Sticking to your plan
It is hard building a business. It is hard sticking to your plan. It is hard to go with a new plan. I fear it is going to get harder being a founder because the endless supply of capital at perhaps inflated valuations is starting to ebb. You can just feel is in the air. It isn’t a bad thing it just changes the game.
I tell everyone these days to figure out how to get profitable. When you are profitable it puts you in control of your destiny. You can raise more money or you can just continue moving at the same pace until the ice thaws. It is about owning your own path. I am seeing more founders focus on that sooner than later and that is a good thing.
One of the founders I work with just closed on a round after working long and hard at it. I love what she said to me. “Being an entrepreneur is like oscillating between terror and euphoria and just getting more comfortable with it”. This was from Crista Freeman, the founder of Phin and Phebes.
Another founder who just closed a Series C and is finding himself pulling way out of the gate where the other ones surrounding him (some that were much bigger) are beginning to fall hard. He described this phenomenon to me: “We were heads down, and when we looked up, everyone else was gone.”
I love these quotes from both founders. It is truly what drives them, the rush, the adrenaline, the agony and the excitement. That is not going away. What is going to go away is darts being thrown at anything to see what sticks. Investors are going to be more thoughtful about all aspects of funding and founders should be more thoughtful about how they can achieve their goals.