There are three types of entrepreneurs–Misfits, Celebrities and Naivetes.
Misfits cannot work for any company. Fundamentally not hire-able. They’re smart, opinionated, no-BS, adament, sometimes arrogant. They’ll bootstrap. They’ll wash cars to sustain while they build their business. They see building a business as the only way to survive. They’ll resist taking investor money–they’d rather grow slowly the way they want than take money and compromise. Its about proving themselves, freedom from BS, soul searching.
Celebrities have a good career in general. They’re smart, have had a good ride, doing well in general, play along well. They usually know something about their industry that others don’t. They’ll raise money early. They have an idea sure, but they start companies because they can raise money. Usually with good terms. Investors bet on them because why not. Success = acquisition or IPO. Failure = acqui-hire most likely. So why not. They’ll want to discover something quick, grow fast, and exit. If things don’t go well, they give up. They’re not going to spend 10 years building a company unless things go well–opportunity cost is high.
Naivetes are everyone else. They’re smart, maybe in college or just out of college, read TechCrunch a lot, watch a lot of Steve Jobs. The day they can hack up an iPhone app, they’ll want to start a company. They think they are passionate about something, usually a cool thing. They’ll build and patiently wait for users. They’ll say growth trumps revenue because they don’t have the faintest clue how to get people to pay for something. They’ll keep writing lots of code. No one knows where they’ll end up. But they may become the next billion $ company.
All of them have the same probabilty of 1% success. Misfits will fight till the last drop of blood. Celebrities will stop at some point and move on. Naivetes will never know when to give up.
Regardless of what type of entrepreneur you are, I salute you–for risking your life to do something, for being stupid and not feeling stupid about it.
This post was submitted anonymously and originally appeared onStartupsAnonymous.com