tag:blogger.com,1999:blog-2460005.post4419808115106937054..comments2023-11-05T04:28:29.961-08:00Comments on Adventures in Capitalism: Little Bets and the Power Of QuittingChrishttp://www.blogger.com/profile/00927628412285314176noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-2460005.post-15057030097453207322010-08-13T17:51:21.522-07:002010-08-13T17:51:21.522-07:00Have you read THE DIP by Seth Godin? Very similar ...Have you read THE DIP by Seth Godin? Very similar message about the power and importance of quitting. Definitely worth checking out - a short but powerful book.Will Weissernoreply@blogger.comtag:blogger.com,1999:blog-2460005.post-37528227568997048112010-08-13T10:50:21.432-07:002010-08-13T10:50:21.432-07:00Anonymous,
The other thing to bear in mind is tha...Anonymous,<br /><br />The other thing to bear in mind is that even books which are bestsellers generally don't make much money for the author.<br /><br />I spoke to one well-known publishing house; their best-selling non-fiction book of the past decade, an award-winning perennial, had sold 150,000 copies. With author royalties running $1-2/book, you can see that even wild success is not a good recipe for financial success.<br /><br />However, if you can use your book as a springboard to a speaking career, I know quite a number of authors who have made the leap to guru-dom and $25,000 speaker fees.Chrishttps://www.blogger.com/profile/00927628412285314176noreply@blogger.comtag:blogger.com,1999:blog-2460005.post-49827492111514631402010-08-13T10:01:45.135-07:002010-08-13T10:01:45.135-07:00Excellent post and I can totally relate.
I publi...Excellent post and I can totally relate. <br /><br />I published my first book last year to some fanfare. I took on a massive amount of debt in order to devote myself to selling the book; writing it once we landed an agent and a contract; and then, marketing the hell out of it for a full year. We got coverage from major papers, appeared on a natl. TV show as featured guests for the first half-hour, and did scores of radio. <br /><br />I kept waiting to hit it big, and as the debt (and press) accumulated, kept assuring myself that I was taking a calculated risk that was likely to pay off. <br /><br />Wrong.<br /><br />I networked my butt off, posted regularly on my blog, interacted with readers, made wonderful and valuable connections with other writers in my field, and yet, still... haven't earned out our modest advance. Which means no royalties.<br /><br />Recently, after our TV appearance was on as a rerun, I had to face the facts. My big gamble had NOT paid off in terms of a monetary return... and maybe never will.<br /><br />Sure, I have the cache of publishing what some have called a life-changing book and all that comes with being a "best-selling" author. But all my networking and hustling and pouring my heart into work I really care about hasn't translated into pennies in my pocket. <br /><br />I made the mistake of believing everyone else who kept telling me this book would be such a huge success -- and more importantly, kept believing myself. Now I must rectify the financial instability I've created while I look for a full-time job. It's hard not to look around me and think, "Sheesh, what an idiot..."<br /><br />It's a RELIEF to give up. If only I'd taken the long view before and strictly allowed myself calculated, "little bets." <br /><br />At least I have some snazzy, new marketing and project management skills to apply to my goal of securing employment!<br /><br />But yes, lesson learned.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2460005.post-16669362099427117952010-08-08T22:29:39.769-07:002010-08-08T22:29:39.769-07:00Paul,
My email is a disaster zone. But you can a...Paul,<br /><br />My email is a disaster zone. But you can always follow me on Twitter and then message me.<br /><br />Send me an overview of the project, and I'll see if I can find anyone who will do it for less.Chrishttps://www.blogger.com/profile/00927628412285314176noreply@blogger.comtag:blogger.com,1999:blog-2460005.post-69353978179640717202010-08-07T21:27:37.698-07:002010-08-07T21:27:37.698-07:00Hey Chris,
can a brother check an email?! haha
...Hey Chris,<br /><br />can a brother check an email?! haha <br /><br />-<br /> <br />I love the small bet philosophy, and even more (and you probably already know this) I love the small return philosophy even more. As I've told you, not every single stinking website has to be a google, groupon, or facebook and look for the big exit. I think, and especially in my current situation, it'd just be nice to be making an extra $10-20-30,000 a month. What's wrong with that?<br /><br />With that said, here's one thing about 50/50/5 - it's pretty tough - especially for the non-programmer who must outsource the development - that amount leaves very, very little (if any) to market. Personally, for my little cash cow idea, I've talked to 3 different highly respected shops here in town - 2 gave a $90k + build, one said it was too complicated and wouldn't take it. 1 of the 2 lowered to $50k+ with certain mods/non-essential elements left out until a later time. Marketing and other expenses $50k.<br /><br />100/50/5 in time, no problem.<br /><br />100/25/for life - even easier.<br /><br />Quitting? Not till I'm sitting on the beach, beer in one hand, cigarette in the other, surrounded by beautiful women in string bikinis.Paul Kinghttps://www.blogger.com/profile/09452278880022542079noreply@blogger.comtag:blogger.com,1999:blog-2460005.post-74907152133413492902010-08-06T15:36:42.981-07:002010-08-06T15:36:42.981-07:00Roy,
Yes, whenever I hear entrepreneurs say somet...Roy,<br /><br />Yes, whenever I hear entrepreneurs say something like, "We need to raise money so we can find out if this works," I shudder.<br /><br />Not only is it bad for the investor, it's bad for the entrepreneur.Chrishttps://www.blogger.com/profile/00927628412285314176noreply@blogger.comtag:blogger.com,1999:blog-2460005.post-78697945873533023362010-08-06T13:32:16.696-07:002010-08-06T13:32:16.696-07:00Great comments, and not an oft-discussed topic. I ...Great comments, and not an oft-discussed topic. I just said to someone today that this approach (whether 50-50-5 or similar bootstrap) is important before raising VC because first you should convince *yourself* that the opportunity is there.Unknownhttps://www.blogger.com/profile/10320908320996064407noreply@blogger.comtag:blogger.com,1999:blog-2460005.post-34469026035182434032010-08-06T10:19:45.093-07:002010-08-06T10:19:45.093-07:00Drake,
I find it amazing that we're willing t...Drake,<br /><br />I find it amazing that we're willing to commit years of our lives to ideas that come to us in a flash.<br /><br />I'm fond of saying that the idea is far less important than the execution. But given good execution, the quality of the idea can mean the difference between minimal success and wild success.Chrishttps://www.blogger.com/profile/00927628412285314176noreply@blogger.comtag:blogger.com,1999:blog-2460005.post-19723525014020904912010-08-06T10:17:48.758-07:002010-08-06T10:17:48.758-07:00Peter,
I originally just titled the post, "T...Peter,<br /><br />I originally just titled the post, "The Power of Quitting" but realized halfway through that it was a perfect fit with your "Little Bets" approach. I'm glad it worked out well.<br /><br />P.S. If you have a link where people can preorder the book, let me know, and I'll post an update!Chrishttps://www.blogger.com/profile/00927628412285314176noreply@blogger.comtag:blogger.com,1999:blog-2460005.post-40577605653737634102010-08-06T08:49:46.031-07:002010-08-06T08:49:46.031-07:00Chris, great post. On the topic of successful quit...Chris, great post. On the topic of successful quitters, I recall that Blake Krikorian (SLING founder) said that the smartest thing he did in creating SLING, was the decision to kill an idea/company that was failing and go find a better idea; voila. <br /><br />Cheers, <br /><br />Drakedrakephttps://www.blogger.com/profile/10423268223306401367noreply@blogger.comtag:blogger.com,1999:blog-2460005.post-11549606036252727342010-08-06T07:28:03.872-07:002010-08-06T07:28:03.872-07:00Thanks for the insightful post, Chris, and I obvio...Thanks for the insightful post, Chris, and I obviously resonate with the thesis. ;-) At the core of it, we all want to think BIG, but people all too often aren't solving real problems with big ideas, i.e. Google Wave. Acting small allows entrepreneurs to validate that they have identified and solved problems on a small (lower risk) scale before betting big. It's common sense, something bootstrapped entrepreneurs do in their sleep, but that the Silicon Valley VC culture routinely ignores...and, it's often the entrepreneurs who suffer. That type of hubris has ironically destroyed a lot of value and is a really important one to be aware of and discuss. Thanks again.Peter Simshttp://www.petersims.comnoreply@blogger.com