Ever since I became a dad a little less than 2 years ago, I’ve had to re-prioritize my life and lay dormant several side projects near and dear to me–one of which is this blog. Hence, why this is the first new post I’m writing in over a year.
Becoming a father has been one of the most fulfilling experiences I’ve ever had. I still don’t enjoy the feeling of warm poo on my hand every now and then (not mine, but my son’s), and the sleep deprivation has been horrific. But at the same time, having a child is just like falling in love, all over again. At the end of the day, my wife and I have created a brand new best friend, and our lives are way more fun and interesting.
Right before my son arrived, I sort of went into this reactionary life mode. Pre-kid, I was winging my career as an entrepreneur; however the prospect of having a child made me believe that I needed to get a steady job and that my days as a risk-taking entrepreneur were over (at least until the kid’s in college).
So, I got a job. A great job in fact, working as a product manager at Facebook.
Photo credit: Unfinished Business movie stock image
Every week someone asks me for advice about a startup job offer. I have no idea why people reach out to me about this. I’m not an expert on job negotiation by any means; but I have done a fair amount of hiring and deal making as an entrepreneur.
This post relays the main advice that I typically share to friends considering their startup offer. Hopefully I can use this post to direct my job-hunting network and save myself some time typing this advice over and over again. 🙂
“Birthdays was the worst days, now I sip champagne when I’m thirstay…”
Hustler can mean a lot of things. For many people, it’s a pejorative term.
In the 1993 rap hit, “Juicy”, Biggie Smalls talks about how he was forced to hustle on the streets in order to support his baby daughter. So for some, a hustler is a criminal.
When I was in third grade playing soccer, my coach used to scream at me to show more hustle during practice because I was so lazy. This is my personal negative association with the term, of being forced to hustle at soccer practice when I could have been at home playing video games on Saturdays (I had different problems than Biggie).
But today I love the word hustler. In fact, it is one of the greatest compliments I can give to someone. In the startup world, a hustler is someone who doesn’t let fear get in her way. Even when she’s in over her head, lacking a certain skill or network, she puts her head down, learns what she needs to learn, and succeeds no matter what. This is a resourceful character trait that I look for in all people I want to do business with.
Photo source: Wikipedia
Businesses take time to grow.
What I hate about Silicon Valley is that this ecosystem puts a lot of pressure on entrepreneurs to grow their companies at unnaturally fast speeds, across all dimensions: user acquisition, headcount, revenue, even expenses.
I’m not saying that growth is bad. But I do believe that more often than not, a slower and more deliberate pace of growth early on can set an entrepreneur up for success later on.
What is the root cause of this pre-mature growth pressure among founders? It’s investors. When you raise money, you buy into a rat race that compels you to show progress toward a huge ROI for your investors. Some investors are patient, but many are not and want to see fast returns on their investment in a startup, pressuring founders to raise more funds or take quick exits. The way to get to higher valuations fast for the investor is fast growth.
I chose to bootstrap my last startup because I didn’t want to deal with investor pressure. I wanted to grow organically, at a speed that I dictated.
Today I’m proud to say that my company pulls in substantial revenue and is highly profitable. But the earliest days were ridiculously modest in terms of performance. The following screenshot is my company’s actual Profit & Loss Statement from 2006. Keep in mind this is eighteen months after I started my startup: