12. Insight into Entrepreneurship - with Albert Kozlowski
Listen here: Episode 12
Episode Description / Notes:
Spinning out a side-project or laying the foundations of your start-up seem tempting, but with so much biased advice out there it can be hard to understand the reality of the road ahead.
Enter Albert Kozlowski (@albertkoz on twitter), who's been kind enough to both give you and I an unvarnished and honest look into start-up life. Albert is working on his second start-up - Birdslate (https://birdslate.com/) - which is an Asynchronous Video Platform for remote teams that's going to revolutionize how teams communicate.
In this episode we discuss:
- Going beyond a product and creating a brand/narrative.
- The benefits of finding other Founders to join you.
- The reality of Building in Public.
- Side Project vs Start-up
- The benefits of a support network and looking after your Mental Health.
- and finally Albert gives some excellent advice that you won't hear anywhere else.
Episode Notes:
Rather than a 1-1 interview transcription of the episode (available here), I figured I’d extract the most important points/lessons from this episode with Albert. Its definitely worth listening to the Audio version if you can, as there’s so much more value to be brought out of it. If you’re strapped for time though, then there’s some nuggets of wisdom below:
A Start-up isn’t just a set of Features, or a Product
It’s a Vision, Mission or Dream - you need to craft a Brand and a Narrative around it.
Investors will invest and make their bets on you and that Narrative; not the product.
The Narrative you craft, and the way you position yourself in the market, can be what makes or breaks your start-up.
Not how shiny, expansive or polished your product is.
Side-project != Startup
They can be profitable, but they’re focused on building out a feature
They can evolve into a start-up, but requires a shift in mindset and a totally different set of skills.
Anyone can build a start-up, but not everyone will be able build a start-up.
Start-ups are like Marriages.
In the same way anyone can get married, but not everyone is ready or in a good place for it -
Not everyone is ready or in a good place (financially, stability, responsibility-wise, etc..) to build out a Start-up.
It takes dedication, mountains of time, a vision, financial resources and commitment
Its not just winning the first few dates - you have to be committed long-term!
It might not be a fast exit - it might be something that will take 5-10 years to build up
Why do most Start-ups fail?
Founders “go it alone”
No co-founder can often mean:
Too much responsibility and an eventual burn-out
The excitement fades and you lose interest
Too much focus on the feature-set and not the mission
Think why so many developers have a graveyard of side-projects that never see the light of day again
No co-founder to guide/help/motivate them!
A good support network is the secret to success
Good relationship with Cofounders and Investors
Good home-support from Partners, family, etc…
Partner buy-in and acceptance of the mission and situation is practically a requirement.
Professional help, in the form of:
Executive-focused Therapists
Business Coaches / Mentors
Master-mind Groups
Entrepreneur / Start-up Founder groups
You don’t need to stand-alone against the (corporate) world!
There’s no one-size-fits-all pattern for Start-up success
Don’t buy into the lie that you need to work 80 hours a week to be successful
You don’t have to force yourself into a 9-5 pattern either. Consider:
Flexible 6 hour days / 7 days a week
10 hour days / 4-days a week
Take the time to discover what works for you and your life
Work/Life balance is achievable if you want it
However you have remember to prioritize it
Consider your reasons for building out a Start-up
Financial Gain?
Might be better become a freelancer or consultant
Less stress and more financial gain
“Being my own boss”
Demanding clients and the responsibility of paying staffs’ wages can often be tougher
If anything, its like having many bosses
Final Advice
Too many times people regurgitate commonly used phrases, ideas and processes.
Cargo-cult bootstrapping
Take the time to understand and follow your gut.
Forge your own path!
If these cliff-notes piqued your interest, then you should listen to the full episode when you get a chance!
If you’re looking to get started in a Career in Software Development, or you’re already in the industry and need guidance/mentoring, then contact me today.
I’d love to discuss your situation and how we can get you into a place of confidence and success.