Being a principal in a startup is to a job what parenting is to babysitting. That is, successfully raising an infant child or company requires a substantial level of commitment, emotional maturity, and patience. It's not always fun, but being part of a startup can be immensely gratifying.
Paul Graham is startup veteran and a principal of Y Combinator, a venture firm that focuses on startups. Recently, he posted an essay on the unexpected realities of startups based on feedback he received from YC companies. The themes are familiar, but it's a worthwhile read.
Here are some of my favorite bits of wisdom gleaned from Graham's commentary as well as quotes from the survey participants:
Founders of successful startups talked...about hard they worked to maintain their relationships.
I didn't realize I would spend almost every waking moment either working or thinking about our startup.
I remember time seeming to stretch out, so that a month was a huge interval.
In a startup, things seem great one moment and hopeless the next. And by next, I mean a couple hours later.
I'm surprised by how much better it feels to be working on something that is challenging and creative, something I believe in, as opposed to the hired-gun stuff I was doing before.
The best way to put it might be that starting a startup is fun the way a survivalist training course would be fun, if you are into that sort of thing.
Everyone said how determined and resilient you must be, but going through it made me realize that the determination required was still understated.
I'm continually surprised by how long everything can take...everything from development to deal making...seems to take 2-3x longer than I always imagine.
For the vast majority of startups that become successful, it's going to be a really long journey, at least 3 years and probably 5+.
There is a positive side to thinking longer-term. It's not just that you have to resign yourself to everything taking longer than it should. If you work patiently it's less stressful, and you can do better work.
It's more of a grind that glamorous.
Build the absolute smallest thing that can be considered a complete application and ship it.
If your first version is so impressive that trolls don't make fun of it, you waited too long to launch.
It's so important to launch fast that it may be better to think of your initial version not as a product, but as a trick for getting users to start talking to you.
We've always encouraged founders to see a startup idea as a hypothesis rater than a blue print.
Getting people to use a new service is incredibly difficult. This can be especially true for a service that other companies can use, because it requires their developers to do work. If you're small, they don't think it is urgent. (Note: the same holds true for tangible products that require the cooperation of wholesalers, distributors, and retailers.)
[T]he outcome is the product of skill, determination, and luck. No matter how much skill and determination you have, if you roll a zero for luck, the outcome is zero.
Founders who fail quickly tend to blame themselves. Founders who succeed quickly don't usually realize how lucky they were. It's the ones in the middle who see how important luck is.
Creating wealth is not a zero-sum game, so you don't have to stab people in the back to win.
[O]utside the startup world, startup founders get no respect.
Fortunately, it can become a lot less stressful once you reach cruising altitude.
Unconsciously, everyone expects a startup to be like a job, and that explains most of the surprises.
The good news is, the highs are also very high.
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