This is the exact reason so many entrepreneurs fail. It’s fun to do big sexy things. You’re competing with many other brilliant entrepreneurs. The way to win? Ignore this mindset all together and do common things uncommonly well.https://twitter.com/mgirdley/status/1270381874502946820 …
Entrepreneurs fail because they don’t choose and test their ideas well enough and then they take unnecessary risks. Doing common things uncommonly well is irrelevant for more successful ipo VC firms - it’s the big strategy that’s important (caveat may be hiring).
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Here’s an example: Airbnb. Here’s a list of things that did not matter: floor plan, business culture, salaries, location of office, logo, office expenses, advertising even. It was idea, perseverance, and distribution strategy. They were basically competing against theirself.
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It’s the grindy businesses like plumbers, mechanics, mom and pop shops, restaurants that have to do the common things uncommonly well. Quite different.
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Agree! I’m not referring to more successful ipo VC firms. They’re the top .5% of entrepreneurship and trying to join their ranks is tough.
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