The Protesilaus Quandary™ and Risks of Being a First Mover
Some of you may have had the experience of making or participating in an opportunity where you will be the first. The first to create a certain technology, the first to start a certain kind of business, the first of your ethnic group or peers to succeed at something important for members of that group.
Firsts can be exciting. Sometimes firsts can be downright frightening. This book is for those of you who are reading this and consider yourselves daredevils and risk takers.
Let me be very honest, being first can get you killed. We don’t have to look any further than at the Greek Epic of Helen of Troy. The hero Protesilaus, an important figure, who seems to be overlooked and rarely mentioned by most modern recounts of the story. Anyway, this hero was destined to be the first and by George he was, the first to DIE! It was prophesied that the Greeks would win the war, but before that could happen, the first man in the war from the Greek’s Army would have to lose his life. If you think everybody jumped up to be first that day, you’re nuts!
Protesilaus had no “first mover advantage.” In fact, the Greek Prophecy called for the life of the first mover to me taken.
Your competition is waiting for you to move first too! They want to see what mistakes you make so they learn what not to do and where to attack. They want to observe your successes so they know exactly what to take from you. Don’t let this scare you or detour you from being a first mover. Just make sure you obtain the first mover’s advantage. Yes, I know this isn’t something you send your entrepreneur coupons in and get in the mail. You have to take this position in the marketplace, possibly away from someone else who has it. It’s a form of power!
Risk Taking is a consistent behavior. It is not a one off. Risk Takers are leveraging their resources, and those of others, to accomplish specific objectives. When they get what they go after or not, they wipe their foreheads and do it all again.
The First Mover Advantage is a power play. If you’re the first one to the environment, establish yourself with an advantage over those due to arrive. If you’re not first, take the advantage from those who have it!
Excerpt: Liber Septem Periculorum - Section I. Entrepreneurial and Startup Risk
Philosophical Viewpoint:
One of my biggest risks in life was becoming an entrepreneur. I had no idea that I was making myself a social, academic and professional target, rather pariah. Now a days you hear the term “self-sacrifice” as a key behavior and reason for obtaining complex achievements in life. Is self-sacrifice necessary? Yes. Does it lead to achievement? It can. More times than not, it does. However, understand, the pound of flesh you have to give is unbelievable and not the same for everyone. Some of you will have to stop dating or end your romantic relationships. Some of you will have to change your eating and sleeping habits. Some of you won’t see a social gathering or live event for so long, you’ll forget how to act or what to do, when it’s time to do it again. Sacrifice should not be seen as what you’ll give up, but what you’ll risk. You’ll risk time going by in an unforgiving way. Friends and family will have moved on from you, got married, died or left your immediate area. This won’t just be friend but venues you’ve enjoyed.
I can plainly recall my local haunts going out of business or relocating in what seemed to be “quick” circumstances. But the changes that are made are not fast, you’ve just lost track of the same time you used to keep. I recall how a lady friend called me once and was upset. I was in good spirits and couldn’t understand the problem - at least not initially. She asked, “why haven’t you called me?” I responded, it’s only been a couple weeks.” She then firmly said, “it’s been a month!” After a little memory session and some math, I realized she was right. I had gone into my work cave and hadn’t seen the light of day for over 30 days! It can happen and when it does, your life will change. Sacrificing steak for ramen is the least of your worries, trust me.
Next let’s talk about startup risk. Did you know you’re business can fail and ruin your personal reputation? Or inversely, if you fail in maintaining a positive personal reputation, it can cause your business to fail. You may remember those drinking binges with your friends and all the “insane” things you guys did together, but in today’s world of mobile video recording, your dirty laundry will be posted on social media faster than you will know how to respond to it. More on that later. My point is, the traditional print and television media won’t tell you the deeper truths of what is highly likely to occur for most of you out there who decide to become innovators. Thanks to some of our more honest content creators out there, many outsiders and newbies are beginning to see the pressures both successful and unsuccessful innovators experience throughout their journey. Your innovation, company and project becomes your child. You literally have to be there every moment. You’ll hear it cry all the time when it’s young and like a good parent you’ll have to know when to feed it and when to change it. Miss those and other vital moments of its growth and it will miss you when it comes to success. Your innovation is a baby and you’re the parent. It’s up to you to be a “good one” or a “bad one” but which ever role you choose the innovation will remind you of your choice.
Practical Viewpoint:
Navigating uncertainty in new ventures
You’re going to have to a lot of research to navigate what you don’t know. In my early days there was no internet like today. I lived at the library when I created the business plan for my first company. I had regular visits with attorneys and other professionals. I asked many questions as I could. I also attended industry and non-industry events. I took lots of notes. The synthesis of all of these activities and behaviors became my map. That’s how I navigated uncertainty. We’re all in a digital world now, so you’ll use the tools of today, but the core principles are the same. What you learn, who you network with, the model you design and use will help you.
Product Market Fit
Product Market fit is just as much art as it is science. Academics who haven’t been close to building businesses from the ground up at this level, can tell you all the numbers and the how to’s. I shake my head religiously at their bullshit. Likewise, for startups who are now “scale ups” and on their series D raise. They have all the data. They have had enough time in their 6 months of life to all of a sudden give you, the details of “how to.” They know how now, because their money and venture capital bros provided them a force multiplier you can’t imagine. So with that… I love the argument that some of the top entrepreneurs have made and that is…You dictate the product you bring to market, not allow the market to dictate the product you bring to it.
Scaling
As a Risk Taker and Innovator you should be planning on scaling. Who doesn’t want to grow and grow and grow? However, there are times beyond growth simply pausing. Sometimes there is downward pressure on the Risk Taker, Innovator, their projects, their teams, and their goals. I was fortunate to have a really meaningful conversation with a pro from the video game industry. He said. “Every company has a growth story and a revenue story…” He went forward to ask me, which one am I telling? He then explained how both stories will at some point segue into the other. But that I would have to start with one. So yes, the idea to grow and make revenue are the main focuses of a commercial business, but we do have to think about and be prepared for movement in the opposite direction. Scaling, is not a one way activity. Meaning scaling doesn’t just represent a project or company getting larger. It also represents the ability to downsize in proportion to available capital, market demand and other factors. So “scaling” is quite important when we look at it from the perspective of expansion and contraction. Plan and understand how to run your project on less. This practice is just as important as being prepared to use more resources. Complete your plans by accounting for risks which might impact your ability to scale upward. Have a plan on how to operate in and succeed from a contracted posture.
Capital Allocation
For those from the religious community reading this book, or at least this part. You’re probably familiar with the statement or some rendition at least: Everyone talking about going to heaven won’t be going [themselves]. Well in the entrepreneurial space, many can agree, not everyone talking about getting investment funding will do so. So with that, don’t quit your day job. Yes, I know, you’ve got the next big thing and if you could just focus all your time on it, you’ll be a billionaire, a gazillionaire in five years! Just do all of that on that day job. In fact, get that night job too. Even better, work both jobs and build one or more passive income streams. You’re going to need it. Inflation, Cost of Living, seen and unforeseen business costs, and typical weekly shenanigans are all coming for you. They were on a race to your front door, like the wolves they are, the minute you announced your bid for doing things your way. From every legal source you can muster, allocate a specific percentage monthly to the project or business fund. Start an account for it. Start an investment portfolio for it. You’re going to need capital and it’s not likely to come from the investment community.
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