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A simple heuristic that will save inexperienced startup founders from several different types of mistakes: be really cheap. This will save you from hiring too many people, from renting a fancy office, and from growing by buying users instead of making great things.
If you raise from VCs, most will pressure you to spend faster. Partly because, as money people, they think money solves problems. But partly for a more sinister reason: so they can buy more of the company when you burn through this money and need to raise more.
If you're a young founder, VCs have a powerful weapon to convince you to spend faster. They can tell you it's amateurish to be cheap. That you're thinking small. Don't listen to them. Most famous founders were cheap.
It's hard to think of a YC company that was killed by being too cheap. But the number killed by spending too much seems endless.
Yep, the endpoint is where you own 2% and work for them, 12 hours a day, minimum wage.
I agree with you, being an early member on a startup team is like playing a game where the outcome is very insecure. Most of the times, you will work 3 years minimum wage and the stock is worth very little, or (very unlikely) that startup is a massive success an 2% are millions
Less about buying more of the company and more to force function it to either grow fast, or die quickly, VCs dislike what YC loves, which is companies that persist. In early stages, VCs want the mark up or the write down ASAP.
@rabois your thoughts on this?
And here I thought VC was smart money.
Great wisdom! Thank you!
This is counterintuitive. All invested parties will make more money if expenses are minimized and revenue is maximized. Obviously they know this. Manipulating the process to get a deeper cut is a form of sabotaging.
So TRUE!!
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