Getting the Most Out of Your Start Up Dollar
by Dan Miranda on June 15, 2009
in Entrepreneurship
I recently had a chat with the co-founder of Viralogy, Yu-kai Chou. I learned two things: 1) the guy is a genius and 2) how to start a company with a few hundred dollars. Actually, I learned much more, that’s why you should read on.
Contrary to popular belief, living the life of a start-up is not glamorous (hence the name “start up”). That isn’t why you get superior workers to help your cause. They will do things for you without cost for one of two reasons:
- They believe in the end goal. Yu-kai explained to me how this is like the Lord of the Rings. People will join your side if they believe in destroying the ring. If you have a worthwhile mission people will be flocking your every need – granted with hard work and determination.
- They like the people they are traveling with. If you have a solid, core group of workers taking on your start-up, others will want to join in, even if they aren’t getting paid. Sounds absurd, but really simple. With a supportive team, getting people to join your efforts is easy and effective.
The reason someone joins a start up is for the fact that they are interested in solving new problems constantly. If they wanted to be bored, they would work nine to five. When people leave your efforts because they are not getting paid/move on, do not fret. There is a bountiful bowl of more people waiting to be handled.
Doing something exciting and meaningful is joining a new company. If they wanted to lead a comfortable lifestyle, people would stay in the hobbit as a farmer. Most, thankfully, are tired or angry or bored with being farmers.
I think Yu-kai said it best when he put this quote into action: “Most of the things people do just become their history. But some things they do become their legacy.” Start up companies, just like Viralogy, look to become that legacy.
I know Command Your Time won’t be the first site to bring you entrepreneur advice, but one thing that you should know about me is that I love business.
The biggest reason to me for starting a business was “solving new problems”. I don’t feel like I get to do much of that at my 9-5 job, so I am actively pursuing other options. I started my blog for this reason. I also own a clothing company. I completely agree that it all comes down to leaving a legacy, and I think that is what we all hope to accomplish at some point. Thanks for the thoughts!
Not like I can actually connect to what you are saying, but I feel the same way about school. Most of the time, busy work is what is on the plate and I don’t feel as if I’m doing anything of importance.
Some of what you are learning is just dealing with information and how to mentally organize it. Some of it is “busy work” but that is mostly to get you use to doing that kind of work, for when the more important stuff comes along.
Real brain exercises start in high school and college. If you want to get even more ahead of where you are now, consider picking up a book that teaches critical thinking.
High schools struggle to teach critical thinking skills but often fail miserably (depending on the high school), but it will give you a gigantic advantage throughout your schooling (and lifetime).
This one is a great book, I used in a class I took, (college level) it’s very very fun stuff, and hey you can’t go wrong for six bucks!
ttp://tinyurl.com/ktqskv
Great article. I love the Lord of Ring Journey and it’s amazing to have you in this part of the legacy too!
Thank you, Olina! Lord of the Rings is quite fun!
Yu-kai… a genius? That’s the funniest thing I’ve heard
Ha, you are right, Jun, maybe it was a stretch.
If someday I end up living in the US, let’s do business together Dan. Would love to brainstorm with you my man.
Going into a new project with partners can be a very wise move. Yeah, you have to split up the potential profits. But you accomplish things you might not of, had you gone into it by yourself. Copyblogger’s free e-book speaks about this.
One of the reasons I consider myself an entrepreneur is because I love creativity. And creativity is at the heart of coming up with good ideas. Ideas that can translate into profits.
Your example on Lord of the Rings is great! It vividly shows what is happening in the world of entrepreneurs. It’s all about having a vision and communicating that vision to people, so that people get excited and jump on board. It inspiring to see that a young teen like you know so much!
start-ups are all about challenges and overcoming them. If you are able to manage challenges then you might be cut out for building a start-up, if not…you might need to rethink your decision to build a start-up. I also believe in the power of not spending too much to get your business off the ground, the biggest lesson I have learned as an entrepreneur is this: a true entrepreneur is never hampered by having or not having money to start a venture. great article.
Great article. Believing in what you do is half the battle.