Monday, November 11, 2013

Lesson #160: Don't Be Overly Infatuated With Your Own Startup Idea

Back in Lesson #50, we talked about the importance of being passionate about what you are building at your startup.  And, that passion would be the key driver to successfully get you through both the good times and the bad times of your startup's growth.  This is still a very true assessment.

But, the other day, I heard a great quote by Mahendra Vora, the successful founder of Intelliseek (which he scaled to over $100MM in revenues and sold to Nielsen).  He said, "in everday life, passion can often lead to unwanted children, and entrepreneurs should never be so infatuated with their own idea, that their narcissism blinds good business judgment".  I thought there was some really good wisdom shared here.

We have all seen it.  That one entrepreneur who is so in love with their own idea, that they either: (i) tune out all reasonable guidance or suggestions of others; or (ii) they fail to make a pivot fast enough, riding their "passion train" right over the edge of a cliff.

The key point here is: although passion is a must-have for any entrepreneur, don't let it get to the point that it clouds reasonable business judgment or has you perpetually looking at things through rose-colored glasses.  Take in all signals the market is telling you, either thru advice from successful mentors, or lack of traction around your business, and adjust your sights accordingly.

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