25th January, 2022

Being of the mind to think both academically and entrepreneurially is exciting…but it always runs the risk of me spreading myself to thin. On my current academic fellowship, for example, I have entrepreneurial work built in to the long term plan to turn our team’s fundamental research into business-led impact.

In the early stages (ca. first three years) of trying to balance academic and entrepreneurial experiments, I’ve come to the point of having a full-time academic commitment…and two registered companies. On the business side, I set up one business for more personal entrepreneurial interests (my books and related speaking invitations). The second business (minus the details for now) was set up in anticipation of growing some research into a viable spin-out. The latter opportunity, for myriad reasons, hasn’t yet come through yet. It might never do.

And, as much as I’m still loving attempts to speak the language of both knowledge generators and money makers alike, the symptoms of being spread too thin have shown. What do I mean by that? When a letter came in the daily post to say I was closer to accounting deadlines than I anticipated, it opened my eyes and gave me the jump scare I needed. I didn’t have enough time, money, delegated responsibility, or frankly energy to do the grown-up formalities of business in as timely a fashion as I should have.

Running two business comes with two sets of company accounts, paperwork, tax returns, and bank accounts. For the stage my experiments are at, there’s been no real need to have two companies. The time came to simplify in order to maintain.

I’ve now learned, through these pains, how long it takes to close a company, how I can consolidate assets and services and formalities into one entity while, where necessary, keep two publicly distinguishable brands. I’ve rid myself of an unnecessary headache and source of stress, self-created through an unapologetic desire to try it ALL.

But having simplified, I’m now in a better place to maintain the adventure and the experiments in BOTH academia AND business.

Where might you simplify in order to maintain what you think you cannot try?

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