As an entrepreneur, most knowledge comes in the form of trickle-down knowledge: blogs, entrepreneurship websites, rich and famous entrepreneurs, and folks who are perceived to have earned the right to voice an opinion.
Almost everyone will tell you about the importance of a core-team - most importantly, of a cofounder. A cofounder is probably the most significant relationship one develops outside of blood-ties and sex, or so they tell you. There is, obviously, no way to validate this when one first starts-up. I always thought I'd find out when I got there.
The media is full of success stories and unicorns, and one or two stories of past failures of successful entrepreneurs; the reality is quite the opposite. Failure is an everyday commodity, while success is a rare, incredibly satisfying, life-changing event. In an unstructured business, your life can change in a second, and therefore you live in hope.
In this brutal world, it is lonely at the top. I have seen CXOs give clear instructions to their employees while being terribly confused themselves. No money to pay rent next month, but you recruit a new developer. You count on a deal that may go through, and relocate the entire team.
Responsibility takes a heavy toll on the mind. Decisions that go wrong must be quickly forgiven, and viewed only as lessons. When there is no one else to turn to, these become incredibly difficult.
You'll be surprised to know how many founders go into depression.
While people talk of complimentary skill-sets and understanding, the most important factor remains trust. "Will he or she stand by the commitment, when things aren't too nice? (And believe me, they won't be nice for a long time.)" Promises are easy to make and easier to break. Such commitment, usually coming at a high opportunity-cost, requires tremendous motivation. At the end of the day, it is beautiful to witness an idea gain shape, momentum and eventually, glory.
While I have always believed the "startup scene" is overhyped, I now concede this: entrepreneurs are among the most energetic, motivated and committed people I have come across. And that, perhaps, is the only reason why a group of individuals, with vastly different methods and goals, sticks together, and then maybe, one day, builds a Unicorn.
Almost everyone will tell you about the importance of a core-team - most importantly, of a cofounder. A cofounder is probably the most significant relationship one develops outside of blood-ties and sex, or so they tell you. There is, obviously, no way to validate this when one first starts-up. I always thought I'd find out when I got there.
Why do you need cofounders?
While businesses with single founders have gone on to become smashing hits (e.g. Dell, Tumblr, Alibaba...), these are the outliers, the anomalies of the business world. Two heads are better than one for a variety of reasons: creativity, people-management, devolution of responsibility... But the most important role of a co-founder is support.The media is full of success stories and unicorns, and one or two stories of past failures of successful entrepreneurs; the reality is quite the opposite. Failure is an everyday commodity, while success is a rare, incredibly satisfying, life-changing event. In an unstructured business, your life can change in a second, and therefore you live in hope.
In this brutal world, it is lonely at the top. I have seen CXOs give clear instructions to their employees while being terribly confused themselves. No money to pay rent next month, but you recruit a new developer. You count on a deal that may go through, and relocate the entire team.
Responsibility takes a heavy toll on the mind. Decisions that go wrong must be quickly forgiven, and viewed only as lessons. When there is no one else to turn to, these become incredibly difficult.
You'll be surprised to know how many founders go into depression.
Commitment is everything
A romance can go through frequent break-ups and make-ups, and actions that break trust in the moment, and still end "happily ever after". A private limited company is far more fragile.While people talk of complimentary skill-sets and understanding, the most important factor remains trust. "Will he or she stand by the commitment, when things aren't too nice? (And believe me, they won't be nice for a long time.)" Promises are easy to make and easier to break. Such commitment, usually coming at a high opportunity-cost, requires tremendous motivation. At the end of the day, it is beautiful to witness an idea gain shape, momentum and eventually, glory.
While I have always believed the "startup scene" is overhyped, I now concede this: entrepreneurs are among the most energetic, motivated and committed people I have come across. And that, perhaps, is the only reason why a group of individuals, with vastly different methods and goals, sticks together, and then maybe, one day, builds a Unicorn.
