What to Expect as a New Founder
The Whale Hunters & The Origins of Entrepreneurship
Starting a company today isn’t so different from the early days of whale hunters—a high-risk, high-reward venture that required boldness, teamwork, and trust. In the past, whale hunting expeditions were funded by kings or wealthy individuals. The crew, regardless of rank—senior or junior—was promised a share of the reward if they successfully caught a whale. If they failed, they were provided just enough resources to return home, but they wouldn’t make a fortune from the venture.
This model mirrors modern entrepreneurship. Investors fund ventures in pursuit of high returns, while founders and teams embark on an unpredictable journey, facing risk, uncertainty, and the challenge of navigating uncharted waters. But just like whale hunters, founders only truly win when the venture succeeds—and they must be willing to embrace the journey, both the wins and the struggles, to make it work. This concept is well articulated in "The Venture Mindset" book, which explores how early risk-takers shaped the foundation of entrepreneurship.
How Much Should a Founder Get Paid?
In the book Zero to One by Peter Thiel—Elon Musk’s partner and co-founder at PayPal, an early investor in Facebook, and now a prominent venture capitalist—suggests that a founder’s salary should be modest—anything above $120,000 per year becomes counterproductive. Having played both the founder role and the investor role, Thiel has observed that high founder salaries reduce hunger, increase burn rate of the Start-up, and misalign incentives.
He argues that founders should be primarily motivated by the company’s long-term success, not short-term financial security. Taking too much money too soon makes it easy to get comfortable, slow down decision-making, and reduce urgency in scaling the company. However, being paid too little can also be harmful—founders need enough financial stability to focus on execution without distractions. The sweet spot? A salary that sustains you but doesn’t make you complacent. The ultimate payoff should come from the company’s success, not a monthly paycheck.
The Mindset & Behaviors of a Founder
Unlike traditional roles, being a founder doesn’t come with a job description. It’s not a fixed position—it’s a constantly evolving role that requires adaptability, creativity, and a willingness to navigate uncharted territories. Every industry demands different responsibilities from its founders, which means there’s no plug-and-play template for success.
However, some key mindsets and behaviors determine how well a founder can lead a company:
- Extreme Ownership – Founders take responsibility for everything, whether or not it’s within their direct control.
- Relentless Problem-Solving – Seeing challenges not as setbacks but as opportunities to innovate.
- High Risk Tolerance – Being comfortable making decisions with incomplete information.
- Long-Term Thinking – Building with a vision, not for short-term gains.
- Accountability & Transparency – Surrounding yourself with exceptional individuals who uphold and reinforce high standards through mutual accountability.
A well-designed system should reward founders for behaviors that drive long-term growth, not just short-term performance metrics. The best founders build businesses not just for profit but for impact, ensuring the company's success outlives their personal involvement.
Founder vs. CEO: Knowing Your Strengths
Many people assume that founder and CEO are the same role, but in reality, they are two very different functions.
A founder’s role is to initiate, create, and set the vision, while a CEO’s job is to execute that vision, build the right team, and lead the company to scale.
Sometimes, the founder is the best person to be CEO. Other times, they may be suitable in the early stages, but stepping aside later for someone better suited to the role can be the smartest move for the company’s long-term success. If you are the right person to continue leading, ensure that your board of directors formally consents to you holding the CEO position, making it clear that it’s based on merit, not entitlement.
If you aren’t the best person for the role, bring in the right CEO—someone who can take the company where it needs to go. True leadership isn’t about holding onto power; it’s about putting the company’s success above personal titles.
The Importance of a Board of Directors
As a startup, having a small but effective board (around 3 people) is crucial. Why? Because it provides:
- Checks & Balances – Prevents decisions from being made in an echo chamber.
- Watch Guard – Keeps leadership aligned with the vision, ensuring the company stays on course while maintaining the flexibility to adapt and make pivotal decisions when necessary.
- Diverse Perspectives – Brings experience and insights that founders may lack.
The saying "absolute power corrupts absolutely" exists for a reason. No matter how capable a founder is, surrounding themselves with smart, trustworthy people is essential for long-term success. The right board members don’t just approve decisions; they challenge ideas, push for strategic clarity, and hold leadership accountable.
Building a Team That Grows With the Company
One of the most fulfilling aspects of entrepreneurship is building a company alongside a strong, reliable, self-motivated, and highly capable team. Watching the business evolve from a mere idea into a thriving enterprise, while the leadership team grows both collectively and individually, is an experience that no paycheck can replace.
So, if you’re thinking of becoming a founder for the sake of early freedom and luxury, you may want to rethink your expectations—it’s rarely what it seems.
But if your goal is to build something that lasts, where both the company and its people scale together, then perhaps it’s time to embark on a whale hunting expedition.
The good news? You don’t have to do it alone. In fact, going at it solo is almost certain to fail, unless you just want to catch some small fish. Success comes from building the right founding team, adopting an empowering mindset, and committing to something truly meaningful. If you’re ready to take the leap, we invite you to come explore with us.
The Whale Hunters & The Origins of Entrepreneurship
Starting a company today isn’t so different from the early days of whale hunters—a high-risk, high-reward venture that required boldness, teamwork, and trust. In the past, whale hunting expeditions were funded by kings or wealthy individuals. The crew, regardless of rank—senior or junior—was promised a share of the reward if they successfully caught a whale. If they failed, they were provided just enough resources to return home, but they wouldn’t make a fortune from the venture.
This model mirrors modern entrepreneurship. Investors fund ventures in pursuit of high returns, while founders and teams embark on an unpredictable journey, facing risk, uncertainty, and the challenge of navigating uncharted waters. But just like whale hunters, founders only truly win when the venture succeeds—and they must be willing to embrace the journey, both the wins and the struggles, to make it work. This concept is well articulated in "The Venture Mindset" book, which explores how early risk-takers shaped the foundation of entrepreneurship.
How Much Should a Founder Get Paid?
In the book Zero to One by Peter Thiel—Elon Musk’s partner and co-founder at PayPal, an early investor in Facebook, and now a prominent venture capitalist—suggests that a founder’s salary should be modest—anything above $120,000 per year becomes counterproductive. Having played both the founder role and the investor role, Thiel has observed that high founder salaries reduce hunger, increase burn rate of the Start-up, and misalign incentives.
He argues that founders should be primarily motivated by the company’s long-term success, not short-term financial security. Taking too much money too soon makes it easy to get comfortable, slow down decision-making, and reduce urgency in scaling the company. However, being paid too little can also be harmful—founders need enough financial stability to focus on execution without distractions. The sweet spot? A salary that sustains you but doesn’t make you complacent. The ultimate payoff should come from the company’s success, not a monthly paycheck.
The Mindset & Behaviors of a Founder
Unlike traditional roles, being a founder doesn’t come with a job description. It’s not a fixed position—it’s a constantly evolving role that requires adaptability, creativity, and a willingness to navigate uncharted territories. Every industry demands different responsibilities from its founders, which means there’s no plug-and-play template for success.
However, some key mindsets and behaviors determine how well a founder can lead a company:
- Extreme Ownership – Founders take responsibility for everything, whether or not it’s within their direct control.
- Relentless Problem-Solving – Seeing challenges not as setbacks but as opportunities to innovate.
- High Risk Tolerance – Being comfortable making decisions with incomplete information.
- Long-Term Thinking – Building with a vision, not for short-term gains.
- Accountability & Transparency – Surrounding yourself with exceptional individuals who uphold and reinforce high standards through mutual accountability.
A well-designed system should reward founders for behaviors that drive long-term growth, not just short-term performance metrics. The best founders build businesses not just for profit but for impact, ensuring the company's success outlives their personal involvement.
Founder vs. CEO: Knowing Your Strengths
Many people assume that founder and CEO are the same role, but in reality, they are two very different functions.
A founder’s role is to initiate, create, and set the vision, while a CEO’s job is to execute that vision, build the right team, and lead the company to scale.
Sometimes, the founder is the best person to be CEO. Other times, they may be suitable in the early stages, but stepping aside later for someone better suited to the role can be the smartest move for the company’s long-term success. If you are the right person to continue leading, ensure that your board of directors formally consents to you holding the CEO position, making it clear that it’s based on merit, not entitlement.
If you aren’t the best person for the role, bring in the right CEO—someone who can take the company where it needs to go. True leadership isn’t about holding onto power; it’s about putting the company’s success above personal titles.
The Importance of a Board of Directors
As a startup, having a small but effective board (around 3 people) is crucial. Why? Because it provides:
- Checks & Balances – Prevents decisions from being made in an echo chamber.
- Watch Guard – Keeps leadership aligned with the vision, ensuring the company stays on course while maintaining the flexibility to adapt and make pivotal decisions when necessary.
- Diverse Perspectives – Brings experience and insights that founders may lack.
The saying "absolute power corrupts absolutely" exists for a reason. No matter how capable a founder is, surrounding themselves with smart, trustworthy people is essential for long-term success. The right board members don’t just approve decisions; they challenge ideas, push for strategic clarity, and hold leadership accountable.
Building a Team That Grows With the Company
One of the most fulfilling aspects of entrepreneurship is building a company alongside a strong, reliable, self-motivated, and highly capable team. Watching the business evolve from a mere idea into a thriving enterprise, while the leadership team grows both collectively and individually, is an experience that no paycheck can replace.
So, if you’re thinking of becoming a founder for the sake of early freedom and luxury, you may want to rethink your expectations—it’s rarely what it seems.
But if your goal is to build something that lasts, where both the company and its people scale together, then perhaps it’s time to embark on a whale hunting expedition.
The good news? You don’t have to do it alone. In fact, going at it solo is almost certain to fail, unless you just want to catch some small fish. Success comes from building the right founding team, adopting an empowering mindset, and committing to something truly meaningful. If you’re ready to take the leap, we invite you to come explore with us.
The Whale Hunters & The Origins of Entrepreneurship
Starting a company today isn’t so different from the early days of whale hunters—a high-risk, high-reward venture that required boldness, teamwork, and trust. In the past, whale hunting expeditions were funded by kings or wealthy individuals. The crew, regardless of rank—senior or junior—was promised a share of the reward if they successfully caught a whale. If they failed, they were provided just enough resources to return home, but they wouldn’t make a fortune from the venture.
This model mirrors modern entrepreneurship. Investors fund ventures in pursuit of high returns, while founders and teams embark on an unpredictable journey, facing risk, uncertainty, and the challenge of navigating uncharted waters. But just like whale hunters, founders only truly win when the venture succeeds—and they must be willing to embrace the journey, both the wins and the struggles, to make it work. This concept is well articulated in "The Venture Mindset" book, which explores how early risk-takers shaped the foundation of entrepreneurship.
How Much Should a Founder Get Paid?
In the book Zero to One by Peter Thiel—Elon Musk’s partner and co-founder at PayPal, an early investor in Facebook, and now a prominent venture capitalist—suggests that a founder’s salary should be modest—anything above $120,000 per year becomes counterproductive. Having played both the founder role and the investor role, Thiel has observed that high founder salaries reduce hunger, increase burn rate of the Start-up, and misalign incentives.
He argues that founders should be primarily motivated by the company’s long-term success, not short-term financial security. Taking too much money too soon makes it easy to get comfortable, slow down decision-making, and reduce urgency in scaling the company. However, being paid too little can also be harmful—founders need enough financial stability to focus on execution without distractions. The sweet spot? A salary that sustains you but doesn’t make you complacent. The ultimate payoff should come from the company’s success, not a monthly paycheck.
The Mindset & Behaviors of a Founder
Unlike traditional roles, being a founder doesn’t come with a job description. It’s not a fixed position—it’s a constantly evolving role that requires adaptability, creativity, and a willingness to navigate uncharted territories. Every industry demands different responsibilities from its founders, which means there’s no plug-and-play template for success.
However, some key mindsets and behaviors determine how well a founder can lead a company:
- Extreme Ownership – Founders take responsibility for everything, whether or not it’s within their direct control.
- Relentless Problem-Solving – Seeing challenges not as setbacks but as opportunities to innovate.
- High Risk Tolerance – Being comfortable making decisions with incomplete information.
- Long-Term Thinking – Building with a vision, not for short-term gains.
- Accountability & Transparency – Surrounding yourself with exceptional individuals who uphold and reinforce high standards through mutual accountability.
A well-designed system should reward founders for behaviors that drive long-term growth, not just short-term performance metrics. The best founders build businesses not just for profit but for impact, ensuring the company's success outlives their personal involvement.
Founder vs. CEO: Knowing Your Strengths
Many people assume that founder and CEO are the same role, but in reality, they are two very different functions.
A founder’s role is to initiate, create, and set the vision, while a CEO’s job is to execute that vision, build the right team, and lead the company to scale.
Sometimes, the founder is the best person to be CEO. Other times, they may be suitable in the early stages, but stepping aside later for someone better suited to the role can be the smartest move for the company’s long-term success. If you are the right person to continue leading, ensure that your board of directors formally consents to you holding the CEO position, making it clear that it’s based on merit, not entitlement.
If you aren’t the best person for the role, bring in the right CEO—someone who can take the company where it needs to go. True leadership isn’t about holding onto power; it’s about putting the company’s success above personal titles.
The Importance of a Board of Directors
As a startup, having a small but effective board (around 3 people) is crucial. Why? Because it provides:
- Checks & Balances – Prevents decisions from being made in an echo chamber.
- Watch Guard – Keeps leadership aligned with the vision, ensuring the company stays on course while maintaining the flexibility to adapt and make pivotal decisions when necessary.
- Diverse Perspectives – Brings experience and insights that founders may lack.
The saying "absolute power corrupts absolutely" exists for a reason. No matter how capable a founder is, surrounding themselves with smart, trustworthy people is essential for long-term success. The right board members don’t just approve decisions; they challenge ideas, push for strategic clarity, and hold leadership accountable.
Building a Team That Grows With the Company
One of the most fulfilling aspects of entrepreneurship is building a company alongside a strong, reliable, self-motivated, and highly capable team. Watching the business evolve from a mere idea into a thriving enterprise, while the leadership team grows both collectively and individually, is an experience that no paycheck can replace.
So, if you’re thinking of becoming a founder for the sake of early freedom and luxury, you may want to rethink your expectations—it’s rarely what it seems.
But if your goal is to build something that lasts, where both the company and its people scale together, then perhaps it’s time to embark on a whale hunting expedition.
The good news? You don’t have to do it alone. In fact, going at it solo is almost certain to fail, unless you just want to catch some small fish. Success comes from building the right founding team, adopting an empowering mindset, and committing to something truly meaningful. If you’re ready to take the leap, we invite you to come explore with us.
Feb 13, 2025
