Interesting read Denny, and some great points. However I have to disagree with your comment that entrepreneurs “must focus entirely on making money”. History (and research) suggests that money is not the over-riding factor motivating entrepreneurs and people wanting to build great companies. The book ‘Built To Last’ deals with this in detail. What I think differentiates entrepreneurs is their desire to create something original and of ‘value’ (not necessarily ‘profit’). Look at it another way, if your driver is profit, you’d be happy to pursue any start-up with good financial prospects. That simply won’t work. And that’s certainly not an entrepreneur. Money is important, and helps you realise dreams, but the ‘intangibles’ are significantly, significantly more important.
I guess the bigger point that I am trying to make is that entrepreneur has two sets of responsibilities, one to self and one to others.
As an individual, I am obviously not motivated solely by money. Money is important but it is not the most important. I got up at 6:00 am this morning (as in most mornings) wanting to make a positive contribution to the World. But that's a private thing. And if we don't have this level of aspiration, we couldn't be an entrepreneur and no one else would buy into our vision.
But an entrepreneur has a public responsibility as well and that was what I was trying to emphasize in the article. I am guilty for over-stating the point but I think it is an important point for most first-time entrepreneurs.
Yeah, I do get your point. Of course I'd argue that you've over-stated your 'entrepreneurs have a public responsibility' clarification. They do, a little, but it's obviously at the extreme other end of the scale to, say, working for a public company.
No, not at all. Not to public, just responsibility to the team. In my chapter on recovering from failures, I use the analogy of learning how to ride a bike.
And one lesson that I have learned is that we tend to over-compensate (we fell on the right, therefore we now lean on the left). So you criticism is valid here in that I am clearly overstating because I am overcompensating ... again, guilty as charged.
On the other hand, there is another analogy here which is that of orthodontics ... braces would be an overstatement too if we start with perfect teeth.
So the question really has to do with the intended audience.
Are first-time entrepreneurs such blank sheets of paper that after reading my article, they will deviate from the path and start to focus on making money instead of making meaning?
Or are first-time entrepreneurs such enthusiasts that they are already focusing on changing the World, but after reading the article, they realize that in order to make meaning, they have a responsibility to keep the team together which means that they also have a responsibility to make money.
And since everyone else is already focusing on making meaning, is it reasonable that entrepreneurs have to overcompensate and put a priority on making money?
Thanks for your comment and another opportunity to have a discussion.
I like the part where he speaks about how one should be one's own surrogate customer. It is very difficult to be on the same track when starting a startup. Only if it is pain point for you, you will try to find the right solution.
Thanks for the great comment. My personal believe is that there has been too much dogma written about entrepreneurship.
So the idea of focusing on "being your own surrogate customer" is a way of breaking out from the rigid mindset of "either being a solution looking for a problem" which is what engineers do or "a problem looking for a solution".
By being a surrogate customer, I am talking about the latter but with the additional emphasis that it is a problem we ourselves experience.
This is particularly important for the YC class since their advantage is not just that they are "hackers" but that they are also representatives of their own generation.
I didn't fail at Gigamon. Gigamon is a very successful company. I retired from Gigamon. I failed at a previous company but after I stepped down as a CEO, it is now doing quite well. I actually don't talk too much about failing. I prefer to focus on succeeding. But in between the two extremes is really where the fun stuff begins.
So I guess my addiction is that I LOVE talking about entrepreneurship ... guilty as charged.
