Psychic Revenue

“It was a great meeting. They were all over us. We had a thirty minute time slot and stayed for over an hour. At the end they said that we were a little early for them but we’d be on their radar”.

Entrepreneurs are suckers for positive feedback. Starting something new is so hard that anything that smacks of affirmation is like a drink of cold water in the desert. The problem is you can’t eat pats on the back or pay your rent with them. Opportunities to speak, getting press, or not being told no by an investor, are all examples of what I call psychic revenue. It’s great for the ego, but does nothing for the bank account.

There are only two jobs for the start up CEO – make money or get money. If you don’t accomplish one or the other, then it’s likely you won’t be around very long – no matter how many times you’ve been in the newspaper or stood at a podium. Sure, those things can bring you some needed exposure – but just understand they’re shot gun approaches at best.

I hate to be a buzz kill on this because I know how good it feels to have a reporter call up, or to have someone from the industry say how great you are. The thing is, in the end, they’re distractions, and best left to others.

The only folks that matter are customers and investors – in that order. All that other stuff is psychic revenue. Like peeing in a dark suit, it gives you a warm feeling, but no one notices.

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