The first headline came from Nathan Furr’s “The New Entrepreneur” blog in Forbes magazine. “Most new ventures, either within a corporation or standing alone fail, sometimes at rates approaching 90 percent,” Furr writes. “Such immense failure rates beg the question, are new ventures inherently so risky or could we be doing something wrong?”
This is a fascinating piece that explores the roots of wrong ideas, along with emerging insights, tactics and processes that are transforming entrepreneurship. Indeed, after you read this article you might end up changing your approach entirely.
If that article doesn’t get your mind working overtime on a Thursday morning, consider the thoughts of Reid Hoffman, the co-founder and Chairman of LinkedIn and a partner at venture capital firm Greylock Partners. In his All Things Digital column, he shares his top 10 rules for entrepreneurs. I found this one particularly interesting:
Rule #6: Launch early enough that you are embarrassed by your first product release.
With my first startup, Socialnet.com, it took us nine months to launch the first product. That was a disastrous mistake. We wanted to have all the detailed functionality right away, including social controls to people could decide to connect or not with the people in their networks. We wanted everyone to “Ooh” and “Aaah” about how terrific the product was. We wasted a bunch of time and it put us months behind on more important problems that needed to be solved, such as how to get our product in the hands of millions of people. From that I learned, if you are not embarrassed by your first release, you’ve launched too late!
These two articles could revolutionize your small business, or your start-up. Also check out this video where Hoffman shares his inspiration for LinkedIn. And let us know your own experiences.