Sunday, August 5, 2007

Making choices based on fear

A trusted business adviser mentioned something interesting. So many people make life decisions out of fear. Fear of the unknown and fear of losing what they have (even if it's only mediocre). It would be interesting to see what would happen if people started making decisions based on what they want instead of simply avoiding what they don't want.

I heard a twist on this from Stanford's entrepreneurial thought leaders podcast series. A venture capitalist was quoted as saying, that the single strongest determinant of success in new businesses is not the quality of the idea. It's the faith, and persistence of the entrepreneur. In fact he said "I'd rather fund an OK idea that the entrepreneur truly is sold on, than a great idea proposed with partial belief of the entrepreneur."

The reasoning was simple. Even great ideas will hit major road blocks and the persistence and belief of the entrepreneur is what determines how that road block is handled... and often the survival of the business.

I would imagine that one of the main differences that separates entrepreneurs
from the masses. Making decisions based on what they want instead of fear is what gives them the strength and persistence necessary to push through the challenges.

1 comment:

Isaac & Grace Kim said...

I couldn't agree more. I would much rather invest in someone who believes what they sell. Ideally, I think it would be great to back someone with a great product and believes in it.

i think the sports coaching analogy that has a similar premise behind it.

There are two players who can hit that ball and run to first in the same time. One person has perfect form and the other is clumsy and has terrible form. Which one do you choose to draft? I chose the one who is clumsy with terrible form because you can train them to be great and even faster than the other.