[Spoiler Alert: Nobody seems to have a universally-accepted definition] For the sake of this discussion, we’ll use GOOGLE’S DEFINITION (below) to illustrate a few common misconceptions (that have evolved over time) about what “an entrepreneur” actually is. [comments in red are us]
So, why am I so interested in discussing the wide variety of contradictory definitions of Entrepreneur? (Particularly the specific parts associated with my notes written in red on the image above?) Because…
*Proof of Concept?
*Proof of Assumptions?
*Proof of Product/Market Fit?
*Proof of any Reliable OBJECTIVE Indicators (of better-than-average odds of success)?
Pervasive PROBLEMS & Prominent PITFALLS:
Most people have a GREAT level of self-awareness when it comes to the ability to play the piano or pilot an airplane; but many people (particularly entrepreneurs) have a terrible level of self-awareness when it comes to evaluating their own ideas, vision, strategy, likelihood of product-market-fit and/or overall probability of startup success… [To Be Continued]
[Preview] Startups are HARD. But they are much HARDER with the wrong people working on the wrong things! Why would you think you’ll be the ~1% to succeed if you don’t have GREAT people working on what they’re GREAT at…
Still a theoretical work in progress, so feedback/discussion is appreciated!
(Strategic Partners needed to make it a reality!)
If “Great” = Top 10%
The chances of any given Entrepreneur being:
GREAT at [Ideas/Strategy/Vision] (10%)
GREAT at [Skills/Talent/Product-Side/Execution] (10%)
GREAT at [Operating a Business] (10%)
= .10 x .10 x .10 = .001 = 1 in 1000!
P.S. I’m not a Hater — I just like MATH! :)
“Ramp Round” — a round of funding for a company when things are going well, to help the company ramp up faster. For example, you already know your customer acquisition cost is less than the lifetime value of a customer so it’s just a case of dumping money into your sales/marketing channels with a relatively safe bet that every X dollars will generate X+Y in return.
[Would make sense for terms to be somewhat favorable to both sides.]
Startup *S.H.I.T. to Share! *Strategies/Hypotheses/Insights/Theories (to discuss/debate/demonstrate)