Redefining success in Startups
The essays I write are based on my reflections and experiences as an independent and bootstrapped founder. I have, however, nothing against entrepreneurs who are seeking funds to grow their businesses. Neither am I against indiehackers who are building their companies as a solo founder, even though I started Books & People with two co-founders.
In building startups, it is different strokes for different folks.
Indiehackers like Pieter Levels (nomad list and remoteOk), yongfook (banner bear) and Andrey Azimov (sheets2site) have proven that it is both possible and profitable to run one-man companies.
DHH and Jason Fried (basecamp and Hey) have also proven that a partnership without venture funding, and without a crazy 80-hour workweek, can be very successful as well.
And of course, there are entrepreneurs like Anthony Tan (Grab) and Jack Dorsey (Twitter and Square) who had sought funding and became billionaires.
There many ways to build startups. If you are thinking about starting up or have started up, it is important that you are not trapped by dogma and pigeonholed into thinking that is only a single prescribed way to success.
You must neither be intimidated nor intoxicated by size.
Founders or would-be founders need a radical re-definition of success and not confused greatness with largeness.
I believe all founders and entrepreneurs are called to greatness, but not all are called to largeness.
In the age of superficiality, it is easy get bought into the size and number games – biggest profit, biggest number of employees etc. Entrepreneurs must not be swept along by an ego-trip that equate size and numbers with success.
It is possible to be a company of one, lead a calm lifestyle, and still be making $1M ARR. It is also possible to seek funding and grow your startup into a behemoth like Facebook or Google. The point is, when starting out, we must maintain a balance of perspectives. Making a million as an indihacker/ bootstrapper doesn’t make one less successful than somebody else who has made a billion. And making a billion out of a successful startup does not make one an asshole automatically.
I am all for profit and growth. Success in startups is often linked with growth in profit. Nothing is sadder than a startup that does not grow in profit in spite of its growth potential. However, founders must be clear-minded to define how much is enough.
It is not difficult to traverse the internet and find many bootstrapped founders bashing big tech companies that are VC backed. I have always thought that much of such bashing that is going on is by size-inhibited or size-intimidated founders. The size-inhibited founders easily lose heart by the smallness of their startups, while the size-intimidated founders easily lose courage to take their startup towards quantum growth leaps.
The bottom line principle is this: the more clearly you can define your purpose, the easier you can measure your success. Success is a purpose-driven word. While there is a need to radically re-define our meaning of success, there is also a more fundamental need to radically re-examine our purpose. And in such re-examination and re-definition, there is a place to factor in family and rest in your startup’s success and purpose. Being able to lead a balanced and calm life as a startup founder is not a myth; it is a possibility if you planned for it.
Below are some leading questions that can help in your re-definition and re-examination:
- When founding your company, what have you set out to do?
- What is your one defining passion?
- What is your one defining purpose?
With a crystal-clear definition of what your success and purpose are, go forth to startup. Your success depends on it.
