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The best entrepreneurs are ones who work in their field first, gaining valuable real-world knowledge and experience for a decade or more. I don't think one can
by grellas 14y ago
The best entrepreneurs are ones who work in their field first, gaining valuable real-world knowledge and experience for a decade or more.
I don't think one can meaningfully say that the "best" entrepreneurs come in one type or another. Certainly the YC juggernaut tends to confirm that young entrepreneurs can be extremely able and can lead ventures to spectacular forms of success.
But the statement above emphasizes for me what has always seemed obvious and yet has often been brushed aside in, let us say, the impetuousness of youth: that is, that experience can and often does make a huge difference for entrepreneurs and it is a mistake to ignore its value in assessing startup prospects.
Someone, somewhere, somehow needs to have "been there before" for a startup to work in a big, complex, and disruptive field such as those targeted by the most promising startups. If it is not the founders themselves, it is those with whom the founders surround themselves. If those persons are not there, it has been my experience (having represented countless founders) that the founders will tend to stumble around to their detriment. I believe the main value of the YC network, for example, is that it gives young entrepreneurs precisely the sort of connections and guidance by which they can connect up with and be guided or even mentored by those with solid experience in their respective domains. Without that, their chances of flubbing it are magnified by a lot. A VC with deep domain experience can add similar value, with or without YC, but of course its connections with key VCs is one of the ways that YC links its entrepreneurs with seasoned hands in a given field.
It follows ipso facto that entrepreneurs who are older and can bring direct experience to a venture will also often have it over younger, inexperienced ones. The opposite may be true as well and that the value of such experience in any given case may be limited or worthless. My point is that having key experience, when it is authentic and coupled with the right level of talent, is extremely valuable and should be eagerly welcomed when brought to the venture by older entrepreneurs.
We learn from our mistakes. That is a recurring theme on this forum. Those lessons don't simply take the form of "fail fast, fail often" because the virtue is not in the failing as such but in the lessons learned from the process - and that same virtue attaches to any quality experience by talented people who have tilled the soil in their areas of expertise for lengthy periods. That group may or may not be the "best" entrepreneurs but there will certainly be large numbers of them who will wind up being among the best by virtue of the depth and expertise that only quality experience can bring.
- freshhawk 14y ago> I don't think one can meaningfully say that the "best" entrepreneurs come in one type or another Of course you can, if the data supports it. If they had explicitly added terms like "the best entrepreneurs generally tend to come from people with many of these attributes" would that make it meaningful? They were taking those as a given, since it's obvious that they apply when you compile data like this. Just because a map is not the territory doesn't mean the map isn't useful. And rejecting the data driven answer and then filling in your own interpretation retroactively is not a good way to arrive at conclusions that turn out to be correct.
- sirclueless 14y ago> And rejecting the data driven answer and then filling in your own interpretation retroactively is not a good way to arrive at conclusions that turn out to be correct. That sounds like the scientific process to me. You look at a bunch of data points and say, "I'm going to reject the notion that this is an arbitrary correlation, and hypothesize that in fact there is some underlying cause X that drives the correlation." Then you control for everything else and do an experiment. In tech startups, this might mean saying, "I think age doesn't actually matter, what matters is that someone in the founder's immediate circle (perhaps oneself) has a wealth of domain information." That's a perfectly testable hypothesis, even though the experiment would be expensive and difficult to do cleanly. You just take a bunch of older and younger founders, and have them found companies outside their domains. Some of them you provide with VCs and advisors with plenty of domain knowledge, others you just give money. If the domain knowledge proves more valuable than the age, you have confirmed your hypothesis. If the age matters more than the domain knowledge, you have rejected it. Now of course you wouldn't find older entrepreneurs who would willingly forgo VCs and advisors with domain knowledge, and most founders choose industries they are familiar with. But maybe you could find some markets where this happens naturally. Maybe you could do an analysis of some industry like online education or fashion or something where you have a mix of types of founders, and see who has success. In any case, rejecting correlational data in favor of testable underlying causes is fundamental to scientific induction (it is only the difficulty of actually controlling ancillary variables that makes this practice hard to apply to sociological hypotheses).