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Letter to a Would-Be Entrepreneur
What to think about before you start a company
Dear Founder,
Really?
Why do you want to do this? I hope it’s not because it’s the cool thing to do… it’s easy to become an entrepreneur, but it’s way harder to become a successful one.
These days, it seems like everyone wants to be an entrepreneur. People become enamored with the idea of pursuing their own passion and being in control of their own destinies. But that’s a romanticized notion of what really happens.
I hate to be the bearer of bad news, but most entrepreneurs fail. It’s not just the statistics that show us this; it’s also common sense. It’s very hard to turn an idea into reality, and even harder to turn that new reality into something of great significance.
Sure, we know the breakout stories — those A-plus ideas that took off from the beginning, like Facebook, Google, or eBay. The fact is these companies are very rare. Often, the world is not ready for a new idea, and the majority of companies don’t get traction. Intrepid entrepreneurs go back to the drawing board and pivot, but that maneuver is not representative of the reality of startups. Most companies fall into a middle space — there’s some traction, but the flywheel isn’t spinning, and you’re not sure if the idea…
