I Shouldn't Start A Company That I Am Not A 100% Sold On
July 2021
This piece was written while I was a Founder in Residence at Entrepreneur First (EF), so it very much reflects the frame of mind and considerations in that context. Nonetheless, I think the points here are worth thinking about for those starting their founder journeys.
I'd think that most people's immediate response to that statement, without much thought, would be, "That's obvious." Perhaps, that gut response is what's right. But here, I break down my thoughts and see if I agree with the gut response, or not.
Initially, I toyed with the idea that I should make the most out of my time in EF by starting a startup, no matter what. A startup in any industry, building any kind of product or service. Just start one, even if I am not a 100% sold[1] by the problem that I am trying to solve.
Simply because I might be missing out if I don't start a startup right now with EF. I'm in an accelerator designed precisely for that, so surely it makes sense that the best use of my time would be to found a startup. Plus, even if I am not a 100% into my startup's business, I'll be sure to learn something that can help me when I eventually get to building my magnum opus startup.
I think I might just have realised that this reasoning will cost me more than its potential benefits.
Firstly, I am not "missing out" if I don't found a company in the programme. I've become aware that being in the rigour of thinking of startup ideas with the EF mentors and cohort members can unintentionally give the illusion of "missing out" if I don't start a startup. It seems like I miss out on bringing these great ideas to life. I miss out on becoming a CTO and running my own company. I miss out on the chance of founding the next unicorn. But not really, no. There are many ways of starting a company, doing it through EF is just one of them. Does EF make it easier to find a good idea and co-founder to start a company though? While that question is reasonable and debatable, it should not be the biggest reason to start a company at EF (i.e. I should not start a company in EF mainly because it is easier to do it with EF than without). So no, I'm not missing out.
Secondly, I definitely should still make the most out of my time at EF, but starting a company that I am not a 100% sold on is not the only way I could make the most out of my time at EF. To me, I should make the most out of EF by being open to ideas, building meaningful long-term relationships, possibly sharpening my understanding on various concepts and if I am lucky, learning what my specific knowledge[2] is.
Thirdly, I don't have to start a startup that I am not 100% in, just to prepare myself for eventually starting my magnum opus, billion-dollar startup. That is not a good enough reason to dedicate the next 10 years of my life to something I don't feel strongly enough about. I believe that most business are different enough that I can expect to still be "learning the ropes" in my future ventures. Sure, having done a startup before would have taught me some things. But because all businesses are different, I don't think it would teach me enough such that I can significantly increase my chances of success at my next startup.
The question then becomes, "How do I know if I am a 100% sold on an idea, problem space or business proposition?" This I am still figuring out. It probably is a function of my specific knowledge, interests, and who I am working on the idea with.
Notes:
[1]: A company that I am not a 100% sold on refers to ideas that are mildly interesting to me, but not interesting enough that make me go "wow let's get started".
[2]: More on specific knowledge next time.
