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Founders need a clear sense of what they're giving up, and what the potential payoff is.
Example:
I'm investing $5k,
and 800 hours of my time,
building this software.
My goal is to reach $10k in MRR
by August 2, 2021.
Example:
I'm investing $5k, and 800 hours of my time, building this software. My goal is to reach $10k in MRR by August 2, 2021.
Every time we start something new, we're making a bet.
We're risking our:
Time
Money
Energy
Every idea we commit to has huge opportunity costs.
We're risking our:
Time Money EnergyEvery idea we commit to has huge opportunity costs.
Too often, entrepreneurs don't value the time and energy they invest in their idea.
If you spend 5 years building something that doesn't work out, you've lost 5 years of investing in your career, family, etc.
If it starts feeling like a bad bet, cut your losses, and get out!
If you spend 5 years building something that doesn't work out, you've lost 5 years of investing in your career, family, etc.
If it starts feeling like a bad bet, cut your losses, and get out!
Entrepreneurship is a huge risk (financially).
You're giving up some of the best years of your career to focus on a bet that might not work out.
The potential financial rewards should account for the risks you're taking.
Don't invest 5x for a 1x financial return.
You're giving up some of the best years of your career to focus on a bet that might not work out.
The potential financial rewards should account for the risks you're taking.
Don't invest 5x for a 1x financial return.
Sofware devs:
Apple, Google, Amazon, and other Big Tech Cos™ are now offering Sr. Software Developers salaries of $350k - $550k USD.
If you don't 200% love the idea of running your own company, optimizing your resume is probably a way better bet than becoming a founder.
Apple, Google, Amazon, and other Big Tech Cos™ are now offering Sr. Software Developers salaries of $350k - $550k USD.
If you don't 200% love the idea of running your own company, optimizing your resume is probably a way better bet than becoming a founder.
A common self-delusion is: "My lifestyle is way better, so who cares about my bank balance?"
Money provides security. Money provides margin.
You want both: money + lifestyle.
(Don't sacrifice either for the other!)
Money provides security. Money provides margin.
You want both: money + lifestyle.
(Don't sacrifice either for the other!)
Often, being an entrepreneur means foregoing consistent promotions and opportunities in your industry.
Starting a business means you're no longer climbing the corporate ladder.
In many cases, those become lost years. You can't get those lost opportunities back.
Starting a business means you're no longer climbing the corporate ladder.
In many cases, those become lost years. You can't get those lost opportunities back.
Leaving a career path (and starting a business) carries this ironic risk:
If your company succeeds, your value as a potential employee goes way up!
If your company fails, and you spent years not climbing the corporate ladder, your value as an employee goes down.
If your company succeeds, your value as a potential employee goes way up! If your company fails, and you spent years not climbing the corporate ladder, your value as an employee goes down.
Don't undervalue the investment of your life in an idea that (might) not pan out.
The longer it takes you to get to "default alive," the riskier your bet becomes.
Smart founders get out while the getting's good (so they can try something else). https://twitter.com/destraynor/status/1029688002442874883
The longer it takes you to get to "default alive," the riskier your bet becomes.
Smart founders get out while the getting's good (so they can try something else). https://twitter.com/destraynor/status/1029688002442874883
