This is a golden age for entrepreneurs–if you build a sustainable business.
The costs of starting a business are lower than ever before.
Social media makes it easier than ever to spread word about great products and services (note that I said easier, not easy!).
There’s more transparency in the startup ecosystem (AngelList, VentureHacks, HackerNews) than would have seemed possible 10 years ago when, I kid you not, we looked to places like Red Herring for advice.
But there also downsides to today’s environment.
Tons of companies are getting funded, which means competition and pricing pressures, not to mention general noise in the market. And with major exits few and far between, it’s tough to make money if you raise more than a few million dollars.
The key to success in this environment is to build a “real” business in a capital-efficient manner.
It’s never been easier to raise seed funding. You can cut through the market noise by providing a useful product and through the funding noise by demonstrating revenue traction. You can make your seed funding (which is easy to come by) last, and exit profitably for millions or tens of millions rather than rolling the dice on raising a larger round and achieving a nine-figure outcome.
If you think you can follow these lessons, and you want to be an entrepreneur, start now. There’s never been a better time.