Image via CrunchBase
Josh Kopelman with First Round Capital has a simple, yet true post today on Entrepreneurship. He mentions a couple First Round portfolio companies where the CEO's/Founders really had to struggle through hard times in order to make it. It is through the difficulties that we see what we're made of, and how much we are truly committed. When your own skin is in the game, you think and act like a true owner. You know that the success or failure of your personal wealth depends on your ability to think, act, iterate, and win.
At TakeLessons, the founders worked for either little or zero pay for over two years before we landed on a business model that worked. Yes, it hurt, but I wouldn't trade it for anything. It allowed us to drop our burn rate and really focus on driving value that a customer would pay for.
Our team struggled together, fought together, and stood side-by-side each other during the darkest hours. It is through the fire and struggle that we forged the sword. This courage led us to a motto of "Certainty in the face of fear", and it has become one of our company core values.
You know the founder and the team is here to stay when they are willing to sacrifice for the good of the overall company. This is something that shows character, belief, and perseverance – and I'm happy to have shared that experience with such an awesome group of people.