Don’t do it.
He discourages everyone from being an entrepreneur, at least when the person does it for the wrong reasons.
What are some of the wrong reason?
First of all, money. Some people want to be entrepreneurs because it is a good way to make money. Phil Libin thinks those people are just bad at math, which is itself an extra reason of not to be an entrepreneur. About 95 percent of companies fail, and if you think that starting something from scratch is a good way of making money, you are just wrong. The best way to have a stable income is to have a good job.
Second of all, people want to start their own company to have more power. The reality is that when you have your own company, everyone else is your boss. You have to account to your customers, employees, shareholders, media, and other stakeholders. So it is definitely not a power trip.
Another common reason is that people want to have more flexibility. They are typically unsatisfied with their fixed schedules and want more time for themselves and their families. The reality is that you are pretty flexible with your work hours – you can pick any 20 hours a day you want.
So what are the right reasons to be an entrepreneur?
The only right reason to start a company is to change the world. If you have a concept that the world is missing and your idea could change the world, then you should do it. Even if you have no return in the first years, you are still doing something you are passionate about and something that fulfills you.
In his talk, Libin explains how Evernote is changing the world. The key is to build a product that you want to use yourself. But also, to keep changing the world, it is important to keep the entrepreneurial mindset.
How is Evernote changing the world? And how can you change the world yourself? Watch the video to find out.
Watch more great TNW Conference videos right now at TNW Video