TMM 094 Founder Fitness Jamie Pride

Speaker, author of Unicorn Tears, serial entrepreneur & venture capitalist Jamie Pride talks the nitty gritty on why start ups fail and how to prevent it. Entrepreneurs need to failure-proof themselves by being Founder Fit.
Approximately three start-ups are founded every minute. Of those start-ups, 92 per cent will fail within three years. Just think about that for a second. That is a lot of failure. And while a lot of work is being done to improve the success of start-ups, the reality is that entrepreneurs need to brace themselves for more failure than success. 
At the NSW Start Up Hub in Sydney Jamie and I discuss the importance of looking at the blend of personal and commercial traits for sustainable success. Here’s a detailed blog from our chat you can listen to the podcast or watch the video. Hope you enjoy. As always reach out with comments and questions as awareness is not enough – we need to take the next step of action to get real support. 
Why Do Founders Fail
Why do many founders fail, what to do to prevent burn out and why we need to look at both our personal as well as our commercial goals side by side for health, wealth and wisdom when building businesses and lives we love.
Over the past 20 years, Jamie has founded and funded numerous technology start-ups. During that time, he’s seen a clear pattern emerging: start-up failure has become an accepted industry norm, and it has an impact that reaches far beyond financial loss to investors.
Having experienced my own journey of failure as a founder more than once, I have felt the very real, deep, personal impact of that failure on me, my family and my colleagues.
Founder Capacity vs Capability
You can always continue to improve your capability (skills). That’s going to evolve over time, but capacity for
on three dimensions, physical capacity, mental capacity and emotional capacity is the fuel tank. Your reservoir that you can draw upon that smoothes out that journey.
It’s something that you can essentially have to help buffer you from the stresses of the world.
When I had my own challenges, I had plenty of capability but no capacity. So when the challenges come and you don’t have that capacity, then you’re more at risk of a breakdown. You’re more at risk of potentially committing suicide. You’re more at risk of abusing drugs or alcohol because you just don’t have anything to dip into.
Building capacity as you grow is crucial and ultimately reflects in the 3 foundations/traits of great founders.
The 3 Foundations Of Great Founders
My view is you can actually learn and entrepreneurialism can be taught, but I think we’re teaching the wrong things. I think we need to be preparing people for those personal impacts that entrepreneurialism takes.
ONE: PURPOSE
The first one is that the core or the foundational element that I think a good founding is based on is motive. What is your why? Connecting with purpose is crucial. The reason why it’s crucial is that when the chips are down and you are facing adversity, you are more inclined to go the distance on projects that you’re highly connected to.
Purpose is  far more sustainable than just passion. It’s far more closer to what your values are. Founders who are authentically connected with the problem they’re trying to solve … they might be trying to solve literacy, or clean water, or they might be trying to solve a particular technology problem that somebody in their