Evernote CEO to entrepreneurs: "don't do it"

> A lot of people think that they want to be an entrepreneur because it’s a good way to make money. It just isn’t, that’s just wrong. Depending on how you count, 95% to 99% of companies fail.

Bubbles like the one we have now are not common. It will continue until the Fed takes away the punchbowl, so make hay while the sun shines (and mix those metaphors while the mixing is good.)

As someone who's about to become an entrepreneur, my reasons are: - Money: I do believe I can make a lot of money with the company I intend to start, but I should say I'm not going to start anything revolutionary, just corner a part of the market where there's a big demand (mobile development by contract). It should make me more money in less time then my current job does. - Flextime: I'm a bit of a work-a-holic so I'm kinda used to working 6 days a week. Most of the time I enjoy it. What I don't enjoy in a regular job is the fact that my employer wants me to work from 9 to 5. I'd like to be able to go jogging and shopping in the afternoon for example and continue some work early in the evening. - Fun: I enjoy short-term projects (1 to 2 months) more then long-term projects (1 year or more). - Power: well, with power I mostly think about the power to choose my own working processes and tools and not be limited with what my manager decides upon. For example: I'm not very fond of many aspects of SCRUM, but it seems kinda popular these days.

What about the entrepreneurs who pay themselves ridiculous salaries once they get even a little funding? It seems like a great way to make money. Our founder is the highest paid person in the company and we live one month at a time because of it. Is this common during the bubble, or is my situation unique?

Highest paid is fact, one month at a time is opinion.

> Is this common during the bubble

Yes. We saw it a bunch during Bubble v1.

I thought it was nuts then: Weren't the people/VCs supplying the money paying attention? After a while, you realize that easy money covers up a lot of sins over several levels of the foodchain.

When money tightens, those sins will be expurgated, but until then: Party on.

EDIT: To expand a bit, it's not "normal" as ericflo says in another reply and I agree it's a "bad" sign.

I'm just pointing out that as long as those supplying the money are seeing positive returns, they're busy working their other opportunities. When Sequoia republishes "RIP: Good Times", out comes the microscope on spending and board meetings will go over details that were ignored before.

> But there’s only one good, legitimate reason, and I think you know what it is: it’s to change the world.

I think this is going overboard. It's perfectly reasonable for someone to want to start his/her own company for less noble reasons than "changing the world." This advises people to not give it a shot at all. Would I like to change the world? Yes, I would. Do I reasonably expect that it will happen? No, I'm more realistic than that. While I'm still young and don't have much tying me down, though, I want to give it a shot. I'd much rather try, fail, and then have to go back to the workforce than wind up staying the workforce my whole life regretting not trying to start my own thing. I suppose you could make the argument that any successful company will have to add value to the world in some way, and adding value to the world changes it, but that isn't the way the statement reads.