The vision people have of a startup founder is at their vacation house looking out on their big boat just smiling at how awesome his/her life is. They don't have a care in the world. They built their business, didn't have a boss, made their own calls and became rich. That's pretty awesome!
I don't know the numbers, but that might be 1 out of every 1000 entrepreneurs get to that level. Most business just flat out fail. I believe 90%+ don't amount to much at all. The founders lost most everything. They might have also lost their investors money, as well. That story isn't what is told in media.
Jeff Bezos is the type of person who is immortalized. He left his corporate job. Started Amazon small as a bookseller. Made the right calls. He's now with many many many many billions. He said he actually gave his chance for success at 20%! Even he knew that startup live is a massive gamble. He was ready to lose it all though....or at least lose the money his parents gave him to start the company.
If becoming rich is something you are envisioning when you start your company, then you might want to hit reset. Becoming rich MIGHT happen, but your focus needs to be on solving a consumer problem with a great product. Tight focus on that in combination with intense effort MIGHT result in your getting money and becoming rich.
For Sloane I really thought we'd be financially success very soon. Make some undershirts. Sell them. People talk. LOTS more people buy undershirts. Mike becomes rich. Sounds pretty doable.
About a year or so in I realized how hard startup life is and how difficult it is to become rich off of it. Here were some challenges.
- Where does the money come from to invest in inventory to even sell?
- Where does the money come from to develop a website?
- Where does the money come from for a photo shoot to even put images up on the website?
- Where does the money come from to make people aware you even exist? Facebook ads? PR? Influencers?
That's a nice little list of expenses that need to be paid BEFORE you even sell your product. When those started to add up I knew that I was in for an enlightening journey in entrepreneurship. Becoming rich was a looooong way off and I needed to take the first step on the journey.
From that point on I have never thought about becoming rich from Sloane. It was about learning and enjoying the journey. Make the best product possible. Please as many consumers as possible. Learn from mistakes. Don't get too down.
With that attitude I've been able to really enjoy the entrepreneurial life. It's been a total adventure. I'll share more of the ups and downs in this blog. To me the experience has been worth it (or at least that's what I tell myself in the hard times! ha).