Kauffman Foundation, Coffin Foundation, Inc Magazine discussed on Love Your Work

Love Your Work
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Automatic TRANSCRIPT

Couple years ago looked at thirty two hundred startups and found that seventy four percent of them failed not because of competition or business plans, but because they scaled up too quickly. And then another study done by the coffin foundation looked at that is his Inc magazine like the top five the Inc five thousand thousand you know, it's going to be on the five thousand exactly so the Kauffman foundation looked at the companies on that list. Five two. Eight years later found that two-thirds of them have actually gone out of business or undergone massive layoffs are sold below market value kind of confirming that I study the start of genome project in so much as they were finding that these companies weren't able to become self sustaining because they were growing in spending based on projected levels. So they were growing in hopes that they would be profitable. And it's like that's such a huge risk, man. Like, that's I don't I feel like people on the outside thing that entrepreneurs I like the risky people. Like, we're all kind of like the top gun pilots not to date myself. Yeah. But I just think that like of myself, and like all the entrepreneurs, I know like we're very risk averse like I don't wanna take huge risk like that. Like, I would rather spend based on actual profit instead of projected income and is looking at those two studies specifically, I was like then like we need to kind of figure this that we need to have more intelligent conversations as opposed to just posting like these trite messages on Instagram across mountain somebody's sitting on top of a mountain. Wisdom like tired business advice about growth. Yes. So what's what's driving? The the people who are doing the opposite of a copy of one principles. What one what's the what is driving their process? Yes. So I think I think part of it is is kind of just human nature in EKO. I think part of it is just that. To like, it seems better or it puts ourselves in a higher social standing if we say like if you ask me what I do. Or like what my work looks like say like my day is like I sit in a room in my house in my pajamas. And I work at a computer by myself, which doesn't sound like I think my job is tremendously. Interesting at least to me. But like the the way that it works is is that like, I don't have an office. I don't of employees. I also have almost no expenses. But like if I was at a dinner party. And I said that versus me saying like we'll have a business, and it has like a thousand people cross eighteen offices and six countries. Like that sounds like socially that sounds better. And I think that just like in in personal lives. We can kind of get caught up in this keeping up with the Joneses mentality. I think the same. I think I think we kind of keep up with the digital business Jones's as well, especially with social media in seeing like income report. Ports from people. And I don't think people published income reports unless they're making six figures a month at least have never seen farther away. Look at my incoming force. You'll see naked nowhere Near Net. Yeah. So I just think that there's there's this comparison trap that we all fall into. And I think that it comes from this this this like real human need of wanting to be loved and respected and valued which does on a bad thing. But I think that when we let that guide decisions. And that's really what the book is looking at is like why are the decisions that you're making being made an and is being made from place of like what you think other people would value you for aware, you think other people's version of success lies, or is it we you actually one is at the way that you actually want to spend your life. Like are.

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