When I Start My Business I’ll be Happy – By Sam Vander Wielen

The provided excerpts from Sam Vander Wielen’s book offer a candid and practical guide to online entrepreneurship, heavily influenced by the author’s personal journey from a dissatisfying legal career to building a successful legal template business. The core message is that entrepreneurship is not a magic fix for personal unhappiness, but rather an opportunity for significant personal growth and the ability to navigate life’s inevitable challenges while building a thriving business. The excerpts highlight the importance of self-awareness, embracing challenges, conducting thorough research (especially regarding demand and supply), strategically building and nurturing an audience (particularly through email marketing), and fostering a strong, community-focused customer experience. Mindset plays a crucial role, with the author addressing common obstacles like perfect timing excuses, impostor syndrome, scarcity mindset, the challenges of being a beginner, and the fear of competition and comparison.

Main Themes and Key Ideas:

1. Entrepreneurship as a Vehicle for Growth, Not a Happiness Fix:

• A central tenet is that starting a business won’t automatically solve personal problems or bring happiness. The title itself, “When I Start My Business, I’ll Be Happy,” is presented as a common misconception.
• Instead, entrepreneurship is framed as an opportunity for personal development and confronting one’s “shadow side and flaws.”
• Quote: “If you’re disappointed because you thought your business was going to fix your life, I’m sorry to be a downer, but it won’t. What it can do is give you the opportunity to make many facets of your life richer and fuller. It will gift you the opportunity to be a better person, one who faces their fears and shadows.”
• The author emphasizes the importance of a healthy sense of self outside of one’s job or business.

1. Embracing Challenges and Life’s “Speed Bumps”:

• The author’s narrative is punctuated by personal difficulties, including a scary flight experience, the disillusionment with her legal career, the passing of both her parents within a short period, and navigating imposter syndrome and other mindset challenges.
• These experiences are presented as formative and strengthening, both personally and for her business.
• Quote: “Throughout this book, I will share parts of my own story, as well as a few stories from my colleagues, to demonstrate that life’s challenges don’t just make us stronger; they make our businesses stronger, too.”
• The author views painful moments as potential “fuel” for action and growth.

1. The Importance of “Why” – Focusing on Impact and Others:

• While personal motivations exist, the author encourages entrepreneurs to define a deeper “why” that extends beyond personal gain.
• This outward-focused “why” involves considering the impact on others and the people the business is intended to help.
• Quote: “When it comes to defining your why behind starting and running a business, go deeper than what having a business will afford you. How will your business impact others? Who are the people you’re here to help? What do they need help with? What impact will it have on them, the people around them, and the universe as a whole?”

1. Strategic Planning and Preparation Before “Diving In”:

• Contrary to common “start before you’re ready” advice, the author advocates for careful planning and preparation to avoid failed businesses and dashed hopes.
• This includes financial preparation (personal budget, start-up expenses, saving), ensuring necessary qualifications/skills, and developing a viable business plan.
• Quote: “When it comes to cold plunging, jumping in without thinking is key to success. However, the same is not true when it comes to starting your own business. In this case, it’s crucial to be as prepared as possible and do things right, even if that means going slower than you want to.”
• The “foot in both worlds” phase, working a traditional job while building the business, is acknowledged as stressful but valuable for testing ideas and building readiness.

1. Mindset Obstacles and How to Overcome Them:

• A significant portion is dedicated to addressing common “entrepreneur virus” symptoms.
• Perfect Timing Excuses: Fear often manifests as believing the timing isn’t right. The author suggests asking practical questions about preparation and recognizing fear’s role in keeping one “safe.”
• Impostor Syndrome: This involves doubting one’s abilities and feeling undeserving of success. It’s a recurring challenge throughout the business journey.
• Quote: “I still have a little impostor syndrome… It doesn’t go away, that feeling that you shouldn’t take me that seriously. What do I know? I share that with you because we all have doubts in our abilities, about our power and what that power is.” – Michelle Obama (quoted in the text)
• The concept of “future-proofing” (acting like the person who runs the business you aspire to have) is offered as a strategy.
• Scarcity vs. Abundance Mindset: Scarcity focuses on lack and conservation, while abundance sees limitless possibilities and resources. Recognizing scarcity patterns and practicing gratitude and admiration are suggested for shifting.
• Being a Beginner Sucks: Acknowledging the discomfort of being new and emphasizing the value of learning and continuous improvement.
• Fear of Competition and Comparison: Discouraging excessive focus on competitors (“cloudy competitors”) as it hinders creativity and fosters comparison.

1. The Importance of Uniqueness (Personal and Business):

• Standing out requires embracing personal quirks and unique business approaches, products, vibes, or methodologies.
• Quote: “Honestly, it’s just flat-out boring to see the same person, voice, personality, and viewpoint expressed on the same issues online… Most people don’t want to dress exactly like my mom. But people were envious of how confidently she carried herself. That’s what got people’s attention…”
• Businesses should highlight their unique selling propositions, whether it’s a specific skill set, a named methodology, a distinct vibe (e.g., “unstuffy lawyer”), or an innovative product.
• Educating the audience on the value of qualified professionals (if applicable) is also a form of differentiation.

1. Researching Demand and Supply for Business and Product Ideas:

• Thorough research is crucial for both the initial business idea and specific products.
• Demand research involves confirming that others need and want the product or service, not just the entrepreneur. Methods include online searches (forums, social media), conversation analysis, and attempting to beta sell.
• Supply research means understanding existing competition. While competition indicates demand, entrepreneurs must identify their unique differentiators or “hole in the market.”
• Quote: “To determine if outside demand exists ask yourself these questions: Are people asking for it? Are people searching for it? Are there conversations happening about it? Are there already other people out there doing something similar (indicating a market exists)?”

1. Building and Nurturing an Email List as a Core Asset:

• Email marketing is presented as a crucial strategy for building an audience and fostering connection.
• The author emphasizes the value of data derived from email engagement (open rates, click-through rates, unsubscribes) for informing future content and targeting.
• Welcome Sequences: Automated email series are vital for setting expectations, providing immediate value, and sharing “hero stories.”
• Weekly Emails: Consistent, valuable content is key to staying “top of mind” and earning trust. These emails should provide value while also centering products as solutions and encouraging engagement.
• Quote: “I see my weekly email as a way to stay top of mind and continue earning their trust, respect, and time.”
• Branding newsletters with themes and pitching them based on the value provided is recommended.

1. Creating and Selling Products (including a “Million-Dollar Product”):

• The concept of a “million-dollar product” is introduced, emphasizing that success is defined on one’s own terms and doesn’t have to reach that revenue mark.
• The process involves researching demand and supply specifically for the product, even if the business is already established.
• Minimum Viable Product (MVP): The approach of launching a basic version of a product to test viability before investing heavily in design and features.
• Beta Testing: Selling the MVP to a small group at a discount in exchange for feedback is a key step in refining the product.
• Analyzing Results: Tracking the tangible outcomes customers achieve with the product is vital for marketing and improvement.
• Pricing: Calculating costs, desired profit margins, and the number of sales needed to cover expenses and pay oneself.
• Promotions and Sales (Live Launches): Complementing evergreen sales funnels with time-bound promotions or launches using urgency triggers (time, money, bonuses).

1. The “Olive Garden Effect” – Prioritizing Customer Experience and Retention:

• Nurturing existing customers is highlighted as a high-ROI strategy that leads to repeat business and referrals.
• Quote: “Treating your customers like they’re the most special part of your business community is crucial to long-term business success. It is so easy to get trapped in a cycle of thinking about how to get new or more clients. But in my experience, nurturing the heck out of your current customers is a strategy that reaps a higher return on investment…”
• The “Three R’s” of customer focus are: Retention, Referrals, and Revenue (generated from repeat customers and referrals).
• Providing excellent service and creating a sense of community makes customers happy and motivates them to share their positive experiences.

1. Financial Literacy and Discipline:

• The author stresses the importance of understanding business finances from the outset, including tracking expenses, saving for taxes, and building a “business war chest.”
• Saving consistently, even small amounts, is emphasized.
• The decision of when to pay oneself (“owner’s draw”) and the importance of reinvesting profits are discussed.

1. Navigating Criticism and Building a Strong Sense of Self:

• Receiving feedback and criticism, especially online, is inevitable.
• Developing a strong sense of self (“deepening roots”) helps entrepreneurs withstand negativity without being derailed.
• Recognizing that harsh criticism often reflects more on the giver than the receiver is a key takeaway.
• Taking time for personal interests, setting internal boundaries (regarding self-judgment and comparison), and finding humor are coping mechanisms.

Most Important Ideas/Facts:

• Entrepreneurship itself does not guarantee happiness; it’s a vehicle for personal growth.
• Embracing life’s challenges strengthens both the individual and the business.
• Defining a “why” that focuses on helping others creates a deeper and more connected business.
• Careful planning and financial preparation are crucial before launching fully.
• Common mindset obstacles (timing, imposter syndrome, scarcity, beginner struggles, comparison) are normal but must be addressed for growth.
• Authentic uniqueness (personal and business) is key to standing out in a crowded online space.
• Thoroughly researching both demand and supply is essential for viable business and product ideas.
• Building and nurturing an email list is a foundational strategy for audience connection and sales.
• Adopting a Minimum Viable Product (MVP) approach and conducting beta testing saves time and resources while refining offerings.
• Prioritizing existing customers and fostering a community-like experience (the “Olive Garden Effect”) drives long-term success through retention and referrals.
• Financial discipline, including saving for taxes and building a “war chest,” is non-negotiable.
• Developing a strong sense of self is essential for navigating criticism and maintaining resilience.

In conclusion, Sam Vander Wielen’s book, based on these excerpts, offers a realistic and empowering perspective on online entrepreneurship. It acknowledges the personal and professional challenges inherent in the journey while providing practical strategies for building a sustainable and impactful business grounded in self-awareness, audience connection, and a strong customer focus.

Contact Factoring Specialist, Chris Lehnes

Study Guide: When I Start My Business, I’ll Be Happy

1. What major life event spurred the author to reflect on the trajectory of her life and career?
2. How did the author’s boss react initially to her leaving the law firm, and what did she overhear shortly after that impacted her?
3. What was the author’s first business “misfire” before starting her current legal templates business?
4. What was the “dreamlike state” the author experienced during an acupuncture appointment that led to her legal templates business idea?
5. How did the author financially prepare for her exit from her nine-to-five job?
6. According to the author, why should entrepreneurs aim to define their “why” beyond personal gain?
7. What is the author’s definition of a “Business War Chest” and why is it important for entrepreneurs?
8. How does the author define the “entrepreneur virus” and how does she suggest dealing with its symptoms?
9. What is the “Minimum Viable Product (MVP)” theory in the context of developing a product?
10. What is the “Olive Garden Effect” and how does the author relate it to business success?

Quiz Answer Key

1. The author’s near-death experience on a turbulent flight from Amsterdam to Philadelphia caused her to deeply consider her life choices, particularly her dissatisfaction with her legal career.
2. Her boss initially seemed supportive and congratulated her, but she then overheard him mocking her decision to start a health coaching business, which deeply stung her but also became a catalyst for her.
3. Before her legal templates business, the author started a health coaching business, which she later shut down after realizing her legal business idea was more viable.
4. During the acupuncture appointment, the author had a vision of doors flying open, symbolizing the opportunities that would await her if she pursued the legal templates business idea.
5. She created a detailed financial plan that involved saving for both personal and start-up expenses, and budgeting carefully during the period she worked both her legal job and her business.
6. Defining their why beyond personal gain helps entrepreneurs create a deeper, more connected business that focuses on the impact they will have on others and the wider community.
7. A Business War Chest is money set aside from revenue after taxes and expenses, dedicated to reinvesting in future projects and growth within the business.
8. The “entrepreneur virus” refers to common mindset obstacles like impostor syndrome and scarcity mindset that affect business owners, and the author suggests recognizing them as opportunities for growth and using prescriptions like gratitude and future-proofing.
9. MVP is the concept of releasing a basic version of a product to the market quickly to test its viability and gather feedback before investing significant time and resources into developing all features.
10. The “Olive Garden Effect” describes the phenomenon where creating a positive and welcoming customer experience makes customers happy, encourages retention, and naturally leads to word-of-mouth referrals.

Essay Format Questions

1. Analyze the significance of the turbulent plane ride and the “cheeseburger comment” in the author’s entrepreneurial journey. How did these difficult moments act as catalysts for change and growth?
2. Discuss the different “mindset obstacles” presented in the text. Choose two that resonate most with you and explain how an entrepreneur can actively work to overcome them based on the author’s suggestions.
3. Explain the author’s approach to balancing her full-time job with starting her business. What were the key strategies she employed during this transitional period, and what lessons did she learn?
4. Evaluate the importance of market research (demand and supply) in the author’s process of developing both her initial business idea and her specific products. How did her research inform her decisions and contribute to her success?
5. Describe the author’s philosophy on providing value to her audience, particularly through email marketing and freebies. How does she strategically use these elements to nurture leads and build a community?

Glossary of Key Terms

• Impostor Syndrome: The feeling that one’s successes and achievements are due to luck rather than skill or qualification, often leading to a fear of being exposed as a fraud.
• Scarcity Mindset: A belief that there are limited resources (money, time, opportunities) and that one must conserve and be stingy, even if basic needs are met. Can be a self-fulfilling prophecy in business.
• Abundance Mindset: The belief that there are more than enough resources available, leading to optimistic, open, and curious decision-making.
• Future-Proofing: Making decisions and taking steps based on an imagined ideal future state for your business, rather than solely based on its current size and success.
• Hummingbird (Entrepreneurial Trait): Describes an entrepreneur with lots of ideas and a tendency to move quickly from one thing to another.
• Jackhammer (Entrepreneurial Trait): Describes an entrepreneur with a focus on sticking with and deeply developing a single idea or project.
• Business War Chest: Money set aside from business revenue after taxes and expenses for reinvesting in future projects and business growth.
• Gross Revenue: The total income generated by a business before deducting expenses.
• Owner’s Draw: Money taken from a business’s profit by the owner for personal use, which is taxable income and not considered a business expense.
• Minimum Viable Product (MVP): A basic version of a product released to the market quickly to test its viability and gather feedback before full development.
• Beta Testing: Releasing an initial version of a product to a small group of buyers to gather feedback and assess demand before a wider launch.
• Content Pillars: Categories or themes an entrepreneur focuses on when creating content for social media to maintain organization, intentionality, and hit different touch points for potential customers.
• Live Launch: A real-time sale or promotion in a business with a defined start and end date.
• Evergreen Sales Funnel: A continuous, automated sales process that is always available to potential customers, unlike a limited-time live launch.
• Welcome Sequence: An automated series of emails sent to a new email subscriber to introduce them to the brand, set expectations, provide value, and share core stories.
• Content Upgrade: A freebie offered within a specific piece of content (like a blog post) that is highly relevant to the topic of that content, giving readers a reason to opt-in to an email list.
• Olive Garden Effect: A term used to describe the positive cycle generated by creating a great customer experience, leading to customer retention, positive results, and word-of-mouth referrals.
• Scope of Practice: The procedures, actions, and processes that a healthcare practitioner is permitted to undertake in keeping with the terms of their professional license. (Used in the text to highlight the importance of staying within one’s qualified area of expertise).
• Social Proof: Evidence, typically from customers (testimonials, case studies), that shows potential buyers the effectiveness and value of a product or service.
• Customer Retention: The ability of a business to keep its existing customers over a period of time.

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What Every Small Business Should Know | Chris Lehnes | Factoring Specialist

Questions? Contact Chris Lehnes | 203-664-1535 | clehnes@chrislehnes.com | www.chrislehnes.com

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clehnes@chrislehnes.com

www.chrislehnes.com