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One of the first Endeavor Entrepreneurs selected in Argentina and Endeavor Global Board member Wences Casares said in a recent interview in Inc. that after selling his first company, Patagon, for $750 million and having several other successful exits, he “is not embarrassed by being a serial entrepreneur, but I am not proud of having sold so many companies.”
Wences explains that he “would have much preferred to build one company and take it to its full potential…I think that being a serial entrepreneur should be at best something that happens, but not something you strive to be. You want to build the best company possible.”
While Wences believes selling “ultimately represents a failure” he understands that “sometimes there’s just not many options. Sometimes you have investors and you have a really attractive offer on the table, and that’s what happened to me. The offer on the table was so attractive that the investors didn’t want to take the risk of not accepting. You knew that could happen when you accepted their money, so you have to go with them. There are different ways to do it, though. You can take the company public, or sometimes you can replace VC investors with private equity investors.”
Along with investors, entrepreneurs must also consider employees. “When you have an offer to be acquired, you as a founder may be willing to take on that risk because you believe it can be a stand-alone company and make it much bigger. But it’s also fair that when some of your key people may say ‘Hey, this equity would change my life, and it would make me very uncomfortable to put it all at risk for a few more years.'”
As a global board member of Endeavor and a founding partner of MECK, a private investment firm, Wences tells entrepreneurs that they need to get stuff done to impress investors. “Being an entrepreneur, after all, is really just being a do-er. It’s impossible to judge your capacity to get things done by a PowerPoint or how articulate you are as a talker or how polished your pitch is. The only thing that hints to how you are as a do-er is by looking at what you’ve actually done.”
Wences admires a “real entrepreneur who is driven by a driven by market need and by some passion and vision” rather than what he calls “entrepreneurship groupies” who aspire to be serial entrepreneurs. Wences hopes to see less focus on raising funds and more focus on building “the best company possible.”
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