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Entrepreneurs anonymous

economist.com

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Re: Entrepreneurs anonymous

#81

Post by tim333 »

jasonkester wrote: post #65

It doesn't have to be that way. It certainly wasn't for me. The cool thing about running your own business is that you can run it any way you like. Yes, you can work 120 hour weeks, lose your wife, and have your heart attack at 45. But you can also work one 8 hour day per week, with a quick 10 minute email spin on the other weekdays, and spend the rest of your time enjoying your life. Both of those routes will get yo…

Having had a look at your website I have to say the whole going off the beach in Asia and doing some coding stuff seems quite a good idea.

Re: Entrepreneurs anonymous

#82

Post by decentrality »

idlewords wrote: post #76
rdlecler1 wrote: post #41

We suffer from strong survivor bias. Each day CrunchBase sends me a list of companies, most that I've never heard of and many that I can't understand how they're being backed, and it reinforces the idea that you can go out and build a great product and VCs will rain money down on you on your path to success. However these are the exceptions that prove the rule. Some advice from someone in the trenches. First, assume…

If you're awake at 4 AM because of anxiety about growth rate and lack of capital, make some hot cocoa and then thank God you don't have real problems. I'm not saying this to be snide. Those problems feel real and scary enough. But as the other replies to this comment demonstrate, there is a vast spectrum of human misery that we live on the far end of. Anything you can do to remain mindful of that will have the side e…

The mind-churn is not anxiety always, but consciousness of the sheer gravity of what you are doing.

The "vast spectrum of human misery" exists unless or until someone's mind-churn waking them up at night results in viable solutions and real growth.

It's not one or the other, both are linked situations. There is a seriousness about all the "preoccupation" ... it's even natural and organic in the sense that it is how one hand washes the other in the grand scheme of it all.

Re: Entrepreneurs anonymous

#83

Post by feedjoelpie »

idlewords wrote: post #76
rdlecler1 wrote: post #41

We suffer from strong survivor bias. Each day CrunchBase sends me a list of companies, most that I've never heard of and many that I can't understand how they're being backed, and it reinforces the idea that you can go out and build a great product and VCs will rain money down on you on your path to success. However these are the exceptions that prove the rule. Some advice from someone in the trenches. First, assume…

If you're awake at 4 AM because of anxiety about growth rate and lack of capital, make some hot cocoa and then thank God you don't have real problems. I'm not saying this to be snide. Those problems feel real and scary enough. But as the other replies to this comment demonstrate, there is a vast spectrum of human misery that we live on the far end of. Anything you can do to remain mindful of that will have the side e…

I don't disagree, but when you're growing and responsible for the economic livelihoods of several households, it's hard to write your anxieties off as first world. Because it's not really about you anymore, and a "whatever, I'll be fine in the end" attitude just feels, selfish? Irresponsible? I think a great many of us would sleep just fine if we only bore responsibility for ourselves. I'm not arguing that anyone should be destroying themselves over their startup, just that writing all the anxieties off as first world problems just isn't a reasonable ask for founders who care deeply about their teams.

Re: Entrepreneurs anonymous

#84

Post by tptacek »

feedjoelpie wrote: post #83
idlewords wrote: post #76

Earlier quoted context omitted.

If you're awake at 4 AM because of anxiety about growth rate and lack of capital, make some hot cocoa and then thank God you don't have real problems. I'm not saying this to be snide. Those problems feel real and scary enough. But as the other replies to this comment demonstrate, there is a vast spectrum of human misery that we live on the far end of. Anything you can do to remain mindful of that will have the side e…

I don't disagree, but when you're growing and responsible for the economic livelihoods of several households, it's hard to write your anxieties off as first world. Because it's not really about you anymore, and a "whatever, I'll be fine in the end" attitude just feels, selfish? Irresponsible? I think a great many of us would sleep just fine if we only bore responsibility for ourselves. I'm not arguing that anyone sho…

The kinds of people that start tech companies in this economy are among the most employable people in the entire world. If your company fails, you'll do the same thing a laid-off steelworker will do: get another job. But of course you'll succeed at doing that almost immediately.

Re: Entrepreneurs anonymous

#85

Post by rdlecler1 »

tptacek wrote: post #84
feedjoelpie wrote: post #83

Earlier quoted context omitted.

I don't disagree, but when you're growing and responsible for the economic livelihoods of several households, it's hard to write your anxieties off as first world. Because it's not really about you anymore, and a "whatever, I'll be fine in the end" attitude just feels, selfish? Irresponsible? I think a great many of us would sleep just fine if we only bore responsibility for ourselves. I'm not arguing that anyone sho…

The kinds of people that start tech companies in this economy are among the most employable people in the entire world. If your company fails, you'll do the same thing a laid-off steelworker will do: get another job. But of course you'll succeed at doing that almost immediately.

I think that's only true if the company has a decent sized win. As the CEO I actually feel pretty much unemployable. You're the ultimate generalist in a world where companies need specialists.

Re: Entrepreneurs anonymous

#86

Post by rdlecler1 »

7Figures2Commas wrote: post #63
rdlecler1 wrote: post #41

We suffer from strong survivor bias. Each day CrunchBase sends me a list of companies, most that I've never heard of and many that I can't understand how they're being backed, and it reinforces the idea that you can go out and build a great product and VCs will rain money down on you on your path to success. However these are the exceptions that prove the rule. Some advice from someone in the trenches. First, assume…

So basically you can't be successful as an entrepreneur unless you're a sociopath? That's a disappointingly cynical view. Some advice from someone who has also been in the trenches: First, you don't need to waste time thinking or complaining about angels and VCs when you start a business you can fund yourself. Second, if you're expecting growth to come easily and quickly, and you don't have the capital necessary to e…

I forgot to add, you're always going to run into smug people who haven't walked in your shoes.

Re: Entrepreneurs anonymous

#87

Post by lmeyerov »

tptacek wrote: post #84
feedjoelpie wrote: post #83

Earlier quoted context omitted.

I don't disagree, but when you're growing and responsible for the economic livelihoods of several households, it's hard to write your anxieties off as first world. Because it's not really about you anymore, and a "whatever, I'll be fine in the end" attitude just feels, selfish? Irresponsible? I think a great many of us would sleep just fine if we only bore responsibility for ourselves. I'm not arguing that anyone sho…

The kinds of people that start tech companies in this economy are among the most employable people in the entire world. If your company fails, you'll do the same thing a laid-off steelworker will do: get another job. But of course you'll succeed at doing that almost immediately.

When I talk to other founders about the gut of steel, it's not about the money but the people.

'Real' founders are fine -- we have a lower expected salary anyways but are probably extra employable. (Imagine who knows the most about contributing to a business!)

The issue is that we were the ones who convinced the people we sat down with to put their eggs in our basket. Investors put in their hard-earned money, employees devote their precious personal hours and "one shot", and customers (in B2Bs) put their own businesses on the line. A company is a social bedrock and we're ultimately responsible.

This stuff can certainly be rationalized away. Professional investors spread their risk and angels are often in it for the fun, employees get a bundle of a paycheck, lottery ticket, and personal responsibility, customers make business decisions, and everyone is getting a seat on the rocket. However, founders are human and part of that means having empathy.

Re: Entrepreneurs anonymous

#88

Post by maaku »

kika wrote: post #66
maaku wrote: post #48

Earlier quoted context omitted.

I don't buy this. As CEO you have the right to say "You know what Big Important Customer? You're a dick and I don't want to do business with you." That is a strategically stupid thing to do. You may not ever actually do it. But being able to do that without having to answer to anyone but yourself is enough. There's a very real psychological difference.

You have the right to say this while being the lowest ranking employee in the company, not CEO. But when you're CEO, you have other people you're responsible for, you hired them and they depend on you being able to run the business so they can feed their families. Saying "fuck you" to the customer who is bringing you 10% of revenue is not what CEO can really do.

The CEO is the only person who can do that. Also, DoD you read me 2nd paragraph?

Re: Entrepreneurs anonymous

#89

Post by davidiach »

rdlecler1 wrote: post #85
tptacek wrote: post #84

Earlier quoted context omitted.

The kinds of people that start tech companies in this economy are among the most employable people in the entire world. If your company fails, you'll do the same thing a laid-off steelworker will do: get another job. But of course you'll succeed at doing that almost immediately.

I think that's only true if the company has a decent sized win. As the CEO I actually feel pretty much unemployable. You're the ultimate generalist in a world where companies need specialists.

This is entirely true, and it isn't only that you cannot find another job as a CEO, but you might have a really hard time finding any job at all even if it is lower status (non-executive).

Re: Entrepreneurs anonymous

#90

Post by tchock23 »

paintnp wrote: post #18

My standard advice to folks with corporate jobs who want to venture out on their own is this- hire a couple of guys to vet out your idea. Get the product market fit right, get the MVP done and have someone start talking to potential customers while you are still making a salary. If it is difficult to set aside $5K-$8K per month for this while you are working, it'll be significantly harder once you are not bringing in…

I used to think this was bad advice (hiring out to others to vet your idea) and would actively advise startups against it, but the more I work with entrepreneurs the more I'm coming around to the view that this is a good route to take for someone who is working full-time and considering jumping off to do their startup.

By hiring out to vet the idea it reduces the confirmation bias that entrepreneurs face when researching their own ideas. As you noted, it forces an upfront financial commitment on the part of the entrepreneur, helping them realize what it will take to properly fund a startup at scale. It's also a time saver - trying to talk to potential customers (particularly for B2B startups) while holding down a full-time job is very difficult.

Of course, the entrepreneur should still be involved to the greatest extent possible, otherwise any early learning from the customer conversations, MVPs, etc. is lost...

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