Unleashing the Sense of a Successful Entrepreneur

Unleashing the Sense of a Successful Entrepreneur

When it comes to strategy, it's not about combining different elements, but rather considering the permutation of time. The depth and breadth of time play a significant role, accounting for about 80% of strategic thinking. Those who possess a sense are capable of creating narratives by always saying, "So what?" These individuals can abstractly capture the essence of any specific situation, enabling them to grasp the logic. Having that logic stored in their minds and being able to retrieve it in any given scenario is what defines a sense in business. This sense involves a constant oscillation between the concrete and the abstract, occurring frequently and swiftly.

However, what happens when someone says, "I've seen this before, it didn't work"? It brings to mind the concept of an "Idea Maze" by Chris Dixon. Successful companies often resemble previously unsuccessful ones, but with subtle nuances that only become apparent in hindsight. The future often starts off looking similar to the past, and this can actually work to a company's advantage due to consumers' preference for familiarity.

To navigate through this maze of ideas and potential failures, there are three key questions to consider. First, has this been tried unsuccessfully before? Second, why did that company fail? And third, am I really different? The best approach is to seek out individuals who have encountered various scenarios and might possess valuable insights. Look for those who have been in the industry for a long time or come from different cohorts. Engage in genuine conversations, asking them if they have seen anything similar before. This is a process of discovery, not self-promotion. Encourage them to connect the dots between the proximate and underlying causes of their previous company's failure. Keep asking "why" and delve deeper into the ladder of inference. The more specific the answers, the more likely you will uncover something substantial.

Sometimes, a small product change can unlock a new user base that never existed before. A unique go-to-market strategy can make all the difference. Even the emergence of a new competitor can help users and investors understand your category better. It's essential to identify the evidence that proves your unique twist will lead to success where others have failed. Give yourself a time limit to find this evidence. If you can't find it, make it your initial objective and key results (OKRs). Work towards proving it during the initial phase of your company.

In conclusion, having a sense as an entrepreneur means being able to abstractly perceive the underlying logic in any situation and retrieve it when needed. To avoid repeating past failures, it is crucial to ask the right questions, seek guidance from experienced individuals, and find evidence that supports your unique approach. By incorporating these actionable pieces of advice, you can enhance your entrepreneurial journey and increase your chances of success in a competitive business landscape.