To see what we mean, read small-business expert Mike Michalowicz’s take on the importance of paying yourself what you’re worth on OPEN Forum.
Just as the way to get startup ideas is not to try to think of startup ideas, the way to become a startup founder is not to try to become a startup founder.
Quite a few entrepreneurship heavyweights have weighed in on the issue of quitting.
Paul Graham, founder of Y Combinator, one of the leading accelerators in the world, says that companies fail for one reason and one reason alone: The founders quit.
Let’s face it: Startup life is brutal. The failure rate is high. Even the companies that succeed face long, grueling slogs. You also have to deal with a constant stream of criticism, from customers, competitors, co-workers, and sometimes, investors. If anything goes wrong, rest assured, it’s your fault. And startups often rip you from your comfort zone on a daily basis. There is no soft couch to sit on. You are usually in a fight for survival, relevance, attention, sales, revenue, talent, and funding. Relax for a minute—and you’re toast.
That’s why I tell my students contemplating launching new ventures that the first thing they need to get right is their mindset.
The proper mindset for a fledgling entrepreneur is that of… a rhinoceros. Sure, rhinos are known for their massive horns and tough skin. But there are some lesser-known qualities that rhinos and great entrepreneurs have in common. Read more.