all sorts. We sat in the library for 5 hours on the final day before we had to submit our idea trying to rack our brains. And with about 30 minutes left this idea popped up. And since then, I haven’t been able to let go of its viability, potential or problem.

Were there any key experiences or lessons from your past that influenced your approach to entrepreneurship?
I have obviously taken a lot from sport and my inter-county career (weirdly, I initially played with Dublin U21’s & Seniors before transferring to Westmeath – but that’s another story). However, I would say my biggest influence comes from my own personal development journey in which I articulated my personal values and my dimensions (where I spend my
time).

Values
I read a book, ‘The 7 Habits of Highly Effective People’ and cliché as it is, it changed my life. This led me along a self-development journey which allowed me to make value based decisions through all facets of my life. I use these values everyday to overcome challenges, reframe my thinking and live my most joyous life. It doesn’t always work (I have bad days like everyone, it’s natural) but it helps to manage how long they last. What may have been a 2 month slump when I was 18 will now be limited to a day or two. In addition to magnifying the enjoyment of moments in life. L-I-V-I-N.

Dimensions
Along my own journey of self-discovery, I have broken down where I spend my time by my ‘dimensions’ which are; sport, connection, career, create and personal development (+ relax and adulting). When I knew Sole in One was worth the risk was when I saw that it overlapped across my five core dimensions. This is a similar concept to a Japanese concept called Ikagai – finding one’s purpose; something you love doing, something you’re good at, something the world needs & something you can get paid for. What’s that phrase.. find something where you never have to work a day in your life.

What mistakes have you made along the way, and what lessons have you learned from them?
Ah, where to start. I make them everyday. Most of the time I don’t even realise I’ve done so until months later. That’s inexperience but it also helps – you learn quick. I will give an example below, but one thing I would suggest is flip your mistake to your advantage. I often share the stupidest things I do on my Instagram page. Don’t hide them. Turn the Obstacle into the Way.

So I am a massive movie fan… and if you have ever seen the movie American Psycho there is an iconic business card scene. So when I designed my business cards I did so to mimic the American Psycho ones (pretty cool idea right)… well if you are doing this, I would advise you to include your website, company name and social media handles on the cards… and not a fake address and fake fax number from a movie you like.
Oh and don’t order 10,000 business cards the first time round.

What has been the biggest obstacle you’ve encountered as an entrepreneur, and how did you handle it?
The biggest challenges are; over-thinking, time constraints and isolation.  Building something on your own can leave you in your own head unable to bounce ideas off others. I have found the support network of friends and family particularly helpful during this time cause it can be stressful and not fun to keep it all bottled up. After that, it’s time, you will never have enough time – there is always something to do and there always will be – I would suggest lining out specific priorities and not getting distracted (and if anyone knows how to do this please let me know as I have shiny object syndrome). The final element of time is the tense you position your thoughts in (see the ‘thoughts matrix’ I designed here). It is so easy to get caught up in the stresses and anxiety of the future (all of which are usually outcome based and completely out of your control), it is imperative that you stay present and focus on the job at hand today. Show up and do your best. Stack the bricks.

How do you see your industry evolving in the next few years, and how are you positioning your business for the future?
Most people would say AI I guess here. And I understand the impact it will have from my time at PwC. The product based industry is quite different, fortunately. Golf is changing to a more casual game which aligns our strategy I guess. I reckon I will look to focus on wholesale and distribution in the future and the big aim is to get it over to the States.

How do you stay motivated and manage the ups and downs of entrepreneurship?
One of the best pieces of advice I got from a fellow entrepreneur was to not get too high or too low. And it’s very true. In this game you can get so up and down and it’s important to try to keep on an even keel. I read before that action doesn’t stem from motivation but the other way around. Just start, don’t be afraid to do it poorly first, and motivation will be a product of that first step. You can then refine your approach. Seems legit. Also, and this is a late addition to this piece, it is imperative that you find something outside of entrepreneur life that takes your mind off it for a few ours a week. Luckily enough, GAA has been my outlet (as well as the odd solo trip to the cinema – c’mon normalise it folks) when I go down training I completely forget about everything for those 3 hours.

Also, put it all in perspective sometimes, everything in the career sphere might be falling down around you but at least you have your health, family, friends, shelter, hot water, music, clothes, Sydney Sweeney. Not all bad right?!

What advice would you give to someone just starting their entrepreneurial journey?
Ask for help. Find someone you think is successful and pick their brain.  More often than not they will know someone who knows someone and then you will get that magical *click* in your head when it starts to make sense.

The first proper step I took was one morning I woke up absolutely dying hungover, I was doom scrolling in bed, feeling sorry for myself and my idea was cognitively screaming at me. In that moment I literally said “F it”, I texted a guy I knew who was successful and asked if he was around for a coffee that day. He knew a guy, who knew a girl and that’s how it started.

One small action. Utilising your network is such a powerful tool and is where most of the growth comes from.  Also, from a practical perspective, I would try to do whatever you are thinking as a side hustle first, and then figure out what it is you’re trying to do. What are the challenges? Is there something already out there? Why hasn’t it been done your way? When you are truly 100% convinced by it…then I would jump in feet first. To figure this out… if you saw someone else
come out with this idea, how annoyed would you be that you hadn’t done it? If the answer is mehh – leave it in the notes, if you’d be hysterical…listen to Mr. McConaughey and “don’t half ass it”.

What are some myths about entrepreneurship that you think should be debunked?
Not to be negative but not all start-ups work. There is an inherent bias to what we see and hear on social media, podcasts etc. You will only ever hear of successful ones, Steven Bartlett isn’t interviewing a small start-up that failed. This is not to say you won’t succeed, you have to believe that you will! There will be so many people who discredit your idea – get used to rejection, don’t take it personally, look for quick no’s. The non-believers will tell you to quit, to pivot, maybe that time comes, but if you believe in your concept double-down and find-out. Give yourself the freedom to fail. That’s okay – you tried – left with no regrets. Maybe it wasn’t meant to work this time around but to equip you with the knowledge, lessons and experience for your next venture. In his 2005 Stanford Speech, Steve Jobs tells a great antidote on why you should trust your instincts and why everything is in its right place.

“Success isn’t defined by the things you accomplish, but the person you become in pursuit of those accomplishments”
Finally, there is this notion that you have to be a slave to your start-up. Of course you got to show up everyday, sacrifice a lot and work extremely hard… but don’t let it take over your life. It can be all consuming, but as long as you are aware of it and take time to take stock with yourself you can manage it all. Nothing should ever be put in front of your physical and
mental health or the people closest to you. These are too important.
Attitude. Effort. Focus. They are all in your control.
Live the dream. Dream to live.
Fill your bag with lighters.
Stay humble kids.

If you want to reach out to me please feel free! Find me on Linkedin.   Or if you like reading this piece, I do a monthly newsletter for my business, “Somehow I Manage” which you can sign up for on my website.

Author: Stephen Smith, Entrepreneur & Founder of Sole in One.  Dual DCU Graduate – Bachelor of Business Studies and the MSc in Work & Organisational Psychology / Behaviour.