In some unfortunate ways, the startup world is a bit like a cult. It promises power, fame and riches to it devotees in exchange for total commitment and blind devotion. It has mythical figures, near deities, who embody it’s core principals: Jobs, Gates, Bezos, Zuckerberg, Page, and Brin. Just follow their example and you too will achieve success.
It preaches asceticism and self-denial. Members trade stories of living on ramen noodles and Red Bull. It is a point of pride that they go without salary and work 120 hours a week. The entrepreneur must sacrifice everything to gain entry: family and friends, pastimes, the contents of their bank accounts and their pockets. Initiates speak in a strange lingo only they can understand and attend gatherings, the most exclusive of which are open to only the initiated. This leads to reality distorting behaviors. People who are not entrepreneurs and who are not suited or qualified to launch a startup get sucked in. They think that startup culture is so cool and sexy; they have to give it a try.
90% of startups fail. In part that’s because startups are an inherently risky type of business, but also its because the sexy startup culture is attracting people who should not be there. The result is that young people miss years of earning potential, miss the chances to gain experience in a professional work environment, and waste their own, their friends’, and their family’s money.
I’ve watched with some concern as the startup culture has grown and changed. Only people who have great ideas and the right personality should launch a startup.
