Exit phantasies, commercialisation discussion, is blogging worth the trouble - there are many signs that euphoria and passion, the web 2.0 sense of mission etc.. are giving way to the same kind of frenetic and less frenetic division of the spoils that we had in 2000.
That holds an important lesson for all entrepreneurs, especially since this time around, there will be no big bust - just failures and successes distributed along the bell curve.
Lesson #1:
Even if everyone is focussing on other metrics, make sure you’re earning money. It’s better to be smaller and profitable, i.e. independent, than growing and growing and going nowhere in terms of being a viable business.
MIT’s secret formula for success is CFIMITYM (Cash Flow is More Important Than Your Mother) - brutal, but to the point.
Lesson #2:
Focus on proving the business model, or, more likely, finding it in the first place. chances are, that gets you more and stickier users than pure play community building. Business Models tend to evolve where there is long term value.
Lesson #3:
Try to identify the basic need you are adressing - the more basic it is, the more chances you have. Poeple have eaten, slept, mated, vyed for attention and recognition, thirsted for knowledge etc.. for centuries… that’s where the money is.
Lesson #4
Look for the right people. Rotten Ideas have made it because of world class teams. And be honest to yourself about your won ability. Your abilities do not expand as you grow older, they diminish and gnarl like old roots. That makes you experienced and savvy in your field of expertise - and less and less of a generalist in others. Get Good people. Kennedy did (”A good manager hires better staff than he is”).
When the going gets tough, the tough get going…
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