## How to Become an Entrepreneur? Four Letters: JFDI

# Introduction

In the office of my first company hung a picture featuring the Nike logo alongside the letters JFDI. (JFDI stands for “Just Frickin’ Do It” — a playful twist on Nike’s iconic slogan “Just Do It”). I firmly believe that to succeed in business, especially within the realm of venture capital firms and private equity companies, you must be ready to accomplish a lot. Entrepreneurs constantly need to make decisions, even when information is incomplete. This paralysis by analysis stalls many, but not you.

Entrepreneurs make decisions quickly and keep moving forward, knowing that up to 70% of their decisions might be wrong. Every day, they progress in the right direction. They swiftly recognize their mistakes and correct them. A good entrepreneur can admit when they’ve chosen the wrong path and learns from those mistakes. Good entrepreneurs make mistakes often. If you’re not making mistakes, you’re likely not doing enough. Good entrepreneurs take action rather than dissecting everything (of course, this doesn’t mean that analysis is unnecessary altogether).

# A Couple of Small Examples

## 1. Delivering Results

In Los Angeles, there’s a guy I met at several tech events sponsored by venture capital business leaders. He was very nice and down-to-earth, with extensive expertise in his field, having worked for ten years. His field required a technological breakthrough, and he wanted to be at the forefront of it. We discussed his ideas several times. Usually, I try not to spend too much time reviewing others’ presentations (people often ask me, and honestly, I barely have time for my own matters!), but there are always people you like (more than others) and want to help. This guy was one such person.

Over several months, I watched his idea go through several cycles. He got stuck at the capital-raising stage. He wanted to know how to start, saying, “Can I introduce you to a couple of local angel investors?” One day, after an event, we chatted for about 20 minutes. I was straightforward (caution: that’s my nature) and told him not to worry and that I wasn’t ready to help him with investors.

He asked, “Why?” I said he wasn’t a real businessman. He was shocked. I told him he had been talking about his idea for too long, yet he still didn’t have a website or prototypes. But, “he doesn’t have the budget and can’t hire a developer until he raises capital!”

I said that was exactly the problem. “A real entrepreneur would still manage. He’d find a developer to work for equity or promise to pay later. Real entrepreneurs know how to inspire others. They put their ideas on paper, whether it’s a model or a PowerPoint plan. At worst, they can articulate their ideas verbally. But entrepreneurs DO THEIR SHIT. They have all the knowledge and skills.”

I left, but felt awful. I don’t like intentionally breaking others’ hopes, but I believe my job is to be honest so that people don’t waste their time, money, or everything at once on bad and unpromising ideas. However, something amazing happened. He took my words as a challenge. He went and found a developer, and they built a product. He refined his business plan, sighting $100-200k in capital raised, but needed large investors to jump in first. When he returned to me, he had a solid plan and even a prototype! I introduced him to several venture capital firms, and he SURPASSED his planned investments!

This is all true. I don’t know if this entrepreneur would like me to reveal who he is, so I’ll keep his identity concealed. But I shared this story for a reason.

## 2. Analysis Paralysis

Once, I participated in company meetings (I WAS NOT INVESTING in it), where there was a very smart and likable CEO. He studied at the top three schools in the U.S. and worked for a top consulting firm — one of the top three largest. Every meeting this CEO conducted was very energetic, and all meeting participants (except me) were thrilled. He presented 60-page PowerPoint presentations containing analysis of every tiny business detail. The company had less than five million dollars in revenue, yet we had multi-page spreadsheets calculating costs for service staff, enterprise, and technology.

He created every type of chart imaginable (or by the consulting firm McKinsey). All problems with our products, average repair times, detailed sales forecasts, and much more were laid out. Charts. What wonderful charts! I think with their help, a company like General Motors could solve all their problems. The only dissatisfied participant was me. I was the one saying that sales targets were not met, and the promised “greedy deal” was delayed by half a year.

After several meetings, I decided to speak up. I was like an elephant in a china shop. I said (very loudly): “I’m sure the time spent on these slides would be better spent talking to production and finance directors, and with the head of the TA department [a major client].” This CEO never met with any of them.

The meeting members felt very awkward about my calling out the work of such a nice, sweet, educated, and experienced CEO as nonsense.

Surely, you can guess what happened next. That year, we underachieved our sales plan by over 66%, but we had great slides explaining why. The next year, we set the same sales plan that we failed to meet the first time. We missed it by over 33%. No one was surprised. The company lost a lot of money. All the way, I complained. It was uncool. None of the “independent” meeting members took interest in it (and didn’t even realize the absurdity of the situation).

Today, I’m sure they see things differently. The beautiful slides from top-tier consulting companies bamboozle large companies for years, and I understand why. They dazzle, complicate, lecture, and tell an interesting story. However, in reality, they’re just a story. And sometimes — even a fairy tale.

I still really like this CEO and deeply respect this person outside of his work. The Peter Principle states that “everyone tends to rise to their level of incompetence.” Some people excel at analyzing but aren’t good at doing, and therefore can’t become good entrepreneurs. I think many private equity firms learned this lesson through their mistakes by participating in managing others’ companies. I’ve seen it myself.

The problem with the company described above is that there were people willing to cover all new and new expenses, and the board members kept hoping that the white streak was just around the corner. Maybe someday their hope will be fulfilled. I wish them luck. However, the British call this approach “feeding on breakfasts”. I’m tired of breakfasts. I left the board. And the company never started JFDI.

# Embracing JFDI with Co-Founder Ai

At Co-Founder Ai, we embody the JFDI spirit. Whether you’re seeking investment opportunities near you, exploring startup jobs, or looking to start a startup, our platform connects you with the right angel investors and venture capital firms. Join us and turn your entrepreneurial dreams into reality with the courage to just do it.

# Conclusion

Becoming an entrepreneur requires more than just ideas; it demands action, resilience, and the willingness to learn from mistakes. Embrace the JFDI mentality, seek out supportive venture capital companies, and leverage tools like Co-Founder Ai to navigate the challenging yet rewarding journey of building a successful startup.