Entrepreneurship is a mind game. Can you push to get that next customer by next wk? Can you stretch your dollar to get something done?
But there are plenty of HARD mental activities.
What makes it hard are the relationships involved >>
1) Yrs ago, I started a co w/ a friend. I didn't realize then that his wife was not excited about his working on a startup. She wanted him to get a stable job.
Ever since then, I spend a LOT of time getting to know SOs & spouses. They are just as impt as your co-founders.
2) Morale is so so impt. Not just your morale but everyone on your team. And all the impt ppl in their life.
Often it's hard to know what the true morale is, because you're the boss, and no one tells the boss what they really think. It's your job to find out.
3) Even if everyone is onboard and excited about the co., life happens as well.
Ppl get sick or injured. Ppl's loved ones get sick or injured. Ppl start a fam. Wrenches get thrown your way all the time.
How do you keep going? How do you respond? It's never easy.
4) And then there's incentives. You have no money. No prestige. Nothing meaningful that anyone would want to work w/ you.
Just hope. (maybe)
How do you keep everyone motivated and excited? Esp when things are not going well? How do you retain great ppl?
5) All of these things combined is what makes it hard.
You're constantly trying to fill in gaps when ppl leave (either temporarily or forever) w/ no resources. It's like a house of cards being held up by nothing while trying to play whack-a-mole at the same time.
6) This is why entrepreneurship is ups and downs and mostly downs -- even if the business is going well.
So how do you stay positive?
This is where you need to be really good at being mind control.
7) 1st: perspective. Someone leaving or not being able to get a sale is not the end of the world. It may feel like it. But it will pass.
Once, a client went over their ad budget by $45k & later wanted it back. We didn't have the cash! V stressful. But you work it out & move on.
8) 2nd: reframing. For many companies growth is slow. You haven't figured out PM fit. We often look at the slope of the curve and what's ahead more than the progress.
But if you look back at all the things you've figured out since you started, you should be proud of yourself.
9) If you are methodical about the steps you are taking, you'll get there. It's just a matter of time and putting these "thoughts" aside.
10) 3rd: Moral support / community helps!
The irony is that most founders who are starting out don't really have community. But that's probably when they need it most to help figure things out when you don't know what you are doing.
Get a community you can lean on.
11) It's lonely being a founder. You have all these problems (see above) and they are all in YOUR HEAD. The weight of the world can feel isolating.
Your fam / friends / partner won't understand. You can't always share details w/ your team.
12) Founder communities that are at the same stage as you show up in many places these days:
-accelerators
-cohort based courses
-co-working spaces
-other portfolio cos of a shared investor (if you have one)
Communities also keep you accountable.
13) 4th: coaches. Many ppl have a coach for fitness. Or a therapist. They keep you accountable, help you figure out how to improve, & push you.
I used to think they were a waste of $$. But later I realized it's one of the best investments you can make in yourself.
14) When everything is falling apart around you and you feel the weight of your team and your team's family / friends, it's impt to keep your head in the game.
Take the steps to build mental infrastructure so you can stay strong when you need to.
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Random musing this AM: structured data on startup investors.
Something that has plagued startup ecosystems for so long is entrepreneurs simply don't trust investors. (I know - I was/is one of those entrepreneurs)
There have been many attempts at this solution - a thread >>
1) There have been attempts to create a Yelp of Investors. Starting with The Funded, through RateMyInvestor through @VCGuideHQ etc..
And this is fine - it certainly illuminates experiences that entrepreneurs have (good or bad) and that's valuable.
2) But like Yelp, you have the issue that most ppl want to consumer content and not participate.
So you capture snapshots -- again great to have some data, but not it's not complete per se.
You also get the outliers -- both the good and bad.
Will is the only person I've ever hired who did all the work BEFORE starting the job. To everyone who is looking for a job in venture, this is how he landed this
Him: Are you hiring for summer internships?
Me: No. no budget. no role. esp not MBAs who are looking for high salaries and don't know anything (as someone who has one)
Him: ok, will you let me just shadow and jump in here and there?
Me: ok
Him: [goes and does all this stuff] I've set up your entire deal flow triaging system w/ auto emails. All you need to do is put in your credit card.
Me: Oh! Thank you! (what we use today) We have a bit of $$ in SG w/ if you want in the summer. But not MBA lev.Might cover housing
Some Sat thoughts on growing pains. One of the earliest hurdles in building a company is in how to structure work w your first hires.
@HustleFundVC we now have 14 ppl & have rejiggered how we work recently.
More here >>
1) When we started 3 yrs ago, it was just @ericbahn and me. We decided we would build an in-person team in the SF Bay Area & it would be small. And that would be fun.
3) But both of those things went out the window quickly.
@shiyankoh came along and told us she was going to start a vc firm in SEA. We couldn’t pass up working w her. But in-person wasn’t going to work because she would be in Singapore.
1) VCs are looking for startups that can get to $100m / yr in rev by yr 7-10.
VCs need this kind of return in order to produce great funds.
2) And so many companies won't get to this level - and that's not a bad thing - but then it means you should be thinking about trying to get going w company revenue since you can't count on VC backing.
I have been a tech entrepreneur since I was in HS (20+ years). Some learnings:
1) There is a LOT of luck.
Definitely lots of hard work and skill required - no doubt. But, let's not downplay luck. Luck in everything. In privilege. In opportunity. In finding PM fit. In health.
2) A friend who has been a successful founder echoed this. His first company was highly successful.
He has been trying all kinds of startup ideas since then and nothing has really clicked.
He's smart. Hardworking. Has money. Great network. But you can force PM fit.
3) It shows up in the numbers as well.
Depending on the study you read, successful serial entrepreneurs have a slight edge over first time founders. But not by much.