Been doing Y Combinator for 2 years now. Did 8 startups at first, 4 succeeded.
He thinks he'll be able to do 25% success rate over the long term. But even the failures, it was't that bad - some went on to other things, others were able to sell assets on eBay, and go on to another project.
Nobody would trade startup work for work in a cubicle.
Why don't more people do it?
The anatomy of reluctance
- too young - median age in the world is 27. Maybe. Ready when you are an adult
- Too inexperienced. Paradoxically, if you are too inexperienced, you should do it anyway.
- Not determined enough - that is a problem. Determination is the single biggest predictor of success.
- Not smart enough - not as big of a problem. Not if you worry about it. (write enterprise software - not a tech business, a sales business - depends mostly on effort)
- Don't understand business - not the hard part anyway. Hard part is making something great, can figure out business part on the fly.
- No cofounder - a real problem. Everybody agrees about this one. This is first order problem to solve - preferrably one you've known for awhile and trust.
- No idea - look at what's missing in your own life, see what's missing. No matter how narrow/specific it seems, still a great source of ideas.
- No room for more startups - false. Usually hear it as "how many startups can Google, Yahoo, and Microsoft buy?" A market will evolve to buy these companies if they have value.
- A family to support - a real problem. Would not advise you to start a startup.
- Independently wealthy - already have enough money, why do it? Legit.
- Don't fence me in - don't want to be locked in.
- Need for structure - don't go work for a startup. Nobody telling you want to do at a small startup.
- Fear of uncertainty - if you start a startup, you'll fail - that solves the uncertainty problem.
- Don't realize what you're avoiding - working at regular job sucks, motivates you to work harder at the startup.
- You're parents want you to be a doctor - treat this as a feature request. Parents are always too conservative with their kids.
- A job is the default - inertia.