Fred Wilson, as he often does, captures a really complex topic in a way that hits to the core: "Starting is Easy, Finishing is Hard".
It used to be that capital was scarce. Capital requirements to startup an interesting new software or hardware business were high.? The number of firms to supply capital were limited.? And there were few support networks or safety nets for founders or entrepreneurship.
But all of that has shifted in favor of the entrepreneur.? Capital isn't scarce, and neither are the investors behind it.
"The capital requirements to get started have come way down in both software and hardware businesses. [...]? All of this has caused a rapid expansion of entrepreneurship, startups, and innovation.
This is all great."
But "finishing" is hard.? I like his definition of finishing as being any one of:
- an M&A exit
- becoming a sustainable business
- becoming a public company
- failing and shutting down
"It takes great tenacity to see things through. And I think that may be truer today than ever."
The idea that finishing is hard isn't just true for startups. The hardest part about any endeavor is finishing.? Whether it is closing a deal in sales, taking a project to production, taking a product to customers, or taking a startup to a sustainable business, finishing is hard.? Still, it's a good reminder that today, it may be easy to get started, but it doesn't make the building and sustaining any easier!
And because finishing is hard, building a great team around you is essential.? In the startup world, finishing is a team sport.