Another gem from Maciej Ceglowski:
Whether or not this is done in good faith, in practice this kind of ‘exit event’ is a pump-and-dump scheme. The very popularity that attracts a buyer also makes the project financially unsustainable. The owners cash out, the acquirer gets some good engineers, and the users get screwed.
In a perfect world, Maciej and I would sit down with a fine tequila and discuss our ludicrous choice to building a company that makes money.
And make no mistake, bartering away your “one and only youth” (jwz again) working 100-hour weeks on a web site for the promise of a big fat carrot on the end of a stick 80 million lines long, dangled by a fat statesm–venture capitalist, who will make 3x or 10x or 100x more than you, in the vanishingly unlikely scenario that you “succeed”… is clearly stupid.
Really awesome article from Amy Hoy. It’s incredible the load of shit people are willing to believe and never once question the motives of the people doing the shoveling.
Focus: It means saying no, not saying yes.
Simplicity: Make complex things simple.
Courage: Don’t hang on to ideas from the past even if they have been successful for you.
Best: If you can’t enter the market and try and be the best in it, don’t enter it.
Focus. Simplicity. Courage. Best.
Never confuse simple with easy.
There isn’t one solution. Each retailer will need to find its own unique formula. But I can say with confidence that the retailers that win the future are the ones that start from scratch and figure out how to create fundamentally new types of value for customers.
Advice for not just retail, but all business.
Combine a low burn rate with no debt and a pile of cash, and you have the recipe for a long sustained push at a new product or service.
Just spot on. I try and tell this to wannabe entrepreneurs and get scoffed at 99/100 times.