If You Are Going it Alone, Beware
- Posted by Jeff Carter
- on November 23rd, 2012
This summer, I rode in a 100 mile bike ride. I did most of it by myself, alone on the road. I wasn’t in shape, had only been on my bike a couple of times and so could not even begin to keep pace with the people I normally rode with. Along the way, I
picked up different people but because of the structure of the ride-we’d break up and reform.
Eventually, I was in trouble. Mentally, I pushed myself, but physically I was dying. I hooked up with John Garcia and rode his wheel through a valley I was going through. He carried me around 10 miles-and I rode those ten faster than I had ridden the rest of the race. This can be a metaphor for entrepreneurship. You can go alone, but you can do more with the right partner.
“Let’s knock out the obvious question – why should you give up a significant part of your company to someone else? It’s easy – to be successful, you need to. This is not the time to be greedy. Remember, it’s a lot better to have a smaller stake of a huge success than to have a huge stake in a lackluster or, even worse, failing business. If your idea is at all ambitious, if you have dreams of disrupting an industry, the amount of work will be way too much for one person to successfully manage. As a former investment banker, I mastered doing 20 hours of work in 10. Even still, I can’t imagine starting solo.”
As a trader, often we go it alone. Even when you are trading your own money, you need to build a support group around yourself. You can do more with a great support group because they help you through the peaks and valleys of trading. A good one will tell you when you are wrong. That was the great thing about being in a pit, traders supported each other.
Ryan offers a lot of other great advice for would be entrepreneurs. What’s great is that he has been through the process and is trying to build a successful company. Already, he is letting people in on some of the secrets he learned from the trail he is blazing. Click over and read his whole piece.
thanks for the link Abnormal Returns
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
Jeffrey Carter is an angel investor and independent trader. He specializes in turning concepts into profits. He co-founded Hyde Park Angels one of the most active angel groups in the United States in April of 2007. He previously served on the Chicago Mercantile Exchange Board of Directors. He has done market commentary for (More...)