The best way an entrepreneur has spent his FU money

I love the term FU (F*ck you) money. It’s the amount of money you need to be totally independent from everybody.

Kevin Rose got his FU money after selling his first bit of Digg and it made it easier to say no to investors because he personally didn’t need the money anymore. His decision could be purely based on a business decision, what was best for Digg.

I have some FU money, not as much as Kevin, but it gives me a certain level of independency from employers and customers, because I know I will make it without their money. It gives you just the right amount of freedom and still the urge to create your next success story.

This guy however has an amazing response on why he is buying these three things with his FU money: Read the rest of ‘The best way an entrepreneur has spent his FU money’ »

Forget passion, focus on process

It’s something we’ve seen in our Bootstrapped, Profitable, and Proud series. Braintree processes credit cards. You won’t meet too many people who claim to “love” credit card processing. Even Braintree’s Bryan Johnson admits, “I’m not particularly passionate about payments, but I am passionate about trying to build a good company.” Johnson gets satisfaction from making customers happy, creating a workplace that employees enjoy, and improving “an unscrupulous and broken industry.”

via Forget passion, focus on process – (37signals).

In the end being passionate about your product or being passionate about building a company doesn’t matter in my opinion, as long there is passion. But I do agree with Matt there are some troubles with passion. It clouds your judgement for example when done wrong.

Michiel Sikkes shared an article about The Passion Trap this week, which I think is a nice addition to the post by 37Signals:

The passion trap is a cycle: A pattern of beliefs, choices, and behaviors that are linked to each other. It’s a self-reinforcing pattern. Each of us has probably been a true believer in some great idea, some big idea. If I have an idea that I believe in strongly, that’s a core belief I have, so I make decisions and choices based on those beliefs. I also interpret data from the environment that tends to support my beliefs, and then I take actions, and those actions create some kind of results that can be evaluated.

There are two sneaky things about the passion trap, it tends to operate at a subconscious or unconscious level, so we’re often not aware that these cognitive biases or these filters are at work, and we actually believe that the world or the marketplace is confirming our thesis about the business.

via How to Avoid the Passion Trap.

Maybe it just comes down to ‘Keep it real’. Be passionate, but try to keep thinking outside your comfort zone. In the end I’m a strong believer that the opportunity to follow your passion in your work is a great gift you should grab with both hands.


Steve Jobs On The Difference Between A Vice President And A Janitor

“When you’re the janitor, reasons [why you failed] matter,” Jobs tells newly minted VPs, according to Lashinsky.

“Somewhere between the janitor and the CEO, reasons stop mattering,” says Jobs, adding, that Rubicon is “crossed when you become a VP.”

I never really thought about it, but it is true that at a certain level it doesn’t matter anymore why you failed, but that you failed. No more excuses to anyone other than yourself. The reasons matter to you, so you can keep yourself from letting it happen again, but it does indeed matter less to your superiors or your investors.

In other words, you have no excuse for failure. You are now responsible for any mistakes that happen, and it doesn’t matter what you say.

via Steve Jobs On The Difference Between A Vice President And A Janitor.

Why you get ideas in the shower

I have always wondered why I get my best ideas while taking a shower, standing still in traffic or running around to get some exercise. It seems it has everything to do with our information overload and our sub-conscious being suppressed. Interesting read for everyone!

We know our dreams, which are owned and operated by our subconscious, can be incredibly creative.  But on a busy day in modern times we are bombarded with information, and our conscious mind dominates. It’s only when we have quiet time, going for a walk, getting some exercise, or taking a shower, that our conscious minds quiet down enough for our sub-conscious to be heard. And that’s why you get ideas in the shower. The other inputs to your mind are quiet, your body (which is connected to your brain) is relaxed, and the way is clear for the rest of your brain to bubble up interesting thoughts.

via Why you get ideas in the shower « Scott Berkun.