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Beyond Profitability: A Holistic Perspective on Entrepreneurship

Portrait of A.J. Wasserstien, Eugene F. Williams, Jr. Lecturer at the Yale School of Management

Key Highlights

  1. A.J., a renowned professor at Yale School of Management, guides aspiring entrepreneurs to view entrepreneurship as a facet of life that fits into the overall mosaic, rather than an isolated journey for financial returns.

  2. His concept of the "10x10+" entrepreneurs illuminates the path for individuals seeking a balanced, meaningful, and successful entrepreneurial journey. These exceptional leaders display impressive financial success, ethical business practices, and a well-rounded lifestyle, creating a more holistic view of entrepreneurship.

  3. Through a unique baseball analogy, A.J. provides a realistic perspective on entrepreneurship, emphasizing the importance of appreciating each step in the journey, thereby encouraging entrepreneurs to focus on consistent progress rather than chasing the 'home runs' of startups.


A celebrated professor at the Yale School of Management (SOM), A.J. has earned a reputation as a knowledgeable expert in the search fund space, a prolific writer, and a successful entrepreneur. A.J. generously shares his vast experience and knowledge with students worldwide, making him a sought-after mentor. In this article, we explore his insights on entrepreneurship, the 10x10+ designation he bestows upon exceptional entrepreneurs, and the importance of building a life around entrepreneurship rather than just focusing on returns.

The Six Patterns of Entrepreneurship

In one of his popular courses at Yale SOM, A.J. identifies six patterns of entrepreneurship: VC-backed technology companies, family succession, Entrepreneurship Through Acquisition (ETA), franchises, basic copycat models, and cool branded consumer products. While each of these has unique characteristics, some of A.J.’s students are most interested in creating the greatest wealth in the shortest amount of time. Yet, he encourages aspiring entrepreneurs to consider entrepreneurship from a risk-adjusted, lifestyle-adjusted perspective rather than solely focusing on the "returns" metric. To A.J., the essence of entrepreneurship lies in building a complete life and having entrepreneurship fit into the mosaic. Given the high probability of low returns in entrepreneurship, A.J. stresses the importance of evaluating the potential impact on one's personal life. He urges students to prioritize their well-being and balance as they embark on their entrepreneurial journeys.


A.J. defines a unique group of ETA entrepreneurs known as the “10x10+” entrepreneurs. These exceptional individuals have operated a company for at least ten years, significantly longer than the average searcher's tenure of 3-5 years. Additionally, they must achieve a tenfold increase in their initial capital investment within the first decade, resulting in a remarkable 25% IRR over ten years. This is impressive. The "plus" in 10x10+ signifies entrepreneurs who exhibit compelling leadership characteristics, build ethically, excel in operations and customer service, and maintain a balanced family life. This comprehensive approach to entrepreneurship is demanding but highly rewarding. These are the Hall of Famers A.J. would have his students aspire to become instead of aiming exclusively for large-scale projects or chasing moonshots. He also notes that entrepreneurs often confuse and mix hobbies and passions with commercially tenable businesses, creating additional obstacles for themselves on their path toward independence.

A Grounded Approach

To illustrate the differences between ETA and startup entrepreneurship, A.J. employs a baseball analogy. Acquisition entrepreneurs would be players who start on first base, while startup entrepreneurs begin in the dugout. ETA entrepreneurs appreciate and understand each step of the journey, clawing their way towards second and third, concentrating on and accumulating singles rather than home runs or grand slams. This realistic approach to entrepreneurship is more secure, recognizing that while risks and variables are present, a total loss is less likely.


A.J.'s insights into entrepreneurship highlight the importance of building a complete life that encompasses entrepreneurship, focusing on balance and well-being, and adopting a grounded, realistic approach to business ventures. His 10x10+ entrepreneurs demonstrate that success in entrepreneurship is not solely determined by financial returns but also by personal growth, ethical practices, and maintaining a life worth living. Aspiring entrepreneurs would benefit from A.J.'s wisdom, striving to create a fulfilling entrepreneurial journey that aligns with their values and priorities.


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