Burn Rate Book Summary - Burn Rate Book explained in key points

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Name: Burn Rate
Rating: 4.5 (196 reviews)
Author: Andy Dunn

Andy Dunn

Launching a Startup and Losing My Mind

4.5 (196 ratings)

30 mins

Topics

Mental Health Memoirs Entrepreneurial Stories Start-Ups

Table of Contents

Burn Rate
Summary of 13 key ideas

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Key idea 1 of 13

What’s in it for me? Lift the veil on what “living the dream” really meant for a CEO with bipolar disorder.

Andy Dunn cofounded an online startup that eventually sold for $310 million.

But this is not the story of his brilliance in business.

This is the story of his struggles with bipolar disorder. Of how he managed to live in denial for 16 long years. And of how he eventually had to face it – as well as the damage it did to him and others along the way.

It’s a gripping tale that will help you understand what someone with bipolar disorder is really going through – even if they seem fine. You’ll see how this illness can both amplify human potential and try to destroy it, and why it’s so important to talk about it.

About 3 percent of the population have bipolar disorder, and this number is even higher among entrepreneurs – up to 20 percent. This connection between entrepreneurship and bipolar disorder is not accidental. At its best, hypomania drives creativity and productivity, along with confidence, optimism, and vision – all of which are required for success in business. Andy is a perfect example of that. But he also knows the price it comes with.

Bipolar disorder is not a rare condition, and it can be treated. But there is a lot of stigma around it. This story is Andy’s invitation to deal with mental illness openly and without shame.

That said, it’s also a bit of a wild ride. It might make you uncomfortable, as it tackles themes of mental illness, suicidal thoughts, and domestic violence. So please read with care.

In this Blink, you’ll learn

why bipolar disorder is so hard to spot and diagnose;
what can trigger hypomania, mania, and depression; and
how a CEO with bipolar disorder can successfully build a company.

Invincibility

When Andy Dunn was growing up in the Chicago suburbs, doctors were everywhere around him. Both his mom’s side of the family, originally from India, and his American father’s side were full of oncologists, surgeons, physical therapists, and even two mental health professionals. His sister, Monica, and he went through childhood feeling invincible.

Andy also felt special because he was smart – smart enough to skip third grade.

Being 14 in a class full of 16- and 17-year-olds was tough, especially as a mixed race kid. His classmates called him “windu” – white Hindu. But Andy was a teenager with focus. So he started pretending that the hurt and anger that came with the feeling of “otherness” weren’t there. It would take him years to learn that vulnerability is not the enemy. But we’ll come back to that – for now, we’re still in school.

One day, a classmate came back from a skiing holiday, and his glamorous stories kindled a fire in young Andy. He discovered that there weren’t only doctors out there, like in his family, but also entrepreneurs – along with their jet-setting lifestyle. Young Andy admired and envied them. He knew he was “gifted” and felt he had an entrepreneurial streak too; his psyche would later exploit this sense of self-importance.

Andy went to college at Northwestern, joined a fraternity, and enjoyed all sorts of privileges. He got internships through well-connected friends, he worked hard, and he played hard too. He experimented with psychedelic drugs, and he fell head over heels for a girl called Camila.

Things were good. Really good. He felt . . . great.

Andy’s ghost

Imagine you’re 20, you’re partying hard, you’re drinking, taking drugs, and you’re in love. Of course you’re a bit agitated and jumpy! Of course you’re somewhat euphoric! And why would you need to sleep? You’re bursting with energy!

So, how would anyone – including yourself – notice if there’s actually something wrong with you?

Denial

The doctor tells Andy he has bipolar disorder, type I – maybe. Bipolar disorder type I is a condition that causes extreme mood swings, including emotional highs and lows and full manic episodes. The doctor explains that if he doesn’t relapse in the next five years, it could just be a one-off; perhaps it was caused by the drugs he was taking, or even his heavy acne medication.

Andy clung to that idea. So did his family of medical professionals. Maybe it was a one-off.

Ambition

Andy moved on as if nothing had happened. After a couple of years working in private equity, he went to Stanford Graduate School of Business – a place where anything is possible and you’re encouraged to dream big. It’s there that he met Brian Spaly, an ambitious, confident young entrepreneur with a particular obsession: pants.

Andy didn’t really have an obsession. He played with the idea of starting a falafel chain, or importing Guatemalan rum, or maybe carving out a niche in South African cured meat. None of the ideas gained traction. But Spaly’s did.

Chutzpah

The two young entrepreneurs made an unexpected deal because Spaly wanted to go back and work in private equity for a while. Andy would be CEO and cofounder of Bonobos, and Spaly would chip in during evenings and weekends.

Unaware of Andy’s ghost, all Spaly saw in his friend was a driven, hustling young entrepreneur who could be trusted to get his company up and running. And he was right, more or less.

Up and down

Andy came close to mania in these early days in NYC, but his sister, Monica, pulled him back.

His family never talked about his diagnosis, but in an attempt to prevent it from happening again, they started monitoring Andy more closely. Monica spotted the signs – his elevated mood and grandiosity – and made sure he got some decent sleep to break the dizzying upward spiral.

Momentum

People assume that the swings of bipolar disorder are sudden: you’re up one minute and down the next. But it’s more like a sine curve that gradually unfurls in cycles. You can feel the same way for weeks – and then suddenly flip.

Andy’s depressive episodes alternated with periods of elation, but he hadn’t had another fully manic episode yet. In fact, he was still clinging to the idea that his college experience was a one-off. Perhaps his current depression was just the result of a stressful job – how can you say what’s illness and what’s just life?

Reflection

The future looked bright for Bonobos, but building a company while VCs are watching you is tricky. Plus, Andy’s new leadership style – instilling fear among employees – was under scrutiny. A pattern was emerging of him enthusiastically embracing new senior hires, and then firing them within a year.

But he kept on at a tireless pace. The company dashed forward, wildly innovating. Though its initial hook was to be online-only, it started opening physical stores where customers could try on pants for home delivery. Andy tested countless other ideas too; he even wanted to launch a tech product to help other online vendors, as Shopify would eventually do.

The ghost returns

The low period ends when Andy starts seeing Manuela. She’s beautiful, intelligent, grounded. She’s perfect, and he falls in love immediately – which, when you have bipolar disorder, can be dangerous.

Andy’s on another flight to Vegas, and this time he becomes convinced that the plane is going to crash. This isn’t a hunch; he’s absolutely certain. He spends the flight preparing for his approaching death.

Darkness

After that episode, Andy regained some semblance of control and realized he needed to quit his job. He found a new CEO for Bonobos and took on a board chairman role instead.

He and Manuela went on a trip to China, where she had some business to take care of. During the trip, his mood dipped as low as it had ever been. He couldn’t function. He literally couldn’t find the energy to leave the bed, even when he desperately needed to pee. But hitting rock bottom created space for something important to happen – Andy finally opened up to Manuela. She listened, offered her compassion and support, and stayed with him.

Howling at the moon

Back in the US, Andy’s energy is up again. Things start well. He’s learned from some of Bonobos’ previous mistakes and focuses on profitability this time. They’re back to the classic startup aim: sell the company, or go public.

Things are good with Manuela too, and he secretly puts down a deposit on an engagement ring. Exciting.

Honesty

Andy is committed to Bellevue Hospital, and it takes him days to come down. But he gets there, and one day Manuela is allowed to visit.

They play cards together. He notices some bruising around her eye. He feels a deep sense of shame. She stares at him and tells him it didn’t hurt.

Duty

Even with regular therapy and balanced medication, things can go down quickly in the absence of sleep.

Andy was excited about his engagement to Manuela and had already skipped a night of sleep when his parents visited one day. Out shopping, he suddenly lost focus, flung his mom off his arm, and ran down the street. His dad managed to catch him. There was no more denial – it was immediately treated as a psychiatric emergency. Dr. Z took care of Andy and upped his dosage permanently.

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What is Burn Rate about?

Burn Rate (2022) is the no-holds-barred story of Andy Dunn, cofounder of menswear startup Bonobos, and his struggles with bipolar disorder. Long in denial about his diagnosis, Dunn eventually faced up to the condition – but not before it had nearly cost him everything.

Who should read Burn Rate?

People interested in mental health
Startup aficionados
Memoir lovers

About the Author

Andy Dunn has an MBA from Stanford, where he cofounded Bonobos, a direct-to-consumer menswear brand, with Brian Spaly in 2007. He served as Bonobos’ CEO before its acquisition in 2017. Now an angel investor who runs the venture capital firm Red Swan, he has backed more than 80 startups in total.

Categories with Burn Rate

Entrepreneurship Health & Nutrition Biography & Memoir

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