Informative article. I truly wish that my ex co founder had taken advice like you’ve written instead of spending 18 months building out a vision inside his head without the proper backup to support it.
There are many great ideas out there — 95% will not work in the real world. I believe that many founders let their egos drive their decisions instead of reality. That’s what happened in our case. Thank God I had my own day to day business and was an adviser — I didn’t lose everything due to stubbornness.
I’ve now decided to go back to the the old dept store model when I started out years ago at Lord and Taylor. Build several small business ideas onto your existing business and we which one grabs. I keep my income base going and I always have a potential for upshot.