FIG News Blog

No. You're a horse.

Posted by James King at 1:00 08/07/09

"The first time someone calls you a horse you punch him on the nose, the second time someone calls you a horse you call him a jerk but the third time someone calls you a horse, well then perhaps it's time to go shopping for a saddle." The Rabbi, Lucky Number Slevin

Lots of people say that persistence and dogged determination are defining characteristics of a successful entrepreneurs. Often they say you can emulate this and if someone says you are wrong that you should push on regardless.

I'm not saying professors, angels, VCs, veteran entrepreneurs are wrong. To make your business a success you do need to be stubborn in your resolve to move forward. But, you don't need to walk around with your hands over your ears and blinkers on.

In fact, I'd go so far as to say entrepreneurs should walk around with their eyes open and avidly be listening to advice. You don't have to act on the advice of every single person who will talk to you, but the more informed you are, the better you can re-act.

You need to adapt. Investors look for dynamic individuals who understand that.

Being willing to change can enable iterative improvements to your idea. You may only change the way in which you present your idea, you may only change a colour, you may completely change the business model. As your experience grows your idea will evolve.

"I have not failed. I've just found 10,000 ways that won't work" - Thomas Edison, Inventor and scientist

You can expedite your idea's evolution by listening to guys and girls who've been there, done that, got the T-shirt, the scars and completely failed trying to do something similar or pulled huge sums of money out of comparative ventures.

I'm not saying quit. But, conversely I am saying don't rule out that it won't work.

It is up to you to draw a line in the sand, you need to carefully consider what you are willing to sacrifice.

And guess what... FIG can help you. We work with FIG Strategic Partners to give you access to top notch professional advice, for free. We pool together resources and hold events where you can come and have a chat with experts. Our unique on-line tools will even help you decide where the line in the sand is.

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