One aspect of entrepreneurship that’s taken me years to grasp is the importance of staying in the game long enough to win. What I mean by that is it’s incredibly hard to time a market, and timing is one of the most important aspects for major success. If it’s hard to time a market, and timing is so important, it follows that it’s best to pick big markets and give yourself enough runway to zig and zag within the market to find the greatest opportunities. In a sense, the goal is to experiment in a large target market so as to create your own timing for whatever is the best path.
Here are a few thoughts on staying in the game long enough to win:
- Plan for at least three years of personal runway, if not more
- Consider the impact of raising money, and the corresponding pressure to grow fast
- Know that the first idea is often the wrong idea (pivoting is more common than expected)
- Find a work/life blend that is more marathon than sprint (thoughts on work/life balance)
If this sounds like a tough situation, that’s because it is. Startups are incredibly hard and figuring out how to survive so that you can be at the right place at the right time makes all the difference.
What else? What are some other thoughts on figuring out how to stay in the game long enough to win?