Passion Comes First
But you have to be ready.
Startups are the engine for job creation and innovation. New tech comes from small, agile groups — not lumbering corporations. Don't join startups for money. Join for the team, the product, the exposure to unique problems, and the chance to create something from nothing. Use that to make money later.
Lecture 01 of 08 · Taught by Ali Sina
"TIMING > IDEA, TEAM, BUSINESS MODEL, FUNDING"
Hollywood and social media have elevated entrepreneurship to Rock Star Status. Money is not one of the perks. The average startup survival rate is less than 10%. 9 out of 10 startups are shuttered before they grow enough to sustain themselves.
Half of failed startups die because they didn't build a product people needed. Others run out of cash or have an ill-equipped team. But ultimately everything (or at least 50% of it) comes down to timing. Is this the right time for your product or service?
Only start a startup if you feel compelled about a particular problem AND if you think starting a company is the best way to solve it. Passion comes first.
Take these to heart.
- Learn about things that matter — work on problems that interest you with people you like and respect.
- Real problems are interesting even if no one cares about them. If you like it, just learn it; it will become useful later.
- When a side project takes an alarming portion of your life, you'll know it's turning into a startup. Google, Apple, Facebook were all side projects first — not companies.
Your homework.
- Do you have a passion? Is there anything that makes you tick?
- If yes — what is it? If not, pursue what you're curious about.
- What things matter to you?
- Are there any problems you find interesting?
- Who are some people you like and respect?
Insolar — passion comes first
I'm very passionate about reversing climate change — not because we're killing the planet, but because the next generation is inheriting a damaged one. The Insolar story is the textbook case of starting from passion. The combination of making an impact in clean energy while proving every 'you can't' wrong is what makes me passionate. The way solar was being sold was broken — Insolar exists to fix it.