Mistakes are expensive in the moment but priceless long term. This is why failed founders are so respected and sought after in the startup ecosystem. Their advice is the best money cannot buy. Money literally cannot buy the experience that comes from having utterly fucked yourself.
Sure maybe you lost a couple million bucks but you will never make the same mistake again. And because it hurts so god damn bad you will go out of your way to help others to avoid your fate. I’ve found that founders with failures are generous. They have seen the ways even the best laid plans can implode and want to help you from doing the same.
This is why it’s all the more frustrating for these operators watch a startup struggle to take advice. Speaking as a founder with failures, I know when someone else is about to make the mistakes I’ve made. I feel it in my bones. But it’s not always easy to help people help themselves.
I have a theory that it feels safer to hear a hard piece of advice when it comes from someone you know is delivering it without ego. Someone who never seems to have struggled a day in their life tends to evoke our own feelings of inadequacy. Their advice could never work for us because we aren’t as smart, rich, connected or sexy as they are. But someone with scars? Sure maybe they get why this is so hard for us.
As it turns out I have a complicated emotional relationship to attention. Because I’m really good at it. I get paid to get attention. But I resent it. And I resent it because I felt unwanted as a child. Which is how I got so good at getting attention.
I have to remind myself feeling wanted as a child isn’t my fault. I didn’t do anything wrong. I was a kid. It’s not even really my parents’ fault. Kids just pick up on shit and then they learn how to get what they want. And I wanted to feel wanted. So I developed a knack for being the center of attention.
Which is a long winded way of saying the second I put on external expectation on this writing from others, especially the expectation of having the attention of others, I’ll put myself into a cycle of feeling unwanted. I’ll perform to get attention. Then I’ll resent the attention. Then I’ll feel pressure to keep the attention.
And that’s not why I started writing. I did it for me. I’m afraid if there are days where I don’t have something to offer then I’ll revert back to being a useless kid who isn’t wanted. Then I’ll dive into ways to get attention. I will make content that is wanted. I’ll resent it when I get it because I should be wanted without performing. And well you see where I’m going with this.
Nothing ever fills the hole of those early childhood emotions. And I absolutely do not want this space to turn into something performative to get love and attention. If it gets attention just for existing then that’s ok.
But the pressure to give something to others is work. I can make spaces for work. Twitter is half workspace for me. But this blog isn’t for work. I talk about things I work on but that’s not the point really.
This is a space for the somebody that wants me. And I’m the somebody that wants me. And if you want me too that’s great. I’m glad you are here. I want you too. But no pressure or expectations. We can just have fun with it.
I’ve been writing this blog with complete disregard for whether I’m building an audience. I come every single day and I put down my thoughts on this metaphorical paper and sometimes it’s worth reading and sometimes it’s shit. The rule is simple. I write every single day. And I’ve been enjoying it for six straight months. I value this habit and this space for codifying my thoughts.
Because of the personal nature of the insights and the daily routine pace of the content, I’ve been hesitant to do anything to build an audience. All the strategic things one does – have a theme, give them value, cater to their interests – will force structure into my writing. I’m not sure I want structure. If I add in rules like stick to valuable content on a broad theme I’m not sure I can do that everyday.
This means I’ve stayed away from any of the tactical audience building tactics as well. I don’t encourage signups to read this in your inbox. I don’t have any pop-ups to capture your email. I don’t promote my writing anywhere but a single link on my Twitter account once a day. I rarely out older links to past pieces even if I think it’s a terrific post with insights worth sharing. There are dozens of ways I could be increasing my reach and growing my audience that I am just not doing.
I think it feels like too much pressure. As soon as I make any promises about what content you can find here it will add friction to my one simple writing rule. And friction eats eat away at momentum. I don’t want to do anything to slow or break a successful streak. I’m proud that I’ve written something every single day for 164 days. A lot of it has been genuinely good too!
And maybe I think that my one rule isn’t good enough for anyone but me. Why should anyone else care that I write every day? Daily content that must adhere to rules is practically a guarantee for regular “meh” posts. Sometimes I just won’t be inspired. That happens. I accept that as part of the process but if I cultivate an audience will they?
Of course I could do more to promote the content with the caveats that it’s a personal site with a rule that means you will get a variety of content. If you know what you are getting into than I’m not breaking any promises. I could post to more platforms with clear indications of what I do here. That wouldn’t put any pressure on me and would be transparent with any potential readers. But I’m still hesitant. I’d love to know why.
Some professional arenas are driven by the favor trading of social capital.
I’ve got a gut sense that this is true on the two poles of commodity products and services. The middle ground has a lot more nuance and is thus less susceptible to favor trading, as it’s clear what drives price and value of service. With complete commodities (identical replacement value) and the non-fungible (not interchangeable or replaceable) there are not simple price or value anchors. This makes it more likely your purchase or choice will be driven by the perception of social capital. We will do favors for those with higher status or by the recommendation of those we trust.
Interchangeable commodity products trade on price, which means favors from across the ecosystem act as the grease in otherwise equivalent deals. Think suppliers of everything from lumber to textiles. If the price is the same maybe you buy from someone you like who took you out to dinner. Or you buy because that person has a good reputation in the community so you use the person your neighbor recommended. This seems intuitively true of commodity services like accounting, plumbing or roofing. Within certain bounds of quality, a 2×4 or a roofing bid should fall into the same bucket so it’s ok to pick whoever feels best. That’s why it’s susceptible to favors and social capital exchange.
On the other end, extremely differentiated non commodity products are equally prone to being tipped by favors. Think professional services like public relations that are very hard to compare. A publicist with favors to trade gets their clients the best coverage. A reporter who has a lot of sources can trade them in to get a quote for a story. Venture capital is one of the least commodified types of capital, a founder will pick one firm over another not just based on the price of a term sheet but whether others recommend them. Reputation matters a lot. Social capital is what gets a deal done, a nudge to consider someone will push you into a cap table.
Not convinced? Think about a product that exists in the middle like clothing from a brand you know but isn’t connected to you in any other way. This is the least susceptible to favor trading or the pressures of social capital.
We can intuit a dress made from quality fabrics and a recognizable brand has a set cost because the brand of the designer is not interchangeable (maybe with others in their category but Prada isn’t the same as Old Navy) and the cost of the fabric is transparent. A silk blouse can’t ever get too cheap on a one off basis. Both the brand and the fabrics set the bounds of the prices.
I didn’t really have a point in writing this other than being curious about what impacts how we pick what to purchase and what sets the bounds of our pricing. We are in a narrative cycle around inflation and work shortages which is having an impact on how willingness to to spend or hire.
So be careful if something seems too expensive but comes highly recommended. Be equally wary if something is particularly cheap even if a friend likes it. Look for the sweet spot of pricing and reputation that is based on market price beyond your in-group.
I’m sensitive to everything. Physically I mean. I’m surprisingly tolerant of emotional volatility, which means I’m well suited to entrepreneurial nonsense and financial chaos. Physically, on the other hand, I’m a hot house flower. Orchids have a wider band of tolerance than I do. If you don’t feed, water and rest me on a precise schedule I will cascade from blooming to dead in a few hours. Only a slight exaggeration.
I’ve got endless examples I can share. I can go from zero strain & a low heart rate when working out at 65 degrees to vascular distress and heart rate spikes at 75 degrees. When I was younger I would get drunk from one drink and now I can’t even have a sip of wine without turning beat red. If a drug has rare side effects I’m virtually guaranteed to get it. My doctors are pretty familiar with this now and like to make jokes about it. “Well .001 of patients experience thinning hair so you will probably go bald!”
On a day to day basis I hate this because it means I have a lot less flexibility to fuck around. I will find out. I need to keep strong rhythms and routines. And I can often spot when even a planned and positive therapy has negative consequences almost immediately.
For instance, I take an immune suppressing biologic every two weeks to keep my immune system from getting too worked up and causing inflammation. I’ve got ankylosing spondylitis which means the swelling shows up in my spine. It’s good to keep this suppressed. This drug lets me walk and live normally which is awesome! Yay! But on the day of my shot and about 24 hours after I feel like shit. I can literally feel my immune system getting shut down in real time. I’m sniffly, tired and slow today. While this is good in the long run, we want to keep my immune system down, I’m grumpy as fuck that I feel the effects of this drug.
The upside to this reactivity is even modest changes show up in my tracking tools. I can leverage many subtle therapies, diagnostics, treatments and supplements to significant effect. It’s probably a factor in my affection for biohacking. I can see results quickly. The feedback loops tend to be short and noticeable for me, which thanks to tracking many variables over a long time span, means I can isolate effects within relatively short order. So while I’m a pain in the ass patient I’m also a pretty emotionally satisfying one. If you make a correct diagnosis on me you will find out pretty fast. That’s so satisfying.
The irony of this short feedback loop reactivity is that I mostly work on longer term horizons and on extremely volatile things. Maybe it’s because I get the benefits of compounding because I have built up so many positive habits? I don’t get worked up by any individual data point because I’m used to seeing extreme reactions in myself. No big deal. I don’t mind chaos at all because I don’t have much chaos in my daily life because I’m constantly managing my own biology. Maybe I’m actually perfectly suited for my professional life now!
A meme came across one of my group chats yeh other day that my friend said contained “strong Julie energy.” My response was oh yeah “phone calls are violence” and promptly turned it into a tweet.
Obviously I’m leaning into another extremely online joke with “thing is violence” which made for a good viral moment. But I really do hate having phone calls on my calendar. Not everyone agrees with me. I heard a lot from folks who insist that the human connection of one to one phone calls is superior to the written word.
Unless I’m speaking with an entrepreneur (or my mother) I try to encourage folks to communicate with me asynchronously. Voice communication is slow and lossy. It lets you ramble and insist that tone and human emotion are more crucial than you being a crisp thinker. Which is maybe true in certain situations. Emotions and tone and context are important. But it’s not a substitute for you being a shitty communicator.
I’m not going to waste 30 minutes on something that can be communicated in a few sentences if you just think ahead and collect your thoughts. Call me an asshole but it’s not worth me slowing down my day so I can listen to someone struggle to organize their point.
And I get it, folks want to think things through together in a group. You know how much that sucks if you are the one pulling all the weight in the call? A lot! It’s exhausting. Stop expecting other people to think for you. It’s a dick move. Honestly fuck that noise.
I’m not getting on a damn phone call until I’ve exhausted all over ways of communicating and organizing a topic. Only then is all this nuance and emotional context shit a worthwhile endeavor. Do your homework before you insist on scheduling a call. It will be more productive and take less time.
The best articulation of why anyone gives a shit about currencies in crypto (as opposed to just focusing on bigger structural problems of macroeconomics) is that you need foundational layers to build a new economy. You need a currency before you can have an economy. Ryan Sean Adams at Bankless gave me an aha moment with this quote. You need money.
The bankless model is simple: you hold the majority of your crypto wealth in crypto money. Specifically crypto commodity money. Today that means ETH and BTC.
Wealth is different than money. And crypto wealth should be in crypto money. Like yes, we get it, assets get tokenized. Crypto folks are wild for tokens. But that’s more of a DeFi problem. Financialization has allowed us to buy so many cool kinds of financial products that we forget that shit like derivatives were invented by normal dudes who traded soybeans for a living in the 70s.
But we needed soybeans to be traded first. There is an order of operations to setting up an economy. That means a system where folks grow soybeans and sell them, or turn them into another product like oil, or sell their labor as an accountant to the oil company that buys the soybeans. Because we don’t trade soybeans for steak. We trade it for dollars and then we buy a steak to enjoy at home with our spouse and kids. Circle of life! Circle of trade.
So first things first (I’m the realist) we to understand that understand that currency is crucial to the functioning of but also the first step in an economy expanding. We need to read up a bit on the history of money. PBS has a NOVA series that is prettycomprehensive. If you like stories Thomas Levenson’s Money for Nothing is a not-actually-tall tale about how the scientific revolution lead to a financial revolution (plus it has boats). Or learn how Kublai Khan invented paper money which seemed even crazier than a digital currency at the time.
Everyone has their mental models and super powers that make them unique. While I’ve written about my more specific skills like getting attention, one of my other super powers is a bit further down the stack.
I think I have a naturally immunity to the friction of inertia. The slow stickiness of life doesn’t seem to impact me as much as the average person. Generating momentum is my natural state. I guess this means my X-Men doppelgänger is the Juggernaut.
Juggernaut from X-Men: Last Stand saying “I’m the Juggernaut Bitch”
Startups suffer particularly from inertia around them. The world pushes back actively against changes. Think of inertia like eddies in the stream of linear time. You must get unstuck or you will circle forever alongside the stream, never getting anywhere while watching as others get ferried down the currents. That’s why I recommend to startups that they simply do whatever is necessary to generate momentum. Get the fuck out of the eddies of inertia.
When you are pushing against existing reality to make something new, you already need to significantly reduce friction just to get a shot on goal. You need to change opinions, learn new skills, bring together a team, work well together.
And that doesn’t even mean you will make the goal, even if all preparation work that goes right. All of that momentum you generated simply to have an opening. Yeah even then you can still fail. The market, your underdeveloped skills, your competitors, sheer dumb luck all have a chance to block your goal. That means you need to be undeterred by failure. You need to overcome friction consistently.
Overcome the inertia and the friction to keep taking more shots is your best chance. Probability likes your odds from five shots better than one.
I feel like Garfield but I don’t like Mondays. After two glorious days of reprieve, on Monday I restart the constant parade of medical appointments, biohacking activities and other habits and routines I maintain to keep my body healthy. And even with all that effort, my health is still bottom decile. The routine I lay out below can feel overwhelming with the amount of time it takes and yet if I don’t care of my body…well it won’t take care of me.
Garfield the grumpy cat falling out of his bed as he realizes it’s Monday
I woke up at 730 and made myself a breakfast of berries and homemade yogurt from raw milk. I used to be an intermittent faster but now I have to take medications with food so breakfast is back.
At 830 I read the news headlines and top articles from Bloomberg, New York Times, and the WSJ as well as listen to NPR’s morning edition. Then I need to do my physical therapy and stretching.
At 10am I organize my supplements for the morning. I take Ray Kurzweil levels of stuff that is monitored by not one but two functional medicine doctors. This doesn’t include the slurry of powders I drink in water, just the nice easy pills.
Then I am hooked into a EEG for an experimental “brain training” protocol called dynamic neurofeedback. The best metaphor I’ve got is to defrag your mind and reorganize your pathways. It’s basically CBT with an EEG. The session lasts for 33 minutes I also sneak in a meditation during this time.
Electrodes hocked up to my head for an EEG as I do dynamic neurofeedback
11am means it’s time to lift weights. I can’t do much and I need long rest intervals but I did a full squat cycle.
1130 has me showering and doing doing cold therapy. Yes I stand under a freezing shower for 5 minutes and do Wim Hoff breathing. Somehow I also manage to wash my hair.
At noon I have a banh mi (the pork and short rib from Daikon are quite good) and finish an episode of Mythic Quest. It’s wonderful and I recommend you get Apple TV just for this and Ted Lasso. I needed the break to just hang with Alex and do nothing for a minute.
Finally at 1pm I am able to get some work done. Getting emails out, checking on deals, reading some pitch materials and checking in on portfolio companies. I should have a straight shot through to 3pm to work before therapy but my mother and I ended up on the phone.
3pm is a full hour with my therapist. Arguably the most important hour of the week, especially for getting my mind right for Tuesday’s productivity.
4pm I have a brief break to take more supplements before I go back for two hours of group therapy.
Yes you read that correctly. On Monday I have 3 hours of back to back therapy. What else can I say? I’m committed to my emotional growth. We do family systems work and group work is particularly helpful for seeing your reactive patterns and how they are or are not mirrored back. As much as I sometimes resent how much time I sink into this work I do believe it’s the best ROI on time. We repeat the patterns of our childhood unless we clear them.
Finally at 6pm l have time to do things that are not explicitly for my mental or physical health. So yeah I’ve got mixed feelings on Monday. I want to live life beyond treatments and working on myself. I wish I could live without meds, supplements, physical therapy, walking, lifting weights, meditation, and therapy. But I guess that is what Tuesday’s are for. Monday is just Monday. And yes I repeat some of those activities every single day.
I feel like I need a break from having daily obligations for a day or two (it was a big week) but I’m also a creator of routines and rhythm. When you’ve got a chronic disease you don’t get to skip stuff like your medication or healthy habits without some consequences.
One reason I don’t find myself burdened by writing something long form everyday is that I see it as a habit like taking vitamins, taking a daily walk or brushing my teeth. It’s just something you do.
But I can chose how much time I put into writing or how long I walk (though it seems prudent to let the electric toothbrush run it’s full 2 minute cycle). So I’m reminding myself today that it’s alright to keep today light. If you want something good to read I recommend the Thursday Style Problem.
