Steve Blank wrote an incredibly good post asking three questions that I rarely hear asked. Most people, when starting a business, only think about the positives, about the upsides, and don’t think about what they are really doing and the impact it has on those who start that business. The reality, though, is that the years spent working on any individual business are years spent not doing something else. Yes, there is an opportunity cost, even though we don’t know what the cost is at the time we are making the decision.
The questions Steve asks, in addition to the normal business ones:
1. Do you want to spend the next 3 or 4 years of your life doing this?
2. Is this a scalable business? And if not, are you ok with something small?
3. If I didn’t make any money after 4 years, did I still have a great time?
These are such critical questions, ones I have been asking myself over the last couple of years. 1 and 3 I have answered definitively. 2 I still struggle with.