Andrew Lacy

And all of a sudden you're a unicorn company and it just doesn't really work that way. And by the way, for me, it highlights a truth that a lot of people don't really understand, which is being an entrepreneur is not the best way in the world to make money if that's your goal. on a risk-adjusted basis.

And all of a sudden you're a unicorn company and it just doesn't really work that way. And by the way, for me, it highlights a truth that a lot of people don't really understand, which is being an entrepreneur is not the best way in the world to make money if that's your goal. on a risk-adjusted basis.

If you're a very, very smart person and you could be an investment banker or a lawyer or whoever, a stock trader, and you're really good at what you do, there's way less risk in that path if your goal is to make money. I think it's very soul-crushing, but I think it's really important to understand what are you optimizing for?

If you're a very, very smart person and you could be an investment banker or a lawyer or whoever, a stock trader, and you're really good at what you do, there's way less risk in that path if your goal is to make money. I think it's very soul-crushing, but I think it's really important to understand what are you optimizing for?

Are you optimizing for an interesting life here where you feel like you can... build a level of comfort if you work hard and have a little bit of luck? Or is it mainly about money? Because when you risk adjust it, not everyone is walking away from startups that they build like the people that you see on television.

Are you optimizing for an interesting life here where you feel like you can... build a level of comfort if you work hard and have a little bit of luck? Or is it mainly about money? Because when you risk adjust it, not everyone is walking away from startups that they build like the people that you see on television.

There's also different startups you can build. There are cash businesses that don't require a lot of investment. You know, at one end, there are other ends where like an Uber or something or where you just have to raise billions of dollars to build a company that's worth tens of billions. And the former company probably has a much higher chance of success.

There's also different startups you can build. There are cash businesses that don't require a lot of investment. You know, at one end, there are other ends where like an Uber or something or where you just have to raise billions of dollars to build a company that's worth tens of billions. And the former company probably has a much higher chance of success.

And the latter company, it's one in a million that succeeds. It's also about what your individual risk appetite is. And sometimes people that build these very big companies, by the time the investors have taken their share, there's not often a lot left for those folks, but they've changed the world. And maybe that's, you know, and then they can like pivot that into other ventures down the track.

And the latter company, it's one in a million that succeeds. It's also about what your individual risk appetite is. And sometimes people that build these very big companies, by the time the investors have taken their share, there's not often a lot left for those folks, but they've changed the world. And maybe that's, you know, and then they can like pivot that into other ventures down the track.

So there's lots of ways to look at reward, I guess.

So there's lots of ways to look at reward, I guess.

To give a quick summary of sort of my entrepreneurial journey, my first company was a mobile gaming company, one of the first iPhone companies we sold to Disney. It was a nice exit. Like most first-time entrepreneurs, I attribute a lot of the success of that company to me. I was pretty cool. You know, I was smart. I figured this stuff out.

To give a quick summary of sort of my entrepreneurial journey, my first company was a mobile gaming company, one of the first iPhone companies we sold to Disney. It was a nice exit. Like most first-time entrepreneurs, I attribute a lot of the success of that company to me. I was pretty cool. You know, I was smart. I figured this stuff out.

And so when I was working on this second vertical search company over in Paris, I'm like, well, it doesn't really matter what I do because I've already figured stuff out. So it's going to be successful. That was like such a rude awakening at just how much of a slog that was and how much it wasn't really about me.

And so when I was working on this second vertical search company over in Paris, I'm like, well, it doesn't really matter what I do because I've already figured stuff out. So it's going to be successful. That was like such a rude awakening at just how much of a slog that was and how much it wasn't really about me.

I was not immaterial, but there are other forces at play that were much more important, like what the idea was and was there a market for it and just something as unpredictable as luck and being in the right place at the right time. So when I came back to the US, I knew I wanted to do something else. And my starting point really was not to do something that was impact focused.

I was not immaterial, but there are other forces at play that were much more important, like what the idea was and was there a market for it and just something as unpredictable as luck and being in the right place at the right time. So when I came back to the US, I knew I wanted to do something else. And my starting point really was not to do something that was impact focused.

But the agreement I made with myself was, I will never do another company again where the idea is my own. Because I don't trust that I understand necessarily what is going to be a big, impactful, world-changing idea. So I just went out. I posted on my LinkedIn. I emailed all my friends. And I said... I want to do another company. I don't know what I want to do.

But the agreement I made with myself was, I will never do another company again where the idea is my own. Because I don't trust that I understand necessarily what is going to be a big, impactful, world-changing idea. So I just went out. I posted on my LinkedIn. I emailed all my friends. And I said... I want to do another company. I don't know what I want to do.