In Defense of Entrepreneurs Taking Time to Write Things on Their Own
Entrepreneur Office Hours - Issue #242
I had a funny encounter with a 20-something entrepreneur this week who was shocked to find out I write two articles about entrepreneurship every week plus this newsletter.
“Why waste your time writing articles?” he marveled. “Nobody needs to write anymore. Not with ChatGPT.”
I doubt I need to explain all the problems with ChatGPT as a tool for good writing. I suspect most of you know how flawed it is. So let’s focus on something else.
It strikes me that lots of people — especially young people — don’t fully understand the value of writing. By the way, by mentioning “young people,” I don’t mean “young people in 2024.” I mean “young people” more broadly, because the same issue was true well before AI started writing for us. In general, appreciating the value of writing comes with age.
As you get older, you start to realize that writing isn’t some antiquated process we no longer need to worry about thanks to AI (as well as the emergence of video). Writing is thinking. It’s an opportunity to force yourself to deliberate about what you actually believe about something and then train yourself how to convey that belief in a way that will make sense to others.
And, no, it’s not easy. But that’s the point! Being able to clearly convey information with language is hard. It takes time and practice. But the benefits are enormous. The better you are at leveraging language, the more successful you’ll be as an entrepreneur.
In other words, yes, I realize that writing a twenty page essay about whatever some teacher wants is annoying and frustrating and better done by computers, I encourage anyone who’s thinking about giving up on writing altogether to pause and take a closer look at just what kinds of things you actually gain from being able to write persuasively.
In fact, consider this message a challenge. Once a week for the next 10 weeks, write your own articles about whatever topics you’re struggling with. If you actually commit to doing it, I bet you’ll quickly discover that taking the time to write about problems helps you solve them faster and better.
-Aaron
This week’s new articles…
The Quickest Way to Build a Failed Startup
If the goal of entrepreneurship is really to “fail fast,” then entrepreneurs are succeeding at an alarming rate
The Frustrating Truth About Every Piece of Entrepreneurship Advice You’ve Ever Been Given
Before making important decisions about your startup based on what others tell you, be sure to consider these four things.
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QUESTION:
Hey Aaron –
I've been tuning into your insights on bootstrapping versus seeking funding. For those of us navigating this fork in the road, could you dive into how a startup might decide when it's better to bootstrap and grow organically versus chasing down investors for a quicker scale? Would love your take on this!
Thanks,
Martin
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I suppose we should start by exploring what each option really means…
Bootstrapping means using your own resources to build and grow a startup, keeping tight control, and scaling at a pace you can manage. This method leads to a deep understanding of your business since you're involved in every little detail. It also forces a level of creativity and resourcefulness that external funding can sometimes snuff out. After all, even though having to do more with less isn’t always fun, it’s like my dad used to say: “Necessity is the mother of invention.”
Of course, bootstrapping comes with limitations – primarily speed and scale. It's like trying to walk across the country – it’s possible, but it's going to take a while, and you’ll watch plenty of cars zoom by.
Conversely, being funded is about supercharging startups. It provides the capital needed to scale quickly, hire talent, increase marketing efforts, and hopefully dominate your market before competitors catch up.
As for the cons, you're giving away equity. After all, investors aren’t just giving you money out of kindness; they want a sizable return on their investment, and they'll own a piece of your venture. This path often means more pressure, more oversight, and less control over your company’s direction.
So, how do you decide whether bootstrapping or funding is the better option for you? I suppose it mostly comes down to your business model, your industry, and your personal appetite for risk and control. If your market is fast-moving and competitive, and being early to market is going to be necessary for capturing consumer demand (think tech or innovative consumer goods), then getting outside investors is likely a better way to go. But if you’re in a niche market or one where you can grow sustainably without the pressure of immediate returns, bootstrapping is probably the better option.
Also… one more thing worth noting: it’s not entirely about how fast you want to grow, but how you want to experience the journey. Do you want to savor every little victory and learn from every mistake, or are you racing to the finish line? Sometimes, the best path isn't the fastest one — it’s the one where you learn the most, even if that means watching other people speed by.
Got startup questions of your own? Reply to this email with whatever you want to know, and I’ll do my best to answer!
Fascinating!