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Great post and points. BUT most founders (including myself when we started) rarely follow this at least until profitability or funding. (note: I still fall i
by asanwal 14y ago
Great post and points. BUT most founders (including myself when we started) rarely follow this at least until profitability or funding. (note: I still fall into this trap from time to time)
The reality is that founders, before they have money in the bank, value money more highly than time. Money seems finite vs. time which doesn't seem to be (that's obviously wrong). It's easy to spend extra time doing something vs paying for it to be done because it feels like time is the asset you have plenty of (vs money).
In addition, doing anything can make you feel like you're making progress. When actuality, you're just mistaking activity for progress.
- Arelius 14y agoThe problem is that spending money also spends time, whereas spending time does not also spend money. Hypothetically, if as a one person startup, spend $1000 on rent and $1000 on food a month, and can expect to work 8 productive hours a day every day in a month (Just imaginary numbers here!) That means we have an hourly cost of about $8 dollars an hour. Which is to say, for every 8 dollars you spend you have one less hour of time. P.S the counter intuitive property of looking at it like this, is that if you are spending more monthly, it also takes more money to loose an hour. But this is due to the fact that you have fewer hours to start with, and thus each hour is worth more.