Pivoting to a New Idea
"Do something until you are successful for 10 years, then extract a sub-component of your success"- paraphrase of Langdon St. Ives words on Eventual Millionaire
I listened to this podcast as I ran the other day. The words immediately made me think about how we had become a culture that wants overnight success. Who wants to wait 10 years to buid a boring business?
Well, the reality is that most businesses if they survive the initial startup phase become routine and thrive by executing consistently. There is no sexiness but just brute management.
The lesson that the presenter offered was how he developed a system for his company that he could have bought. But he believed that this was something that he needed and teh licensing fees would be more over time than developing it in-house. So they did.
After 10 years of running his business he decided to spin off the system as a seperate business. Notice that he did not rush it and try to be in two different business. He developed the software and over time improved it to the point that now it can become a new "sexy" business.
Today's question is:
"Could you wait ten years before extracting a sub-business?"
"Do something until you are successful for 10 years, then extract a sub-component of your success"- paraphrase of Langdon St. Ives words on Eventual Millionaire
I listened to this podcast as I ran the other day. The words immediately made me think about how we had become a culture that wants overnight success. Who wants to wait 10 years to buid a boring business?
Well, the reality is that most businesses if they survive the initial startup phase become routine and thrive by executing consistently. There is no sexiness but just brute management.
The lesson that the presenter offered was how he developed a system for his company that he could have bought. But he believed that this was something that he needed and teh licensing fees would be more over time than developing it in-house. So they did.
After 10 years of running his business he decided to spin off the system as a seperate business. Notice that he did not rush it and try to be in two different business. He developed the software and over time improved it to the point that now it can become a new "sexy" business.
Today's question is:
"Could you wait ten years before extracting a sub-business?"
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