Daymond John-How long do you give a great idea until you quit? | Summary and Q&A

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March 8, 2015
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Daymond John-How long do you give a great idea until you quit?

TL;DR

Damon John advises entrepreneurs to set milestones and goals for their projects, whether short-term or long-term, and to evaluate their progress based on measurable metrics.

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Questions & Answers

Q: How long should entrepreneurs give a good idea before quitting?

The length of time to give a good idea varies based on the opportunity. Incubation stage projects may take 5-10 years, while investment opportunities might require 3 years before deciding whether to continue or move on.

Q: What advice does Damon John have for bootstrapping entrepreneurs?

John advises bootstrapping entrepreneurs to set milestones and goals for their projects. They should determine how much time they can dedicate each week and define achievable steps towards their desired outcomes.

Q: Are there alternative metrics to measure success, other than revenue?

Yes, there are tougher-to-measure metrics, such as the impact on someone's life or achieving social objectives. Entrepreneurs should consider what they want to achieve and set meaningful metrics accordingly.

Q: Is it necessary for entrepreneurs to make money from their projects?

Not necessarily. Some entrepreneurs focus on social impact or bringing about change without prioritizing monetary gains. It depends on individual goals and motivations.

Summary & Key Takeaways

  • Damon John suggests that the length of time to give a good idea before giving up depends on the type of opportunity. Incubation stage projects may take 5-10 years, while investment opportunities might require 3 years.

  • For bootstrapping entrepreneurs, John advises setting achievable goals and milestones to measure progress. The amount of time to dedicate depends on individual circumstances and desired outcomes.

  • The success of a project can be measured not only by revenue and sales, but also by metrics that align with personal and social objectives.

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