Monday, August 28, 2006

Perfect vs. Good Enough Entrepreneurial Opportunity

I had an interesting discussion this past weekend with some friends who were thinking about making the jump to something entrepreneurial in the next few years. Assuming your current situation is tenable, should you exercise patience and hold out for the "perfect" opportunity or jump into something "good enough" and trust that you'll be able to make a go of the situation? Obviously, financial stability and self-confidence are factors. But I also think certain opportunities only present themselves when you're actually running the business and remain hidden if you're just watching from the sidelines. It's sort of like small-ball versus long-ball baseball. And with all due respect for the Moneyball devotees, there's nothing I like better than watching a perfectly executed squeeze play or a delayed double steal.

By the way, I'm in New York this week so give me a buzz if you want to catch any of the Yankees-Tigers games.


Comments:
My thoughts...

1. Personal/financial stability/opportunity costs are at least equally important to the actual idea in defining the "perfect opportunity."

2. "I also think certain opportunities only present themselves when you're actually running the business and remain hidden if you're just watching from the sidelines."

Indeed. In my B-School (should we just abbreviate that as "BS")? VC class we saw a few portfolio companies in later stages of funding who had either a) come up with a better idea or, b) their initial plan failed and they were desperate to make something work. Either way, they were at the point where they had the assets-the talent, the administrative structure, and the "stuff (equipment, IP)" that it was easier to hit the ground running with new plans.
 
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