Paradoxical though it may seem, how you start your business is often dictated by the end game. Not all entrepreneurs are in the startup world for the same reasons. Some want freedom and the ability to control their own schedule. For others, the motivation is to create something transformative with technology. Some harbor dreams of becoming billionaires. Others consider their work a labor of love, knowing that by working for startups, they’ll make less money than they could have working in the corporate world.
These diverging motivations are important for founders to acknowledge and address from the beginning. Simple as it may sound, you need to pick your direction before you start your journey.
It would be nice if working for startups enabled you to have complete freedom and make billions and make something transformative with technology, but that’s rarely the way things work. There’s a reason that Brad Feld has written books on the difficult work-life balance issues among founders who work for venture-backed startups. Many founders find themselves completely consumed by their startups, and the culture at many startups is the antithesis of “come and go as you please.”
Founders ought not to assume that by agreeing to join a “startup” together, everyone wants the same things. Figure out exactly what you want to get out of your startup and then take the appropriate steps to get there. The next few blog posts address three different ways startups choose to develop, and the consequences of choosing each of those paths, legal and otherwise.
Photo Cred: PSU