Don't Be a Wantreprenuer

Don't be a wantrepreneur, I used to be one.

I go to a fair number of networking events. I generally use these as an opportunity to develop warm leads for redwoods media.

Since we're not exactly selling bread to a bakery, cold-calling is fairly ineffective and we end up relying on daisy-chained "warm" referrals from customer to customer, lead to lead, and acquaintance to acquaintance.

I often run into people I would wholly classify as wantrepreneurs. These are the people I avoid, as they're often pitching any number of ideas with minimal competitive or market analysis entering the event.


I hate hearing about new social networks, apps and widgets. I hate hearing about startups that require $3M to develop a software product. The catch? The exit strategy is always acquisition based. The reality? VC's aren't investing as much. If you don't have grey hair or a solid team of extremely-talented folk, you'll never get the money.

It's with this in mind that I really condone something VC's hate and rarely ever invest in: the "lifestyle startup".

I classify a lifestyle startup as something that can break even within 6-8 months and perhaps be sustainable within  the first year. These are the companies that start by addressing a customer's need or absorb a small portion of some existing market share by implementing small value adds and innovations.

They don't experience insane growth or make millionaire's overnight. They DO allow you to experience entrepreneurship, management, cash flow and independence. Isn't that what you wanted in the first-place?

Don't be an wantrepreneur. Focus on one thing, that will make you money/be sustainable in the short-term. Make small evolutionary pivots as necessary and recognize when the ship is sinking. That's the key to the city my friend.

@michaelrlitt

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14 responses
I've got an idea! I'm going to make an iPhone app that synergizes social networks and you can press a button to make a fart noise. I'm not contributing to society, but am supporting a walled garden horrible platform. Want to acquire me for $3M?
— Bryan Eyler
hahah. Well said B-Rye!
— Michael Litt
It's almost like something you can picture Cartman doing. He writes (or rather, gets somebody like Craig to write) an iPhone app that does something stupid that only a couple children care about, then goes to Apple and tries to sell it. When they ask him how much he wants, he quotes some ridiculous number with a straight face. "I want one million dollars." It would be funny on South Park, but sad because it's true.
— Bryan Eyler
Spot on. I also have a negative position on "serial entrepreneur's". Serial doesn't mean you have 10 ideas and projects on the go, it generally refers to starting something, selling/exiting and moving on to something new. It's hard to imagine a turn-over of less then a year on any monetiz(able) project. The world needs more custom fabrication!
— Michael Litt
Haha, yes! But the entire world doesn't need my custom fabrication if it means having to sell it to VCs for $1B. B-Rye's custom fabrication would be a lifestyle startup for sure!
— Bryan Eyler
I'm not much of an event pitch your shit kind of person. But I'm completing work on http://leadablehq.com and I'm realizing that I've got to start building some buzz.. It's encouraging to hear you talk about the small business that gets being small. I just want slow growth for an extended period of time. I want to love what I do.
— Tim Myers
This is huge.

I think there will be a plateau at some point, as there was in the building industry, where opportunists jump in to try and make quick a buck, plunder the industry and leave everyone else naked and wanting.

@Bryan That would be a perfect South Park episode.

Great thought Michael.

— Chase Adams
@Tim, great stuff - do something you love, the success is sure to come from that.

@Chase, I agree. There will always be those STARtups, but they generally evolve from the success of a previous and less ambitious organization. Insane success stories definitely get one dreaming - managing reality is a key to success though.

— Michael Litt
Great post! I totally agree with you. Entrepreneurs should focus on solving real problems and deliver value to customers - not pitching to VCs about their full-proof business plan and exit strategy.

Start out as a lifestyle business and focus on fundamentals. I promise that you will succeed. (that is what we did)

— A visitor
People think too much on themselves and not enough on building a better community. It's a great outlook to have one that is lifestyle focused. Thx for the share. Always looking to improve upon my own community.
— chreatina
@Derek, thanks for the positive comments - you guys have definitely built something sustainable that young entrepreneur's should model.

@Christina, thanks for the kind words! I try to help!

— Michael Litt
great post and distinction between types of entrepreneurs. you are right that "lifestyle businesses" have a cache among VCs, but also among a lot of small business people as well. I think a better distinction to draw would be between wantrepreneurs and those who bootstrap it - build a product/service that people will pay for with little to no outside investment and grow from there. Doesn't mean you are settling into a lifestyle business, but the approach means you drill down and create value (rather than a biz plan/pitch) earlier...
— nomudajoe
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