Hard Work +
Market Analysis +
(Massive Luck OR Large upfront funding OR Large and relevant network of personal connections) +
Luck IRT externalities that can impact your business
I wasted my 20's because I didn't understand the formula above. I worked for a small startup and I thought the idea was great. I worked 80 hours a week and churned out massive improvements to the product as they pivoted over and over trying to find a foothold in the market. But now I realize that the failure was because of both a lack of market analysis and a failure in that third term: we had neither luck nor upfront funding nor a network of REAL connections that could make things happen for us. It was a recipe for disaster: for wasted effort and a wasted era of my life before I woke up and realized how unlikely it was that we would turn the ship around.
The unfortunate part is that the third factor - the Luck or funding or connections factor - is mostly only influenceable by how successful you already were before you started the venture. It is the "success begets more success" factor that is unpopular to talk about among people who want to believe that their success came exclusively from the sweat of their brow.
Hard Work + Market Analysis + (Massive Luck OR Large upfront funding OR Large and relevant network of personal connections) + Luck IRT externalities that can impact your business
I wasted my 20's because I didn't understand the formula above. I worked for a small startup and I thought the idea was great. I worked 80 hours a week and churned out massive improvements to the product as they pivoted over and over trying to find a foothold in the market. But now I realize that the failure was because of both a lack of market analysis and a failure in that third term: we had neither luck nor upfront funding nor a network of REAL connections that could make things happen for us. It was a recipe for disaster: for wasted effort and a wasted era of my life before I woke up and realized how unlikely it was that we would turn the ship around.
The unfortunate part is that the third factor - the Luck or funding or connections factor - is mostly only influenceable by how successful you already were before you started the venture. It is the "success begets more success" factor that is unpopular to talk about among people who want to believe that their success came exclusively from the sweat of their brow.