Ben 🛡️
@benersing
Two big mistakes I see founders make:
(1) Having a “101-level” understanding of previous cycles / attempts at solving the same problem
(2) Having a “101-level” hypothesis for why NOW is the right time
Both these mistakes typically coincide with having a shallow “secret” only you know.
Both are solvable.
Sam
@samantha
@saymore !
Author Reply ✅
Ben 🛡️
@benersing
Lacking nuanced depth; a perspectice extending about as far as the headline narrative of the day.
Discoverable in a Bain, McKinsey or BCG [insert any other reputable fund, bank, consultant etc] white paper.
Ben 🛡️
@benersing
1. Get industry experience. There's a reason 99% of ‘home run’ startups aren't started by 24 y/o’s (sorry to be so blunt).
and/or
2. Find the person who has “been there, tried that” and learn everything you can from them.
This is becoming much easier and more cost effective as life becomes digital.
Ben 🛡️
@benersing
Scanned the first two paragraphs, looks very interesting. Will digest this afternoon. Thx for sharing!
Ben 🛡️
@benersing
🙏 it comes from a place of love.
Farcaster Comments
Kuusho
@kuusho
What do you mean by “101-level” if I may ask? Does that lean towards making a thesis or formulating your understanding of previous cycles from No experience or a naive view of the cycles/markets
Ben
@0xbenersing.eth
Lacking nuanced depth; a perspectice extending about as far as the headline narrative of the day.
Discoverable in a Bain, McKinsey or BCG [insert any other reputable fund, bank, consultant etc] white paper.
Kuusho
@kuusho
You said both are solvable, how so?
Assume you’re talking to a 24-year old with no depth but strong ambition and resilience.
How would you direct a founder at that level towards a more well rounded and nuanced understanding of both things?
Mac Budkowski 🥝
@macbudkowski
(1) a.k.a. poorly structured idea maze (
Ben
@0xbenersing.eth
1. Get industry experience. There's a reason 99% of ‘home run’ startups aren't started by 24 y/o’s (sorry to be so blunt).
and/or
2. Find the person who has “been there, tried that” and learn everything you can from them.
This is becoming much easier and more cost effective as life becomes digital.
Ben
@0xbenersing.eth
Scanned the first two paragraphs, looks very interesting. Will digest this afternoon. Thx for sharing!
Kuusho
@kuusho
I appreciate your bluntness, sincerely do.
Thank you so much for answering my questions.
Ben
@0xbenersing.eth
🙏 it comes from a place of love.
Alex Palmer
@thatalexpalmer.eth
+1 to this
Adam
@adam-
Couldn't agree more.
What frustrates me further is that some of these founders have been able to secure adequate financing with this kind of thinking. Once again I'm reminded of what I think should qualify vs what actually does.
Ben
@0xbenersing.eth
Excellent point.
My comments certainly extend indirectly / adjacently to the investors funding the ideas.
That said getting funded / deploying capital is a milestone to celebrate, but shouldn't be viewed as a goal not a win (to use a sports analogy).
The win comes at exit / return of capital to LPs.
Ben
@0xbenersing.eth
*should be viewed…
not “shouldn’t”
Adam
@adam-
I share a similar outlook, as its the responsible and credible approach. However as bull turned to bear and the tide came in, you could see the litteny of founders who either lost focus or simply didn't take this point sersiously.
By contrast, those that did look even better to investors in this current climate.
Ben
@0xbenersing.eth
Thanks. I'll figure this saymore process out eventually :)
Cameron Armstrong
@cameron
😅 I didn’t really design for multiple saymores on the same cast so I’m just trying to learn quick here
Ben
@0xbenersing.eth
Sam, did I answer your questions in the rest of the thread?
Sam
@samantha
You did! Thanks for sharing!
m_j_r
@m-j-r.eth
@cdixon.eth @balajis.eth I've seen prediction markets, AI, decentralized social networks, and robotics pop up as entrances to the "idea maze".
in a practical sense, what are the experiences that the farcaster community should pursue (and broadcast) to tie these together into more impactful startups?
Ben
@0xbenersing.eth
That can’t be answered in a cast (or 10).
m_j_r
@m-j-r.eth
I disagree, each cast can handle two links & memes as shorthand. I suspect that we'll benefit from further conversation in some format, even if incomplete or lacking naunce.
perfection shouldn't be the enemy of the good.