Some Saturday thoughts about tenacity...
1) Yesterday I had a call w/ a portfolio founder - he was going through really tough times. He was running out of cash & had to let go of a lot of his employees. The pandemic has not been easy for him. His mental health is in a rough spot
1) Yesterday I had a call w/ a portfolio founder - he was going through really tough times. He was running out of cash & had to let go of a lot of his employees. The pandemic has not been easy for him. His mental health is in a rough spot
2) Today I saw the latest markup on a company I backed in 2015. 76x net paper markup! I could not be happier for that founder & company & was thinking about the two situations.
They're actually more alike than you might think.
They're actually more alike than you might think.
3) My past portfolio co, like so many, couldn't raise any money. Didn't have fast growth for 4+ yrs. Had a couple of restarts. Insane scrappiness. Tearful conversations even.
In fact, they retain a lot of equity, BECAUSE no one would back them for so long.
In fact, they retain a lot of equity, BECAUSE no one would back them for so long.
4) And, I know the past yr in particular has been SO TOUGH for so many founders.
Whether it's because the pandemic directly affected their companies or because of personal issues related to the pandemic...it's been ROUGH!
For many ppl, they're going to have to start anew.
Whether it's because the pandemic directly affected their companies or because of personal issues related to the pandemic...it's been ROUGH!
For many ppl, they're going to have to start anew.
5) It can be INCREDIBLY FRUSTRATING to feel like you were making progress and then take 2 steps backwards. It can feel slow. It can feel like you're wasting time and wish you could just move faster. It can feel like you have to start all over.
6) But I've seen this movie enough times to know that a LOT of startups make success look so easy.
But what you don't see is that the overnight successes took years if not decades. Those founders ate glass the whole way through. Most of them also couldn't raise $$ for so long.
But what you don't see is that the overnight successes took years if not decades. Those founders ate glass the whole way through. Most of them also couldn't raise $$ for so long.
7) They didn't have believers. People quit on them. They had to fire a LOT of ppl. It was slow going for at least 3 yrs. There were many tears and sleepless nights.
Take comfort: so many entrepreneurs have had the same hard path before you & so many will march down it after you
Take comfort: so many entrepreneurs have had the same hard path before you & so many will march down it after you
8) You aren't alone.
Entrepreneurship is a LONG journey. And it's never easy. But if you wanted easy, you wouldn't have signed up for this, right? :)
Entrepreneurship is a LONG journey. And it's never easy. But if you wanted easy, you wouldn't have signed up for this, right? :)
9) I think the #1 thing I've seen in founders who have hit high levels of success is they have a "just keep going" attitude - i.e. tenacity.
10) The path is a long and hard one. But it doesn't matter. It doesn't matter that they have to restart. It doesn't matter they can't raise money. It doesn't matter what other ppl say. It doesn't matter how long it takes. Just keep going.
11) There are obviously practical considerations (such as being able to survive personally and that's another thread on how to navigate that).
12) But, if this is the path you want to take & if this is what you want to do, then no matter how many restarts or how scrappy you have to be, or how many naysayers there are, I know you can do it!
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