How can you tell whether a new entrepreneur will make it or not?

Getting Started
  1. Passion
  2. Tenacity
  3. Flexibility
  4. Confidence
  5. Uncertainty

In that order.

Now, some of those might sound contradictory but it’s not.

  1. Too many “entrepreneurs” are really just people with an idea or interest. They want to be a founder. Those people almost always fail. So top of the list, they are doing what they essentially must. Their work defines them.
  2. Tenacity is second most important because most ventures fail merely because the founders call it quits. See the relationship with the first point? Being an entrepreneur is one of the most stressful roles in the world. “You WILL fail, you might succeed,” is a great mantra. If you don’t persevere, you won’t make it.
  3. How do you make it? Being flexible. Don’t get funded as you’d hoped? Find a way to keep going. Someone quits on you? Do their job. MVP doesn’t work? That’s likely, try again.
  4. Overcome the rejection and the detractors. You have to be confident you’re right! The advice that you need customer validation is dangerously misleading; you can’t put rocket on Mars by getting confidence from others who you hope will pay you to do it.
  5. BUT! Appreciate that you’re going to be wrong most of the time. Have confidence and decisiveness but ALWAYS be listening, hearing, and pivoting. Continuing to work on what won’t work is just stupid.

Passion is more important than uncertainty but overconfidence turns your passion into pipe dreams.

How did you like this article?0000