Founders need a clear sense of what they're giving up, and what the potential payoff is.
Example:
I'm investing $5k,
and 800 hours of my time,
building this software.
My goal is to reach $10k in MRR
by August 2, 2021.
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A common self-delusion is: "My lifestyle is way better, so who cares about my bank balance?" Money provides security. Money provides margin. You want both: money + lifestyle. (Don't sacrifice either for the other!)
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Often, being an entrepreneur means foregoing consistent promotions and opportunities in your industry. Starting a business means you're no longer climbing the corporate ladder. In many cases, those become lost years. You can't get those lost opportunities back.
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Leaving a career path (and starting a business) carries this ironic risk:
If your company succeeds, your value as a potential employee goes way up!
If your company fails, and you spent years not climbing the corporate ladder, your value as an employee goes down.Pokaż ten wątek -
Don't undervalue the investment of your life in an idea that (might) not pan out. The longer it takes you to get to "default alive," the riskier your bet becomes. Smart founders get out while the getting's good (so they can try something else).https://twitter.com/destraynor/status/1029688002442874883 …
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Seriously wish that was not limited to the West Coast
Dziękujemy. Twitter skorzysta z tych informacji, aby Twoja oś czasu bardziej Ci odpowiadała. CofnijCofnij
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There's very few ( and very crappy and expensive ) places you have to live to make these kinds of figures. Let's see, live somewhere where 120k lets me build stock, savings, own a house, raise kids, and travel? Or live in a place where 350k gets me a shoebox apt in an alley?..pic.twitter.com/hYHBr82QdA
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Do you have any idea how few entrepreneurs make 120k after expenses, salaries, taxes, material cost etc? Most small biz owners are incredibly broke
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I'd love to explore the dynamics at play here... wanna come on Ditching Hourly and share your thoughts on this?
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It always amazes me that there seem to be so few software developers outside of North America trying to build a company. Shouldn't your risk:reward ratio be way better if you're only making $10k-50k?
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Wydaje się, że ładowanie zajmuje dużo czasu.
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building
Energy
Every idea we commit to has huge opportunity costs.
