Entrepreneur Zee Wang discusses the psychological difficulty of timing a startup exit with host Sean Weisbrot.
Disclosure
Wang walked away from a $50M acquisition offer out of fear
“At one point in time, there was about fifty million dollars. And I chickened out. Like I chickened out. I blame it on my dad getting, getting sick at the time. Right. Right now. I have an official storyline that I tell myself at the time my dad was sick. So I …”
Insight
Wang: Founders can reliably win because most competitors default to laziness
“Count on other people being lazier than you are.
You can count on that.
There are a lot of lazy people.
So just go do it.
You'll be ahead of a lot of people.”
Insight
Wang: Solving problems for a 150-person network creates a viable business
“Everybody's world is a 150 people.
Yeah.
Like you interact with a 150 people.
That's your world.
If you can shape that you have tremendous control.
And within that 150 people, if you can help, if you can solve.
10% of their problems, then you have a business.”
Insight
Wang: Early tech adoption immediately grants top-tier global practitioner status
“There will always be something that is so new that if you get into it, you're the top, whatever, a hundred people, a thousand people like today.”
Insight
Wang: Startup downside risk is low when consulting pays more for less
“If this fail, I'll go back to doing less and making more. I mean, like, to me, that's like, okay, well, why wouldn't I do this? Like, if it fails, I'll go back to coding, doing consulting, And that is doing less and getting paid more.”
Assertion Not publicly verifiable
Wang: Early iPad App Store lacked business apps, allowing front-page ranking
“So we sat on we sat on app store, especially the iPad app store on the business business section of the iPad app store first page for a few months because there was none. There was none, no, no business apps on the iPad store.”