Seriously, Why do so Many People Hate Entrepreneurs?
Entrepreneur Office Hours - Issue #222
I created some controversy on Instagram with a recent post. The gist is that I walked into a classroom where I was about to teach one of my entrepreneurship classes, and I found all the white boards filled with mathematical formulas.
It’s a bit hard to convey just how overwhelming (and impressive) this all was in the moment because it requires understanding the layout of an unusual classroom. The basic gist, however, is that the white boards aren’t at the front of this particular room. It’s a long, narrow classroom, and the boards are on both ends. As a result, as soon as you walked into the room you were surrounded by walls of equations.
It was such a unique sight that I created a silly video joking about how crazy the equations looked and how nobody should take whatever class it was because it was clearly terrifying. Here’s the post if you’d like to watch it:
Again, I meant the post as a joke. Most people got that, but some took it wayyyyyyy too seriously and got upset with me. That’s fine… people getting upset with you is basically the price you pay for getting 5 million views on a video. After all, there’s no way to make 5 million people happy.
Whatever… feel free to love it or hate it. That’s not why I’m sharing this particular story. Instead, I’m telling you this story because some of the hateful comments on the post were directed at the stupidity of entrepreneurship.
You can read the comments yourself if you’d like (all 4,200+ of them), and you’ll see what I mean. But, to save you some time, here are couple of my favorites:
“This guy teaches Entrepreneurship, basically BS and wishful thinking. That explains why some maths looks like a terrifying alien language to him.” [sic.]
“You said [you] don’t know what any of those stuff means. Of course you don’t, you teach some entrepreneur shit.”
The second comment really made me laugh. Are we just going to ignore the irony that he’s commenting in an app built by talented entrepreneurs, with a device created by visionary entrepreneurs, using a technology invented by brilliant entrepreneurs?
But yeah… sure… let’s just pretend entrepreneurship is easy, stupid, and worthless… 🤷♂️
Anyway, the point is, as an entrepreneur, you’re going to live in a world where entrepreneurship is generally understood to be a good and noble calling. But don’t forget that a lot of people outside the entrepreneurial world think entrepreneurs aren’t so great. Occasionally you’ll bump into these people, and, when you do, remember to ignore them. They don’t know what they’re talking about, and it’s not worth your time to educate them.
-Aaron
This week’s new articles…
10 Reality Checks Every Aspiring Entrepreneur Needs to Hear (and Then Ignore)
The truth about entrepreneurship is so much worse than you think that it’s better if you don’t believe it.
Niche Companies vs. Broad Companies: How I Solved the Biggest Debate in Startups
Everyone has different opinions on whether entrepreneurs should stay small and focused or go big and broad, but here’s the real answer.
Office Hours Q&A
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QUESTION:
Hi Dr. Dinin!
Unlike a lot of your readers, I’m interested in being on the “other side of the table.” I want to be a venture capitalist.
I’ve spoken with lots of experienced VCs about how they got their jobs and what kinds of skills they think are valuable.
But, as I was reading another one of your amazing articles, it made me realize I haven’t spoken with enough entrepreneurs. And, after all, as you wrote, entrepreneurs are our customers!
I’ve decided I’m going to do a better job of asking entrepreneurs about the kinds of things they want in a VC investor, and I thought I’d start by asking you.
As an entrepreneur, what is the most important quality you want in an investor?
Sincerely,
Molly B.
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What a fantastic question. And a fantastic shift in perspective. I’m glad you’re taking the time to understand entrepreneurs better. It’s going to make you a better VC.
As for your question, I had lots of ideas for how I might answer, but, the more I think about it, the more I keep coming back to my initial thought, which is that the most important quality I’m looking for in an investor is candid honesty.
Simply put, I spent lots of time as an entrepreneur feeling like investors were just jerking me around. There’s a dance VCs tend to do where they don’t want to hurt anyone’s feelings and or risk losing out on a potentially great opportunity, so rather than being direct with entrepreneurs, they tend to hedge their bets by being overly polite and positive.
Please don’t do that.
If you think something is stupid, just say it. To be clear, you don’t have to be mean or rude. But if, 5 minutes into a 60 minute meeting, you know you’re never going to invest, don’t finish the meeting. Interrupt me, explain that I’m talking to the wrong VC, give a clear explanation for why, and then send me on my way.
I realize that sounds harsh, but it’s actually much better than the alternative.
During my years of fundraising, I had way too many meetings with VCs that felt extremely positive simply because I didn’t know enough to understand that the VC was just being polite. This gave me a false sense that I had a great startup when I really didn’t.
And, by the way, the same is true for after you invest in a company. You’re not helping anyone by being supportive and positive. As a CEO, I didn’t need my investors to be cheerleaders. I needed my investors to show me when I was being an idiot.
Again, I realize my answer here is harsh, but… well… you asked what I want. I want investors who don’t waste my time and who are willing to use their impressive knowledge about a given market to help me succeed. You can give me that knowledge by telling me what I need to know and clearly explaining why I need to know it so I can make the best decisions possible.
Got startup questions of your own? Reply to this email with whatever you want to know, and I’ll do my best to answer!
