This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/04/05/5-reasons-i-love-boring-businesses/
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by Dan Abatte, co-founder of 81-c
“Making it” is relative.
In my 20+ years of entrepreneurship, I’ve seen a big change in how success is defined. Entrepreneurs nowadays want to boast about brand-name investors, huge rounds of funding, and a team of high-skill employees. Are you fresh out of Y Combinator with $1 million in funding at a $10 million valuation? You must be the man (or woman)! Did the former head of the SEC just join your board of directors? You’re clearly killing it!
Just browse any business publication to see this flavor of headline daily. These stories get posted and shared to generate the social media love a lonely entrepreneur craves.
Flattering coverage is rightfully an important, exciting milestone. There’s nothing wrong with celebrating progress along the wild rollercoaster of entrepreneurship. These hyped headlines are quickly becoming the yardstick for how we measure entrepreneurial success. But flattering media attention too easily shifts focus away from the metrics that matter. A high-profile funding round from an all-star investor doesn’t guarantee success. Nor does building a board of hotshot directors magically get a company through its ups and downs.
Call me old school, but I believe in metrics like growth, revenue, and profit. I’ve focused on them ruthlessly throughout my career, and I continue to work on them in the companies I build and acquire. It’s not exactly glamorous. You tell me: how sexy is my grant writing business? It’s name will probably never grace a Techcrunch page, yet it generates several hundreds of thousands of dollars in free cash flow every year. Grant writing isn’t especially “cool,” but what’s cooler than profit?
While many entrepreneurs chase the media spotlight and make d… Read More
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