Skeptical AF
I experienced my first bit of client churn recently.
A raw, start from zero startup, that had signed up for a build of a proof of concept around their idea with a monthly retainer.
And they churned from my services after one single month, finding someone who would work for equity instead.
It taught me a valuable business lesson - raw startups need to have minimum contract lengths - but it also reminded me of the sometimes warped thinking around equity in startup land.
In this case, the client equated having equity with having ownership - of finding someone as bought in as they are into their big idea.
To be fair, I've done this long enough that that's not ever going to happen. I've had 4% of a startup that I didn't exercise. I've had my stock options double due to great performance at a startup - and left all those behind, too.
Have I mentioned I also don't play the lottery, hate Las Vegas, and find dog tracks depressing?
The only thing I bet on is myself, and even that's only been very recently.
And, I've come to believe that the unbridled optimism of most startup founders will rarely if ever find a match for that no matter how much equity they give.
It's your baby, you keep it. I don't need to be on your cap table, and being there isn't going to make me work harder or do more or feel more ownership.
As optimistic as I'm realizing I am, I'm getting comfortable with balancing that with a deep, deep skepticism.
Will I miss something?
Probably!
But I don't need that anyway. I can get by with enough.
And I bet I can get enough.
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I mentioned last week that I'd be participating in a panel with the fine folks at Elevate Ventures later this month.
More details and registration are now available: https://www.eventbrite.com/e/bridging-the-business-technical-divide-tickets-1035445885517
I hope to see you there!
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Is calling my blog posts "axioms" clever or pretentious? Why not both!
Recently on said blog:
- One-on-ones are for people, not status updates: Triggered by a chat with a colleague of mine stuck in a status-update-filled 1:1 relationship, I took portions of a chapter from my still-in-progress book to cover what 1:1 meetings are better used for.
- Blameless takes a lot of work: When things go bad, it's time to take ownership of the situation before someone else steps in.
- No, you log off: How to take a proper vacation: It took 20 years, but I finally learned how to unplug from work on vacation and realized how my absence helps my team grow.
- Working with designers: Perfection vs Pragmatism: In an early stage startup, design and dev can get snippy with one another. This is because they're coming from very different world views.
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Finally, it's October! My favorite month of the year.
I spent some time earlier this week traipsing through the magpie that is Spirit Halloween - nesting in a former furniture store - on the hunt for a Halloween costume for my daughter.
She likes dragons, and maybe we can cobble something together for her from devil wings, and mermaid scales.
How do you celebrate Halloween?
Still costuming? Full-size candy-bar giver?
These days, I've started spending the evening with my son - now a sophomore in high school - staying in, handing out candy (not full-size, yet ... we'll see how business goes), and watching a reasonably scary movie.
Last year was "The Sixth Sense."
This year, I'm thinking we might try "The Others" ...
Unless you have a better suggestion for a couple of horror wimps.
Here's to spooky season and the holiday season to come.