I think the hard thing about the multi-billion dollar exit isn't the extra work needed, but the probability of it working out. Maybe one estimate of the odds is how many projects are started, verses how many cash out (this should include projects that are abandoned even after only a few weeks, if they would have continued had they got a little traction.) Massive survivorship bias, when only the huge payouts are publicized.
I don't think the initial founder/s necessarily must have the right skillset, but someone, sometime must come on board with that skillset. Rather tragically, these people seem to quite often eject the founders. One book ("Crossing the Chasm") even claims that the initial founders don't deserve the big pay-out because they don't have the skillset (and they're more interested in making cool stuff and being their own boss than in making money). Ugh.
To be captain of your soul, master of your destiny is worth more than all the riches and fame in the world - they merely tighten the shackles of the worldly and the opinions of others, not freedom of any kind, only dominance (says me, sans riches and fame. actually, I think it would be great fun).
BTW your 98th percentile puts you squarely in the "smarter than average, but not a genius" camp, which is where I am, and where I think most entrepreneurs are. In business, extremely high intelligence seems to be liability. I think what really counts is something like boldness + quick recovery. I could certainly do with some more of that.
I agree with you about MySpace etc, it's too unpredictable; too easy to switch (mind you, I said that about Google too; I thought their massive PR efforts was one of their few competitive advantages, I wonder if they've become complacent recently.)
> MySpace employs 1,000 employees, after laying off 30 percent of its workforce in June 2009
> By late 2007 into 2008, Myspace was considered the leading social networking site, and consistently beat out main competitor Facebook in traffic. When Facebook launched new features in an effort to attract a variety of users, Myspace found itself in a continuing decline of membership. As of July 2010, the site was ranked 25th in Internet traffic,[3] opposed to the 2nd position held by Facebook. http://en.wikipedia.org/wiki/MySpace
Kids love cool stuff, which means they switch all the time. Maybe the sustainable business model is a business that generates (or promotes) social sites? (analogous to music publishers always touting the next cool band - most bands have limited lifespan, but the publishers live on)
I don't think the initial founder/s necessarily must have the right skillset, but someone, sometime must come on board with that skillset. Rather tragically, these people seem to quite often eject the founders. One book ("Crossing the Chasm") even claims that the initial founders don't deserve the big pay-out because they don't have the skillset (and they're more interested in making cool stuff and being their own boss than in making money). Ugh.
To be captain of your soul, master of your destiny is worth more than all the riches and fame in the world - they merely tighten the shackles of the worldly and the opinions of others, not freedom of any kind, only dominance (says me, sans riches and fame. actually, I think it would be great fun).
BTW your 98th percentile puts you squarely in the "smarter than average, but not a genius" camp, which is where I am, and where I think most entrepreneurs are. In business, extremely high intelligence seems to be liability. I think what really counts is something like boldness + quick recovery. I could certainly do with some more of that.
I agree with you about MySpace etc, it's too unpredictable; too easy to switch (mind you, I said that about Google too; I thought their massive PR efforts was one of their few competitive advantages, I wonder if they've become complacent recently.)
> MySpace employs 1,000 employees, after laying off 30 percent of its workforce in June 2009
> By late 2007 into 2008, Myspace was considered the leading social networking site, and consistently beat out main competitor Facebook in traffic. When Facebook launched new features in an effort to attract a variety of users, Myspace found itself in a continuing decline of membership. As of July 2010, the site was ranked 25th in Internet traffic,[3] opposed to the 2nd position held by Facebook. http://en.wikipedia.org/wiki/MySpace
Kids love cool stuff, which means they switch all the time. Maybe the sustainable business model is a business that generates (or promotes) social sites? (analogous to music publishers always touting the next cool band - most bands have limited lifespan, but the publishers live on)