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My exploration in entrepreneurship
So I have been thinking about entrepreneurship for a while and due to personal constraints I haven't been able to start a business yet and this year all things seem to have settled a bit more so I would like to consider this seriously again.
What I've learnt so far is that the world of entrepreneurship can lead to great sense of freedom but it is also full of power dynamics that if one isn't aware is going to waste time going the wrong way. What I did could probably in MJ DeMarco's words be "action faking", in that I haven't been really doing something that's effective and moving toward to the goal.
In the past couple years what I tried was to volunteer at friends' startups and I feel pretty disempowered because I never felt that I was an equal partner, and I feel kind of resenting sometimea because it often feels like an unpaid gopher job.
Company A: Met the founder at some online networking event, he asked me to join to help with data and website but they were at the conceptual stage. Lots of people are in their meetings and they had some college students as interns (free labor but college credits) to build their website prototype - some of them were really frustrated about management. Anyway, I didn't learn anything and said I needed to focus on my studies so quit.
Company B: A friend had this going for a while and he hasn't turned it profitable yet. I expressed interest and he asked me to try their products so I did and also wrote a positive review - nothing happens after that and basically I felt used just as free ad material for him.
Company C: Met this guy at a friend's gathering, he's an alright dude, we actually became closer and he manages his startup kinda like family (close-knit). However he positioned me to be the data person but their products are too early stage to have full data pipeline and also I don't have the technical knowledge to take this on just yet. He got a few engineers to help build website/apps much faster than me and I felt jaded learning things on the job that didn't feel effective. I can see lots of people coming and going but the two people with the highest power are him and his CTO. They are pretty active and also did a bunch of PR stuff to advertise the company and development. They got some progress - patent and some papers but I have serious doubts if this would turn into something profitable and sustainable. My friend who is the founder and CEO is generally an OK dude and great to hang out with but sometimes I feel his “big vision” and philosophical pondering have not made a positive impact on his venture.
I think the next step for me is really to take this on fully myself, get execution done all by myself - AKA be a responsible founder and not “tag along” but I don't know where to start yet. I just felt I would share that the “tagging along” is tricky because one can lose power in this process.
Helping a business is like helping a person:
Are they going to give back?
If not, you must be happy to give without expectations.
If you're not, don't.
Some business take, but don't give (teach) anything back.
If you tag along a startup without shares, you must get your money worth back in learning -lots of it-.
Or else you're better off with a successful and established business.
Startups are the equivalent of emotional vampires people: they take a lot. But give back only to those who have shares and options plans -or who stick along until they're successful and then they can brag about being "employee #x"-.
Most startups go nowhere, and you may not learn much from startups that go nowhere -led by founders who are clueless-.
Edit: you can also always learn "in the negative", what people do wrong, but that may require pre-existing knowledge or intuition.
And yes, if there is something you're truly passionate about, go for it.
Quote from Lucio Buffalmano on August 22, 2023, 4:52 amHelping a business is like helping a person:
Are they going to give back?
If not, you must be happy to give without expectations.
If you're not, don't.
Some business take, but don't give (teach) anything back.
If you tag along a startup without shares, you must get your money worth back in learning -lots of it-.
Or else you're better off with a successful and established business.
Startups are the equivalent of emotional vampires people: they take a lot. But give back only to those who have shares and options plans -or who stick along until they're successful and then they can brag about being "employee #x"-.Most startups go nowhere, and you may not learn much from startups that go nowhere -led by founders who are clueless-.
Edit: you can also always learn "in the negative", what people do wrong, but that may require pre-existing knowledge or intuition.And yes, if there is something you're truly passionate about, go for it.
Wow, appreciate this crystal clear message that everything is back to the good old give and take, Lucio. Makes perfect sense.
I ultimately feel it was a time sunk doing all of these and it definately helps to review what I'm giving and what I'm getting - unfortunately it feels frustrating on both ends by me. I'm not giving effectively and I'm not getting anything back which kills my motivation Lesson learnt.
I share the opinion that it's important to be cautious with startups:
It's a bit like betting on a horse at a horse race: you don't know who's going to win. The better looking faster horse could fall in the last few yards.
I have a friend who's been working now 10+ years on his biotech startup (he's CEO). If he makes it he's not going to have to work ever again. But if it does not: he has to go back on the job market. Very cool guy, revolutionary idea and product but now most of the original founders left and now he's on his own to make it work.
Most startups are very high-risks very high rewards. I'm talking about biotech industry specifically but it applies to others as if there is no final product sold on the market, no licensing then it's all for nothing.
Quote from John Freeman on August 22, 2023, 5:59 amI share the opinion that it's important to be cautious with startups:
It's a bit like betting on a horse at a horse race: you don't know who's going to win. The better looking faster horse could fall in the last few yards.
I have a friend who's been working now 10+ years on his biotech startup (he's CEO). If he makes it he's not going to have to work ever again. But if it does not: he has to go back on the job market. Very cool guy, revolutionary idea and product but now most of the original founders left and now he's on his own to make it work.
Most startups are very high-risks very high rewards. I'm talking about biotech industry specifically but it applies to others as if there is no final product sold on the market, no licensing then it's all for nothing.
Hi John, appreciate you sharing the example. Yes it's like betting for sure and if the grind is too long - people leave, like the case of your friend. I basically think if s startup hasn't exited or successfully turned profit in 10 years, its success prospect is getting pretty slim - but all the best for your friend.
Hi Emily,
I'm glad it's helpful.
If you don't mind, I would like to give you some feed-back on your post in feedback and clarifications.
Quote from John Freeman on August 23, 2023, 4:42 amHi Emily,
I'm glad it's helpful.
If you don't mind, I would like to give you some feed-back on your post in feedback and clarifications.
Hi John, sure. Not sure which post you are talking about but happy to hear.
