Idea in Brief
The Problem
Entrepreneurs are prone to exaggerate or obfuscate when trying to get their companies off the ground. That locks up resources by prolonging the lives of doomed ventures and making it difficult for VCs and employees to know where best to invest their money or labor.
The Reason
Founders aren’t bad people. But when they lie, they fall back on flawed justifications, such as the need to protect investors and employees. They might tell themselves that because all entrepreneurs stretch the truth, they must do so to stay competitive.
The Solution
Moral philosophy can help founders remain truthful. They can dream big, but they must be honest about the evidence and assumptions underpinning their vision. And they should seek out partners, investors, and others who will help them be their best selves.
In the early days of Vice Media, cofounder Shane Smith sent a few copies of the Montreal-based start-up’s fledgling publication to a record store in Miami and a skate shop in Los Angeles so that the company could tell advertisers its readership was distributed across North America—an act befitting the monicker “Bullshitter Shane,” reportedly bestowed on him by a friend and colleague.
