No. 1 – So you want to build a startup

No lie, just know I chose my own fate

I drove by the fork in the road and went straight

– Jay-Z

If you're determined to build a startup, you ought to know that it's nothing like the glamorous tales you hear or read about. Founders don't simply stumble upon an idea, overcome a few hurdles, and then enjoy SUCCESS! Instead, they spend most of their time desperately searching for ways to keep their venture afloat. Unfortunately, most don't figure it out. The journey is a relentless pressure cooker filled with crushing stress, radical accountability, and constant uncertainty. So, ask yourself, why do you really want to build a startup?

Emotionally, you'll bounce between euphoria and deep worry. One moment, you'll be brimming with unshakable confidence, certain that success is just around the corner. And the next, you'll feel like impending doom is mere moments away. You'll have to deal with terrible co-founders and watch deals slip through your fingers when you most desperately need them. Struggling to keep the lights on will be a constant battle, and at times, you might even doubt the value of what you're building. Sometimes, all of this can happen in a single day.

So if you are considering the startup life and are any kind of normal, do something else.

Now, I certainly don't mean to make it all sound miserable. I enjoy the chaotic dance of building a startup, even if I don't always like it. Amidst the maddening swirl of late nights, product delays, constant fundraising, relentless pressure to grow, hiring, firing, and everything in between lies an incredible experience. It just depends on why you're doing it.

If it's simply about money, you'll likely be disappointed. Anyone building a startup wants to create a bit of wealth, that's a given. Not many people do, at least not the life-changing wealth you hear about in popular media. I'm sorry to say that most startups don't even make it, let alone make their founders wealthy. Worse still, some startups teeter on the edge of failure, raising or making just enough to scrape by for years and years. We call them the "walking dead," and it's a fate more torturous than outright failure.

You could make a living at a startup; don't think I am saying you can't. But then again, you could do that at any other job without all the extras that come with running your own thing. In all likelihood, the living you make at a startup is well below your market value. For every year you spend building a startup, you're leaving the money you could be earning elsewhere on the table. Now if you're lucky and your startup takes off, you might make more money than you can spend. But then you have to seriously ask yourself, how lucky do you think you are? Luck happens to be a terrible business model.

Instead, if you're looking for freedom - to be free from being told what you can or should do - look no further. On balance, no other career will offer you more autonomy than a startup. You certainly won't have any more time, but you can decide how to spend that time. You'll choose the people, customers, and investors you want to work with. You can build your organization around your values. If you believe in a 4-day work week, make it happen. If you want to commit a percentage of your revenue to a specific cause, go for it. For some, this is reason enough to build something of their own.

Of course, total freedom also means radical accountability. In the early stages of your startup, you are the company, and the company is you. The success of your venture is inextricably tied to your effort. There's no middle ground – either you get the work done, or you don't. If you're accustomed to others planning your work or things just happening, brace yourself. No two days will be the same. It simply will not get easier over time.

You will need to protect your newfound freedom from those who might diminish it. Certain investors, employees, co-founders, and customers will zap your autonomy. Learning how to spot them is a skill in itself. So, make sure to look for partners, not bosses. Collaborate with people based on their values, not just their resumes, even if it means saying no to perfectly good money or talent.

For others, it's about making an impact. More often than one would think, startups change the world. You will have advantages that a traditional organization does not. You can leverage new technologies, move fast, fail, and recover. That's powerful. If you want to make an impact, the formula is simple - build something that makes life better for others. It doesn't have to change the whole world. As long as it makes life better for someone, that's something to be proud of. Startups have achieved remarkable things. As long as you can find a way to sustain your business, there's no reason you can't bring your vision for the world to life.

For some, it's the thrill of working on something new, something no one has done before. It's an incredible privilege. You'll have to be comfortable figuring it out as you go along. You'll quickly realize there isn't always a correct answer. There are only choices that either work or don't. Your competitor might make the same choices that didn't work for you and succeed. That's ok. Because it won't work a lot before it finally does. Just remember what Steve Jobs said: "Everything around you that you call life was made up by people that were no smarter than you, and you can change it, you can influence it, you can build your own things that other people can use.” And that's a good reason to leave your mark.

In the end, despite your best efforts, there are realities founders have no control over. Even if you do everything right, you might fail. The inverse is also true: you could do everything wrong, and it might work out. Although I can't prove it, I suspect many successful startups are more luck than effort. I find this is true for everything in life, regardless of what some successful individuals claim.

You likely have many more questions. Am I smart enough? How do I raise money? Build a product? Hire a team? And others. Many of which I will answer throughout this series. First, though, ask yourself: is this truly what you want? Everything else you'll figure out along the way. If you want to build a startup, don't hesitate. It often works out for the better, even when you stumble along the way. At the very least, you'll learn new things, meet new people, and grow. And if you're lucky, you might build something that changes the world. Along the way, you may even create some wealth for yourself and your family. It will consume your life, but it may very well be the best choice you will ever make.

The lesson then is to do what you want. Not what you think you're supposed to want. To find the fork in the road and drive straight ahead.

Either way, good luck. You're going to need it.