STATUS QUO BIAS — A cognitive bias that explains our preference for familiarity… to resist change and prefer the current state of affairs
[definition from PsychologyToday.com]
“Startups Are Hard.”
— *BUT* — there are things we can do to dramatically improve the current success/fail rates if we start thinking (and re-thinking?) more strategically and identifying / addressing the most common Problems & Pitfalls — particularly for YOUNG and/or FIRST-TIME Entrepreneurs…
Because simply following the same paths and repeating the same approaches of countless Startups/Founders for whom those paths/approaches have consistently resulted in ~99% failure (but yet somehow (magically?)…
ReThinkingStartups.com / CoFounderator.com
What if one of the reasons that ~99% fail is simply this:
A. What if those with the time, interest, passion, and hustle to START (potentially-)great businesses are just not (often) the ones with the experience/expertise to build/scale it into a great company?
B. Conversely, what if (many of?) those with the skill/talent, experience/expertise to build/scale great companies will simply no longer possess the time, interest, passion to do the hustling/grinding, a-b-z-testing & trial/error-tinkering to create the (potentially-)great products/services/software/whatever…
C. And, what if, entrepreneurial ecosystems that depend upon successful startups coming from the very few…
Compared to your peers (the other students at this event), how do YOU feel that YOU compare to THEM?
Don’t over-think it. Just answer HONESTLY. We ALL have Strengths AND Weaknesses!
I’ll come back to this column when I have more time to elaborate more on what the point was, what the results might imply, and why we think #SelfAwareness is so important — particularly for entrepreneurs! [Editor’s Note: Who are you kidding?? — you have 237 columns just like this one that you’ve been planning to come back and edit or finish for years! And, weren’t you planning to…
So (of course!) there is an incredibly skewed perception of just how many entrepreneurs and startups are struggling and failing (~99%?) compared to the success stories (~1%?)…
While you might hear (or speculate) the reasons for failure by any 1, 2, or 5 individual entrepreneurs/startups, the reality is that, on a macro-level, almost NOBODY is hearing the real/full stories of a large enough percentage of the failures to be able to extrapolate anything even close to enough statistically relevant data to look for patterns and trends (among the ~99% failures) without just guessing at causation vs. …
“Professional Buzz-Kill” as Provider of Brutally Honest (“Tough Love”) Feedback for Entrepreneurs. [RealisticRick.com]
Viral Product Creator (and Preacher of “Viral Thinking” & “Viral Math”). [ViralWhatever.com]
Most ADD Entrepreneur in America (and it’s cute that you probably assume that’s hyberbole) [www.IamADD.com]
Past: The Rejection Hotline & HumorHotlines.com
Present: “ReThinkingStartups.com” & “ReThinkingWhatever.com”
Future: The “Starter Startups” Movement, MultipleBaskets.com, TheWhateverNetwork.com
And anyone can talk/write about specific circumstances surrounding the failures of any given (individual) entrepreneur/startup.
But the one (or 3? or 10?) first-hand or second-hand accounts that many have seen/heard/experienced simply isn’t a large enough sample-size to identify patterns or draw any statistically-relevant conclusions to help current/future entrepreneurs — particularly each new year of young and/or first-time founders.
I’ve now interviewed 250+ entrepreneurs, observed 500+ more from close range, and I’ve now seen 1000+ startup pitches and I‘ve become borderline-obsessed with identifying the MACRO-level reasons, the 10,000-feet view of the patterns and most persistently-pervasive problems & pitfalls that are persistently…
“I learned more from my failures than I did from my successes”
“It’s not about how many times you get knocked down, it’s how many times you get back up”
“Live and learn… Nobody said it would be easy… It’s always darkest before the dawn… [blah blah blah]”
*IF* we were given a time machine, wouldn’t the vast majority of us simply choose to learn all those same lessons, but WITHOUT the Stress/Struggles & Mistakes/Miscues… WITHOUT the loss of so much valuable Time/Money (and Sleep/Sanity)… and WITHOUT all the soul-crushing Knockdowns, Breakdowns, Hardships, and eventual Failure…???
[Editor’s Note: The greater…
First Half of Analogy:
“Oh, no! You got hit by a car?!?
Was it perhaps a silver 2015 BMW X3…?
…that ran a red light at the corner of Piedmont and Peachtree…??
…on a Tuesday, around 9:07am…???”
— Wow! Yes, that’s exactly right! How did you know that?!?
“ LOL… No surprise there — we’ve been seeing that exact same thing happen just like that for years!! It’s a shame nobody tried to warn you.
Oh well. Sorry to hear it happened to you too. Good luck with those broken legs!”
Second Half of Analogy:
“Oh, no! You’re…
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