Entrepreneurs who regret starting businesses • Hacker News Board

Re: Entrepreneurs who regret starting businesses

#61

Post by nightski » Tue, Apr 04, 2023, 12:55 PM UTC

FlyingSnake wrote: post #8

Entrepreneurship is like one of those carnival games where you throw darts or something. Middle class kids can afford one throw. Most miss. A few hit the target and get a small prize. A very few hit the center bullseye and get a bigger prize. Rags to riches! The American Dream lives on. Rich kids can afford many throws. If they want to, they can try over and over and over again until they hit something and feel good…

The world will never be fair, I'm not even sure that is an ideal goal. The best things in my life have come from when I faced adversity, not when I was in a position of privilege. While opportunities are not always equal in quality or number, there are opportunities if you seek them. It's ironic that even though lots of things come down to luck, it's very possible to put oneself in a position that makes it feel like they are very lucky! "Luck" tends to follow those with initiative.

Re: Entrepreneurs who regret starting businesses

#62

Post by okeuro49 » Tue, Apr 04, 2023, 12:58 PM UTC

revelio wrote: post #32

okeuro49 wrote: post #19

A cynic would say that the BBC is preparing the public for the Online Safety Bill, where many small online ventures will become unviable.

Yes. It depresses me no end that this comes from the BBC. How predictable. You can argue that the Californian sun-always-shines mentality is unrealistic, but you can't argue with the results it generates. Perhaps the British attitude is just normal and not anything in particular, but compared to the attitude of the people at the top it's a culture of defeatism. I think it may also be reflective of the culture and men…

I wouldn't usually be so cynical, but I noticed recently how the BBC was responding to the inflation crisis, by somehow making it out to be some external thing that nobody could control, and nobody could have predicted.

When in fact there were many people saying that the massive state spending programs during coronavirus, were going to contribute to a high rise in inflation, and that policies such as paying the wages of the entire middle class were not going to come without a cost.

The BBC manufactured consent for those state policies, then now act like inflation is some random incident, like the weather.

Re: Entrepreneurs who regret starting businesses

#63

Post by randlet » Tue, Apr 04, 2023, 1:00 PM UTC

jwr wrote: post #30

I can see a number of data points in the comments, let me add another one. I started a self-funded SaaS business fairly late (in my 40s). I was tired of being dependent on others, especially as others mostly failed me in the past. I wanted to be independent: no investors, no bosses, no employees. Just me. It took five years of slow growth to get to a stage where I didn't have to worry about revenue. Do I regret it? H…

How do you deal with the bus factor as a B2B? I lost a few larger contracts because customers would not risk making a one person business a core part of their workflow.

Re: Entrepreneurs who regret starting businesses

#64

Post by throaway33355 » Tue, Apr 04, 2023, 1:00 PM UTC

throwaway8456 wrote: post #10

I started, boostrapped and sold a SaaS business. By most standards, this was a resounding success. I won't have to work again ever if I don't want to. This being my first company, I was obsessed with it. Towards the end, I burnt myself out, I had neglected my wife and kids for years, and I was just so miserable. I used to love programming, but I could not concentrate anymore. I started developing resentment against t…

From throwaway to throwaway: Would you mind sharing some contact details, or reaching out to throaway33355@proton.me? Am in similar situation and would love to have a chance to reflect with someone who's been through it.

Re: Entrepreneurs who regret starting businesses

#65

Post by gumballindie » Tue, Apr 04, 2023, 1:01 PM UTC

strangescript wrote: post #23

You always here about the 5% that make it, not the 95% that don't. Even when you do its easy to brush off why they failed. "Oh their idea was bad", or "they didn't know what they were doing". This is only amplified further by those 5%'ers running around encouraging everyone to start a business. Writing books about their success. Giving motivational speeches, etc.

I dont know but most place i read i read about those who fail and about how difficult starting a business is. One can rarely read about those who start small but successful businesses. Usually stories are either about failures or those immensely successful.

Re: Entrepreneurs who regret starting businesses

#66

Post by elforce002 » Tue, Apr 04, 2023, 1:03 PM UTC

yawnxyz wrote: post #46

What's worse: failing to start a company, or believing your skills and your job are going to keep you safe/secure and create a sustainable life and retirement? At this point, they're probably equally risky.

Interesting take. My parents were risk averse and work until retirement age. My father told me he doesn't regret being employed but times change, companies are not what they used to be, and the way things are going it'll be better to just pick a niche and try to come up with a startup. This is coming from a person who didn't go to college and got his house, cars, vacations every year, etc... all that just by working a 9-5 job. Company loyalty and career development is almost not existent.

Things have changed for the worse and we might as well give it a shot.

Re: Entrepreneurs who regret starting businesses

#67

Post by biren34 » Tue, Apr 04, 2023, 1:06 PM UTC

I say that the need to start your own thing is a bug not feature. It IS a hard life, with tons of risk, change, and uncertainty. My wife hates the instability of it all. I've missed or worked through many vacations, concerts, and other things over the years.

It's not even clear that it's a good deal, when you factor in opportunity costs, hours worked, and chances of success.

So, it if you don't have to do it, don't do it. You're not going to succeed unless you are just the kind of person who can't be happy going down another path.

It all sounds harsh, but it's actually a lot better than the risk/reward offered in many other fields: acting, writing, sports, etc.

This is just how professions with tournament-style payouts work, and you either buy in or you don't. Know thyself...it never pretended to be anything else.

Re: Entrepreneurs who regret starting businesses

#68

Post by chiefalchemist » Tue, Apr 04, 2023, 1:06 PM UTC

grardb wrote: post #55

chiefalchemist wrote: post #41

Earlier quoted context omitted.

> Rich kids can afford many throws. True. But the advantage is broader than that. They also have more able networks. Their parents more likely to know someone who can help who might know someone else who can help. The (support) network matters. But that's not the difference marker. It's WHAT they throw those darts at that matters. True story... A few years ago I attended (as a spectator) a hackathon at Princeton Univ…

As a Rutgers alumnus who was involved in the scene when college hackathons started really taking off (2009-2013, attended 40+ hackathons), I can say that this anecdote doesn't reflect my experience at all. Had you attended HackRU instead of HackPrinceton, I can guarantee you that the app ideas would be pretty much indistinguishable from those at other universities. As for thinking differently, I can't speak much to t…

It's my comment above yours.

I went to RU as well so I know what that edu and campus experience is like. I grew up in central NJ so I am familiar with Princeton. I went to public school. I had friends who went to private schools (e.g., Hun).

There IS a differnce, and it ain't just income.

You're absolutely right. It's a small sample size. Nonetheless the contrast was stark and obvious. Network, environment and role models all matter. They are things a lack of money can't buy.

Re: Entrepreneurs who regret starting businesses

#69

Post by gumballindie » Tue, Apr 04, 2023, 1:07 PM UTC

“But as evidenced by the collapse of Silicon Valley Bank in March, which left many small firms without access to their essential accounts”

Yeah as if that happens every day. This sob story was clearly written by someone who has no clue what running a business means.

Re: Entrepreneurs who regret starting businesses

#70

Post by rwmj » Tue, Apr 04, 2023, 1:09 PM UTC

rco8786 wrote: post #3

I am 100% certain that many entrepreneurs regret their choices. But kicking off this article highlighting a person whose stated alternative to entrepreneurship was "consistent 7-figures at a management consulting firm" is laughable, as though that's an option for most people.

Plus if he was a management consultant I bet he'd hate it even more.