300: The Startup Bus Fallacy
In today’s episode of The Startup Chat, Steli and Hiten talk about casually starting businesses and riding the wave of circumstance, when you are not emotionally invested in the idea.
They highlight the difference, between having fun and enjoying your startup. Defining that a successful startup is focused on sustainability, focus and hard work.
Running a startup is not easy, and a successful startup cannot be quickly achieved. So when investing your time into a new idea, you should be passionate about it and willing to commit to it fully. With full awareness of all of the effort, highs, lows and challenges that running a business brings. The difference between investing your time wisely and successfully running a startup often is about managing your startup psychology, from the beginning.
Tune into this week’s episode of The Startup Chat, to look at how to avoid falling into the trap of starting something that is fun but doesn’t have your full commitment. As well as Steli and Hiten’s top tips for running a successful startup that you enjoy.
Time Stamped Show Notes:
00:27 What is the Start up Bus fallacy?.
04:57 Start up advice.
05:29 Why the idea of fun and Startup do not mix.
06:41 The good reasons to create a Startup.
07:42 An example of the seriousness of your decision to begin.
08:11 The false momentum.
10:53 The danger of casual commitment.
11:14 The definition of a casual commitment.
11:35 Tips for Startup mindset.
12:14 The benefits of the right mindset.
3 Key Points:
If you want to be involved in a startup for fun; go to work at someone else's start up, you will have more fun.
It should be something that you enjoy, but that is not necessarily fun.
To begin, should not be a casual or opportunistic proposition.
Steli: Hey, everybody, this is Steli Efti.
Hiten: And this is Hiten Shah.
Steli: And in today's episode of the Sunup Chat, I want to talk about the "startup bus fallacy".
Hiten: We like talking about more than just sales and marketing.
Steli: We just want to bullshit and chat about business and life, and hopefully while we're doing that, provide a lot of value to people.
Hiten: The world's best business podcast.
Steli: Oh. Shit. Shit, we got it.
Hiten: For people trying to get shit done.
Steli: Done, yeah. We don't want to give you feedback that's bullshit.
Hiten: We want you to do your best.
Steli: This is a term I just came up with just before we took with the call. We might rebrand this, but here's what I mean and what I want to talk about with you today Hiten. So I've had a number of conversations recently, the past week or so, with friends of mine that have been founders of startups that started off as like fun little projects. Things they were not that passionate about, things that seem to be just fun. They were very non-committal in the early days, or they were interested about the project because of certain factors. But they knew when they started, they knew I'm just gonna do this for a little while, but this is not really what I want to do long term. And then "life happened", that little thing became bigger, and there were investors involved and advisors and a team and commitments, and months passed by, and years passed by, and all of a sudden ... They had some highs, they had some lows, and now it's like, I don't know, two years, three years, four years later, they're struggling. They don't really enjoy it that much, and thinking back, they never really wanted to do this thing,