To turn yourself into a success founder, there are few challenges you need to overcome.
[Constantly evaluating the opportunity cost]
Building a startup is a marathon. While many business decisions can have a short-term impact on business performance and life, but it may be not the same for the startups. Judging the outcome of a decision in the short-term would rarely produce a good profit. But over the long-run, the decision will make a lot more sense.
“Jeff Bezos likes to evaluate business decisions from a regret minimization perspective. The goal for him is to make decisions that will minimize future regrets.”
If you’re looking to make a difference in the world, don’t evaluate the opportunity cost of your business to compare with others, it may never make sense, so what you can do it, just get to work, execute and reap future benefits.
[Be aware of the perfections traps]
Many entrepreneurs spend a lot of time making a plan with clear action steps, however they would soon to realize there are many incomplete stages that couldn’t have been recognized without implementation. Most entrepreneurs are having hard time to deal with this kind of uncertainty, but to move fast, save time and money, you just need to embrace the uncertainty. “Plan less and do more.” The plan will change no matter how much time you spend on sorting out and clear everything’s out.
The other prediction trap would be the “seeking perfection on the first version of your product”, which sometimes entrepreneurs would delay the product launch by months or even years, to get better design, features and such. “A perfect product is one that solves your customers’ problem and they pay you for it.” The customers aren’t necessary paying for the best looking, and making sense on paper or app product. However, release early or often, and the key is to let customers play with the product and be able to give feedbacks to help you with the better version.
By Izza Lin,
Recruiting Master
making the difference marathon 在 Making The Difference - NGO | Mumbai - Facebook 的推薦與評價
Making The Difference - NGO, Mumbai, Maharashtra. ... Making The Difference is an Indian... ... Here are some glimpses of the marathon run happened ... <看更多>