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In the world of startups, chaos, setbacks, and failure are par for the course. For Brian Armstrong, co-founder and CEO of Coinbase, these challenges aren’t just occasional hurdles; they’re the everyday reality of building something great. Embracing this rollercoaster of a journey is essential, he insists, and what matters most is refusing to quit. Armstrong’s wisdom shines a light on how startup founders can navigate the bumpy road and make it to the other side.
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Embracing the Default State: Chaos
Armstrong puts it simply: if your startup feels like a “complete mess” where “nothing is working,” then you’re on the right track. The startup environment is filled with constant roadblocks, changing plans, and endless pivots. Successful startups rarely get it right on the first try. Instead, they’re shaped through consistent refinement, feedback, and iteration. Armstrong’s reminder to “move from one setback to the next with enthusiasm” resonates with the unpredictable reality that founders face daily.
Example: Consider Airbnb’s early days when its founders struggled to get traction and even started selling cereal to keep the business alive. They used every bit of failure and feedback as fuel to eventually build a hospitality giant that transformed the industry.
Perseverance Over Perfection
A frequent reason startups fail, Armstrong notes, is that people give up too early. It’s easy to be excited by a new idea and to quickly gather a team, but often things don’t work as planned. In many cases, co-founders clash, the product doesn’t resonate, and the team disbands before they’ve had a real chance to make an impact. Armstrong believes that persistence is the real “secret” to startup success—working through setbacks and being willing to refine and rework ideas, even when things look bleak.
Finding the Breakthrough Moment
According to Armstrong, the world only sees the “overnight success” once a company is thriving. Behind the scenes, nearly every successful startup faced a make-or-break period where quitting would have seemed rational to anyone. However, what separates success from failure is the drive to keep pushing forward, even when all the signs seem to be pointing to a dead end. Many founders of today’s top companies remember the “do or die” moments when they were drowning in debt, had their products rejected, or were caught in legal issues—yet they found a way to persist.
Example: Take Amazon’s Jeff Bezos, who endured countless financial challenges and risks. The company faced years of losses, but Bezos’s vision and perseverance led Amazon to dominate online retail and cloud computing, reshaping the tech landscape.
The Slow Grind: Success Isn’t Immediate
Armstrong emphasizes the importance of continually improving your product and listening to customers. Success often requires two to three years of “grinding it out,” refining, tweaking, and pivoting based on feedback. Sometimes, it may take even longer to see the results. Many companies that initially look like they were instant successes only became so after years of struggle, adaptation, and improvement. This hard work is what makes the stories of successful startups so inspiring.
Conclusion: The Power of Not Giving Up
Brian Armstrong’s insights are a reminder that the startup path is anything but glamorous. It’s gritty, filled with obstacles, and demands constant resilience. Founders who understand that setbacks are the default—and view each failure as a step forward—are the ones who stand the best chance of making it. For those who are relentless and enthusiastic in the face of adversity, the rewards can be transformative.
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