At some stage, your entrepreneurship will be more about survival than innovation…
Jeff mentioned not too long ago that tech startups aren’t really focused on innovating on a daily basis. Rather, they’re focused on not dying. For many entrepreneurs, especially those in the idea stage, they are closer to being a science project than an actual company. As Steve Blank famously says, “Startups are temporary organizations designed to find a repeatable business model.” I like to think of startups in this do-not-die stage as the hardiest of insects: cockroaches.
Here are a few thoughts on cockroach mode for startups:
- Look for little-to-no salaries for the entrepreneurs (a famous investor said the best predictor of startup success was the CEO’s salary)
- Look for entrepreneurs valeting cars in the evening to pay the bills
- Look for entrepreneurs staying in Airbnbs or friend’s sofas instead of hotel rooms on trips
- Look for everyone on the team focused on how to acquire customers (make money!) or…
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