This is true for many investment banks. And people pay for complexity.
But it's an odd world:
Founders chasing publicity on social media, focusing on “story-telling” instead of "product-selling".
Companies (especially funds) announcing (and celebrating) an investment or acquisition in a business, almost sounding like: “Look, we bought these guys” or “Hey I pulled that off, can you?”
Entrepreneurs focusing too much on beautifying powerpoint slide decks and looking for investors instead of devoting more resources towards building a real product and looking for customers.
Some people spend too much time going around begging angel investors and VC funds for money to build their business. I once told a friend: raising capital is equivalent to "cash flow from financing". Why don't you focus more on delivering "cash flow from operations?".
The same applies to private fund raising: If you have to wait to bring in OPM (other people's money) before kickstarting your fund, maybe you really shouldn't be in the PE/VC business.
The end result is the same: solving for that funding gap.
You are much better off spending your time and resources looking for customers (who are by the way, non-dilutive to shareholding) rather than "road-showing" month after month to investors.
I think many of us nowadays over-relate to what we read in social media. We constantly see how different forms of a Jeff Bezos and Elon Musk manifest themselves as visionaries of businesses: People who make sweeping, yet inspiring remarks about their entrepreneurial ambitions, and making the headlines through that process. A few days later, a large venture capital or private equity firm, a middle eastern sovereign fund, or some other titan of an investor with deep pockets take a minority stake in the company.
And weirdly (for a lot of people), a part of the brain puts one and one together concluding: "Go big, or go home", "If I passionately try hard enough, someone will acquire us some day", or "some big company will buy us out". It's easy to get caught up with the hype and optimism. After all, there are many precedents of successful tech founders who started from humble beginnings.
While it is true that if you don't die trying, you won't make it, too many folks forget that the most important part of doing any business is reeling in customers, not telling stories to investors (but what do I know, right?)
I also know a handful of folks who place too much emphasis on pursuing egotistic corporate titles, lamenting on why they aren't promoted or not given nice-sounding C-suite positions. Those who crave the adulation of social media and in the process, overcompensate themselves have no chivalry.
They are all doing it backwards. Real business is in working the P&L, not in fluffy words and lofty titles.
There is no point in calling yourself Chairman, CEO, CFO, CIO, (or any permutation of a CxO), Head of Business Development or Head of Investments if you have a lousy report card to show for. It's useless to garner a thousand followers if you can’t successfully monetise your product.
You can call yourself anything you want really, but at the end of day if your designation doesn't get the job done and bring home the bacon, then what is the point?
“Rome wasn’t built in a day but they were laying bricks every hour.”
"The problem is that it can be really easy to overestimate the importance of building your Roman empire and underestimate the importance of laying another brick. It’s just another brick. Why worry about it? Much better to think about the dream of Rome. Right?
Actually Rome is just the result, the bricks are the system. The system is greater than the goal. Focusing on your habits is more important than worrying about your outcomes. Of course, there’s nothing necessarily impressive about laying a brick. It’s not a fantastic amount of work. It’s not a grand feat of strength or stamina or intelligence. Nobody is going to applaud you for it.
But laying a brick every day, year after year? That’s how you build an empire."
[Excerpt from James Clear]
I've seen too many people attempt to be "heroes" in their organisations. They seek the recognition, adulation, whatever you call it. But a five-minute fame is short-lived. At the end of the day, it is about whether you and the company can bring home the bacon. That's all that matters.
In a fast moving and digital world that seeks instant gratification, patience and foresight, are two highly underrated attributes amongst the young and inexperienced.
Someone asked me about paychecks recently.
"Paycheck? What paycheck? We are business owners, we don't draw paychecks."
Once you've owned a business before, it becomes nearly impossible to revert and think of work-life in terms of five-day work weeks, the concept of weekends, annual leave days and monthly paychecks.
The definition of work is not about clocking hours in the office and just getting stuff done. It's also not purely about meeting sales targets and looking forward to that big bonus payout at the end of the year. It is about managing resources - both people (talent) and money (financial).
So we don't live paycheck to paycheck, have no golden parachutes and no notice periods / "gardening leave". We also do not 'cash-in' any unused leave days (no leave days to speak of really), have virtually no possibility of getting fired from employment or taking severance pay.
An entrepreneur is constantly kept on his toes not because he is afraid of losing his job but because he fears for his survival, he fears for cash flow as well as the supply of the resources around him - both people and money.
That constant worry is what keeps him alive.