3 ms·
When I opened this thread, I expected to write a post that covered a few things. The first was to beware of survivorship bias. Some of us have had experiences
by KGIII 9y ago
When I opened this thread, I expected to write a post that covered a few things.
The first was to beware of survivorship bias. Some of us have had experiences that were very different from the reality that most people face.
Second, I'd absolutely not listen to anyone who suggested you start a business you're passionate about, at least not as a general rule. If you're really passionate about it, your own biases are almost certainly going to prejudice your business in harmful ways. That doesn't mean not to be passionate about it, it just means don't make your passion your business.
Third, don't do it with the goal of getting out, selling for millions of dollars, and being the next Musk. Those are unrealistic goals. Instead, do it to make enough money to comfortably provide for you and your family. That's a much more realistic goal.
I think that third one applies to your comment, which is why I mention it here.
Then again, go back to the first thing I listed. I'd not take advice from me. In my case, I saw a niche and it fit in with what my research was about. I left academia and was making a comfortable living. The offer to buy my business was unexpected and the price was surprising.
Selling had never been my goal. It was just a fluke. I wasn't passionate about what I was doing, I became passionate about doing it well. I became passionate about working with brilliant people and exceeding goals. It was traffic modeling, that's really not a subject one becomes impassioned over.
Sometimes, you just get lucky. Sometimes, you're in the right place at the right time. You can maximize your chances but, at the end of the day, it's 'good enough' to just be able to provide comfort and opportunity for you and your family.
But, then again, remember the first point.
- jv22222 9y ago> If you're really passionate about it, your own biases are almost certainly going to prejudice your business in harmful ways. I'd really like to hear more about this, because from what I've seen it's really important to "give a shit" about what you're working on. Without a deep level of giving a shit you are quite likely to give up due to the waining of your interest level. I mean, I've seen loss of interest as a major killer of side projects countless times in Nugget and also from speaking to lots of other entrepreneurs over the past 10 years.
- KGIII 9y agoThere's a space between giving a shit and being passionate. I don't imagine one should be apathetic, but it probably shouldn't be your 'save the world, come hell or high water' project. People passionate about an idea can make great employees. Someone giving direction should be a bit more objective. If you can be both objective and impassioned, you're in a small minority. Lots of people seem to think they can, but wait until they fall head over heels in love and see how objective they really can be.
- jv22222 9y agoI agree that passion is a word that should be removed from the startup lexicon