Brandon Boynton is a current student at IUPUI and serial entrepreneur. This post is one in a series about the lessons he’s learned as a startup founder.
By Brandon Boynton, CEO, Vemity
7. Don’t get caught up in your daydreaming.
If you are anything like me, the thought of a successful startup exit through a lucrative acquisition or IPO is incredibly appealing. I think most people would agree.
Again, if you are anything like me, you just might spend far too much time daydreaming about this best-case scenario. You might even get really into it…
“We have 2,000,000 shares right now. I own 1,500,000 shares. Let’s say we raise $1 million for 200,000 shares. Then we raise etc., and we’re acquired for $200 million! I would end up with $30 million after dilution, taxes and expenses. What could I buy with $30 million?”
…. Then you proceed to spend the next hour looking at listings of McLarens and Cirrus airplanes and mansions.
Not only is this unrealistic, but it is absolutely a waste of time. I won’t lie — this kind of thinking kept me motivated and drove me to work as long and as hard as I did. But when you spend a whole hour every day staring at supercars on the internet, you are at least one hour further away from seeing that supercar in real life.
Additionally, this kind of thinking twists your vision of success. It tends to become materialistic and greatly affects your passion. You are no longer passionate about your product, but instead about getting into that supercar.
Next: Failure & conclusions
Lesson 6: There is no substitute for hard work.
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