If you are like me you have a life changing idea every few minutes. When one comes along worth pursuing, here is a list of tried and true ways to guarantee failure:
- Value the idea over execution.
This is easy to spot, it usually arrives wearing NDAs, non-competes, and stealth-mode. - Make it your hobby not your passion.
Anything worth doing is worth betting the farm on. If you don’t know it will deliver don’t bother trying. - Optimize the future value for you.
If you are worried about making a billion dollars, you will never make the first dollar. - Overvalue your contribution.
Any great idea comes with a great team that can evolve with the market. - Run before you walk.
A nation-wide pilot is a great way to spend large sums of money while getting no smarter. - Over promise and under deliver.
Talk about the ten things you can do while not doing the one thing needed right now. - Let the money take care of itself.
If you can’t build a bottom up model that makes sense and makes money, you can’t actually make money. - Hire people who recognize how brilliant you are.
People who tell you you’re right are just the thing to balance a big ego. - Set prices based on the value to you rather than the value to your customers.
Prospective clients are always willing to overpay for products to make their vendors rich. - Chase the big deals while ignoring your current customers.
Your market is so big, so what if you lose some hard won clients.