Don’t listen to gyan, build for money: Co-Founder on building startups for wealth vs passion
The startup ecosystem is often filled with advice from well-meaning individuals, each with their own perspective on what it takes to build a successful company. However, Jitendra Emmani, the Co-Founder of startup Cozy Farms, has a refreshingly candid take on the matter. In a recent reaction to an X post about building startups for wealth vs passion, Emmani stated, “Stop listening to…gyan (unsolicited advice). Build for money.” This statement has sparked a interesting debate about the motivations behind building a startup and what ultimately drives success.
Emmani’s statement was not just a fleeting comment, but rather a reflection of his own experiences as a startup founder. He shared that the cumulative 6-year revenue of his first company, Picxy, which he started to solve a problem he “deeply cared about”, was less than Cozy Farms’ 1-year revenue. This stark contrast highlights the difference between building a startup driven by passion versus one driven by a desire to generate wealth.
Picxy, Emmani’s first company, was likely built with the best of intentions, driven by a genuine desire to solve a problem that he was passionate about. However, despite his dedication and hard work, the company’s revenue over six years was modest, to say the least. On the other hand, Cozy Farms, which was built with a focus on generating wealth, has achieved significantly more success in a much shorter period. This raises an important question: is it more important to build a startup driven by passion or by a desire to make money?
The answer to this question is not a simple one. Many successful startups have been built by founders who were driven by a passion for solving a particular problem or meeting a specific need. These founders often pour their heart and soul into their companies, driven by a sense of purpose and fulfillment. However, as Emmani’s experience shows, passion alone may not be enough to guarantee success.
On the other hand, building a startup with a focus on generating wealth can be a more pragmatic approach. By prioritizing revenue growth and profitability, founders can create a sustainable business that is better equipped to weather the challenges of the market. This approach may not be as glamorous as building a startup driven by passion, but it can be a more effective way to achieve success.
Emmani’s statement is not a rejection of the idea that passion can play a role in building a successful startup. Rather, it is a recognition that, at the end of the day, a startup must be a viable business that generates revenue and profits. By prioritizing wealth creation, founders can build a solid foundation for their company, which can then be used to pursue their passions and interests.
In addition, building a startup with a focus on generating wealth can also provide a sense of freedom and flexibility that may not be available to founders who are driven solely by passion. When a company is profitable, its founders have the ability to make choices about how to allocate resources, pursue new opportunities, and invest in their business. This freedom can be incredibly liberating, allowing founders to pursue their passions and interests without being constrained by financial limitations.
Of course, there are also potential drawbacks to building a startup with a focus on generating wealth. If a company is solely driven by a desire to make money, it may lack a sense of purpose or mission, which can be a key driver of motivation and engagement for founders and employees. Additionally, a focus on wealth creation may lead to decisions that prioritize short-term gains over long-term sustainability, which can ultimately harm the business and its stakeholders.
In conclusion, Jitendra Emmani’s statement “Stop listening to…gyan (unsolicited advice). Build for money” is a thought-provoking commentary on the startup ecosystem. While passion and purpose can play an important role in building a successful startup, they must be balanced with a focus on generating wealth and creating a viable business. By prioritizing revenue growth and profitability, founders can build a solid foundation for their company, which can then be used to pursue their passions and interests. As Emmani’s experience shows, building a startup with a focus on generating wealth can be a more effective way to achieve success, even if it may not be the most glamorous or exciting approach.
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