Secret to career success while maintaining a balanced and fulfilling life
I have lived in Bay Area for 33 years now and a ton has changed in this area since. What hasnât change is the passion for creativity and being the technology engine of US if not the entire world due to unique setting of great universities, phenomenon Venture Capitals, along with amazing high-tech companies that regularly make generous donations to the universities here. Â This triad of education, industry, and capital has created a Mecca that everyone in the world is trying to replicate from Taiwan Technology Center, to Shenzhen and Shanghai Technology Parks, to North Carolina research triangle. Â Yet there is only ONE âSilicon Valleyâ soon to be renamed âSocial-Media Valleyâ (I sure hope not!!). Â Many companies have been born, raised, reached to top performing maturity, and gone to waysides alone the way. Â What started as Fairchild Semiconductor, and gave birth to HP, to National Semi, to Motorola, etc. have given ways to Google, Facebook, Uber, Yahoo, etc. Â As a result, some of the smartest intellects on the planet are attracted and moved to Bay Area. In all these changes one thing has remained constant. Â This constant stem from positive attribute of innovation and creativity, and deep competitiveness for wanting to be the first but unfortunately has morphed into a hostile environment of ârat raceâ.
What used to be an internal passion for success and creativity has turned upside down into necessity and lingo of talking and acting tough and showing that you are deeply committed to the âcauseâ. Â That shift of internal drive to an external imposition (and to âkeep faceâ) is the root cause of so many lives wasted, so many broken marriages, so many unhappy imbalanced (but occasionally rich) entrepreneurs. Â To create more soldiers (i.e. newly converted entrepreneurs) to âdieâ for this âcauseâ, VCs MUST intoxicate new souls right out of college as if this is THE ONLY way to reach ultimate success and freedom. Â The truth is far, far from it. For every one google, there are carcasses of hundreds if not thousands of shattered dreams, wasted talents, wasted time, energy, and resources. Â No one talks about them and what happened to the lives of those who spent countless hours writing those codes, designing those amazing ICs on shoe-string budgets. Â Like magicians, VCs artfully want entrepreneurs to keep their gaze only at that one shining star.
The numbers just donât add up. Â At best only one of out of 20 startups will survive (not succeed to the likes of Google) and many put the statistic at one out of 100. Â Of those that survive one of 25 to 30 makes it successful that pays off handsomely to its founders and key original and early employees. Â For the sake of simplicity, letâs be generous and say the odd by most modest assumption is 1 out of 20 and each startup takes 3-7 years (depending if it is just an App company, semiconductor, or Bio Tech, etc.) to reach to fruition. Â That means on the average a typical entrepreneur must try his luck 20 times and spend 4 years on each devoting himself completely. Â That is 80 years of giving up normal salary and bonus for possibility of hitting it big. Â It is just like Casinos vs. gamblers odds. Â The reason VCs can do this successfully is that they do these bets in parallel, whereas the entrepreneur can only devote himself/herself to only ONE bet at a time serially.
There is no one size fit all formula to success. Â Recognize those who made it big wasnât because they were smarter than you, or braver (took more risks) than you, or more hardworking than you. Â They were ALL of that WHEN the opportunity showed up but for MOST part they were just luckier than you. Â Luck may be a pretty luring lady and I always say âI much rather be lucky than right!â but it isnât the one you want to build a life with. Â Of course when it does land on your shoulder, you want to be prepared to take it to full throttle and enjoy the ride to the fullest. In the mean while here are some tips to consistently build wealth while doing what you enjoy.
Focus on what you enjoy not the end outcome of how much you'll get paid. Â My dad told me this and I am glad I did. Â I really think if you going to be spending 40-80 hrs of your life every week, you gotta at least like it. Â Don't follow someone else's dream. Â That's where the fire starts i.e. from within you must have that internal combustion.
Avoid joining seed round of any startup. The odds on them is far worse than 1 out of 20. If you really have an itch to join a small company, join them at series D or F when they are already into $5-10M in revenue. Â You have much better shot of going IPO or being acquired than the seeds.
If you are at the beginning of your career, join a large billion-dollar company FIRST to learn the ropes. Â This way you avoid costly âobviousâ mistakes when joining a startup. Â Another way to say this, you let the billion-dollar company pay for your mistakes or hopefully its senior management is smart enough to stop you from doing so.
Start saving from early part of your career and NO I donât mean 401k and IRA. Those are obvious things to do specially if these large companies are matching your funds. Â I mean put away money and BUY real state in this area AS SOON AS you can get a loan for it. Â All my life I have played stock and I have been a day-trader for many-many years. Â While there was a lot of thrill playing market, where I made my fortune was NOT playing stock or my IRA or 401k, it was that as soon as I had enough down-payment money, I bought properties and I have never SOLD any of them and turn them into rentals. Â Remember âa sound investment is usually boring; very boring. Â If itâs not, it is NOT investment; itâs gambling.â. Â As stupid and as simplistic as that may sound, it IS the best advice that someone else gave me and to this day it has been the golden ticket for me. Â When in 2008 the market in Sacramento melted, I bought as many properties as I could get my hands on and turned them to rental properties with steady flow of income. Â With that came my independence. You may think I got lucky and there is perhaps an element of that. Â However, I have done so before and after 2008 both in Bay Area and in Sacramento. I have been consistently buying the dips since my first house in Palo Alto in late eighties.
It is so easy to throw away your hard earned money on restaurants and shopping stupid stuff. Â I am a sucker for infomercials. Â So believe me I know how one can get carried away watching them or walking into stores and just let emotions/desires, wants NOT needs & necessities to lead your decisions. Â As soon as you get your paycheck make it automatic to transfer at least 25-50% of your net income into an account that you just simply canât take out money that easily being CD, annuity, 401K, IRA. Â If it pays dividens even better, the purpose here is to accumulate your next down payment for a house. Â Make sure you just canât access that money so easily. Â Then learn to LIVE with LESS. Â You will find your date will be lot more impressed because you are a great cook. Â That was my number one dating gig. Â Heck thatâs how I got married to my wife. Â Youâd be surprised just how much you can save by just being a bit disciplined. Â Now, I am not suggesting to be cheap or even frugal. Â I only suggest to be disciplined with your money. Â I donât believe in TOTAL delayed gratification. I Believe in MOSTLY delayed gratification. That means DO reward yourself from time to time and even budget some âpiss awayâ money to do absolutely craziest things you can imagine. Â That is just as important because it gives rise to your spirit of freedom and creativity that is the engine for your growth. Â If you are too deprived, then you feel you are just laboring for your later years. Â And thatâs no fun. It is all about balance.
HELP OTHERS in need WITHOUT expecting to be reciprocate or even recognized (better yet DO make sure it goes completely unnoticed). Â It really makes a positive difference in your own purification of your soul that is a source for healing, healthy, ethical, and spiritual living. Â Being of SERVICE is the greatest gift that we can do for ourselves.