A reminder for founders & VCs: the diligence process is a good indication of what it will be like to work together.
Take note of red flags:
- bad communication
- withholding information
- avoiding answering questions
- acting nonchalant
- being disrespectful
What else?
A friend of mine was an excellent chef turned failed restauranteur.
A story (and a lesson):
He loved cooking. Was excellent at it. Had friends over often and really enjoyed cooking for them. He would get told by everyone who tasted his food "You should open a restaurant."
Eventually he did. Took out some loans. Quit his 9-5. Opened a restaurant.
He ran it for about 3 years. Worked 60 hours a week. No vacations. No more cooking for friends. Every Thursday through Sunday night. The last one to leave at 1am.
The only time he saw his friends they were in his restaurant and he'd stop by between stressful situations to say hi.
He gave up a few weeks ago. Broke. In debt actually. And broken as a human.
Reading the google reviews for the business it is a little sad...
No raving fans like in those dinner parties in his home. Just customers complaining about cold food or slow service or undercooked steak.
It turns out running a profitable restaurant has very little to do with your ability to cook.
Running a profitable and successful business of any kind in any sector consists mostly of doing the same things:
Recruiting, hiring, training, managing, selling and solving problems.
He wasn't a manager. He didn't enjoy confrontation. He wasn't a people person.
He spent very little time owning a restaurant actually cooking. Almost none of it actually.
The lesson:
Don't start a business for selfish reasons. It isn't about you. It isn't about doing what you want or love to do.
If any business becomes successful the owner will quickly graduate from doing that fun thing...
And they'll find themselves recruiting, hiring, training, managing, selling and solving problems.
Might as well start something that gives you the best odds of making great money while doing those not-fun things.
A coming wave of disruptive companies will be built by layering domain expertise over GPT3. The best of these will:
- solve complex problems, not just automate simple tasks.
- be exceptionally nimble - evolving as fast as the underlying AI does.
- use usage as a metric, not number of users.
There will be a lot of noise. Few will survive.
I am happy to introduce the Play the National Championship on Saturday Act of 2023. Thank you to @KayceSmith for bringing this important issue to the public eye and inspiring me to draft this legislation. Time to stop the insanity and do the right thing
I have zero interest in optimizing my schedule to squeeze as much productivity as possible out of every day.
I'm not a solopreneur so I can "maximize time" and be "hyper-productive".
I'm a solopreneur so I can spend more time with my wife & spend less time doing things I hate.
@VirginiaDMV If the actual age for a learners permit is 15 yrs 6 mos and 1 day, why does your website say 15 yrs and 6 mos? We were turned away at Leesburg DMV and told to come back tomorrow.
We are excited that in-person events are back! Looking forward to connecting with #stateandlocal leaders at the Maryland Digital Government Summit on June 2!
Register today! https://t.co/Bxt08RLMy2#govtech
#gcom#outcomesdeliveredgovernment
Sarah Samis discusses the role of environmental health data and how GCOM can provide residents and community leaders with actionable data to make positive environmental changes in a community.
#outcomedrivengovernment#gcom#communityhealthanalytics
https://t.co/AtD9pWJHIf
Join ASR a GCOM Company, Tuesday, March 22 at the CISOA Technology Summit, as we showcase how SSA Cloud helps you focus enrollment management initiatives, advance equity in student success, and monitor institutional health.
Register today: https://t.co/GMKShsnmIa
The true value of data is only unlocked after its evolution from information to intelligence. Read about the role of data governance framework in our recent blog post.
#datagovernance#gcom#outcomedrivengovernment
https://t.co/WcFrfOJTUF
Julie Bashant shares how New York state agencies have leveraged data and technology to address the ongoing challenges posed by COVID-19. #outcomedrivengovernment https://t.co/778UwwOZOE
To get the most out of a vital records management system (VRMS), government agencies should consider four main qualities: portability, scalability, security, and interoperability. https://t.co/g4f93upObc
DoIT Sec. Michael Leahy named @NASCIO President!
"As the cyber capital of America, the State of Maryland is pleased to provide valuable leadership and expertise to the National Association of State Chief Information Officers at such a critical time," said Governor Hogan.
We are pleased to share the continued success of Virginia's FAACT platform. We looking forward to continuing to track FAACT's positive impact on the lives of Virginians.
https://t.co/nBEK2plZH6