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King vs Rich guy

Okay, so I decided to continue working on the startup with my professor and I'm having mixed feelings about it. He's giving me a minimal allowance since we don't have any investors yet. Part of me doesn't want those investors right now because somehow I'm afraid of making a commitment in this venture. I feel like there are a lot more startup ideas out there that are better (in terms of possibility of success and whether or not the product is worth dedicating a significant amount of your life to) and easier (like software-only websites/apps).

Last week I told one of my mentors that I want to apply for a researcher position in the lab so I can still use the lab for my startup in free times (plus I get paid relatively better). He didn't like that idea because he wants me to work on the startup full time and to get my 'salary' from whoever invests in us. He told me about the choice between being a King and being rich. Some people chose to be a king, wherein they have all control over their startup, not wanting to give away a part of the equity so that when the right time comes, they have negotiating advantage. On the other hand, most people choose to give a part of the equity to investors so that it will increase the overall value of the company. The latter sounds more logical and my mentor said it's the better choice. But for me, both choices look okay.

I think he doesn't understand that I'm not in here so that I can be rich. I'm here to learn from all the new and exciting experiences. I feel like he's contradicting himself when previously he said that if being rich is your only reason for starting a company, then you're better of doing something else. I recently heard a podcast from Stanford where the speaker said something about the US seeing ~10,000 startups per year, and around 10 of them gets 97% of all the funds. So yeah, chances of your startup failing is high.

I'm passionate in making stuff, and quite frankly, I feel a bit tired of working on this project for more than a year now. I want to make alot of other stuff and other projects. That's why I can't stand working 'full-time' on this.

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