Pucker Up--The Wisdom Of Small Bets Means Kissing A Lot Of Frogs (fastcompany)
Each day thousands of small and midsize companies make big, one-shot bets--and fail. We don’t hear about most of them, just as we don’t hear about people who lose the lottery; they aren’t front-page news. News isn’t interested in these “dog bites man,” or common, everyday stories, because they don’t drive ratings or page views. Instead, the press gives us “man bites dog” stories of big bets and immodest success. The constant repetition reinforces the myth of business as a high stakes lottery in which the winners go big or go home. Peter Sims, best-selling author and venture capitalist, saw the big-bet fairy tale firsthand while attending Stanford Graduate School of Business. “We’ll do something new, start a company or take an unconventional career path,” his fellow MBA students would say to him, “but we need a great [big] idea first.” In other words, they believed billion-dollar ideas were the starting point for entrepreneurs. “But Google started as a small library search project; Starbucks had no chairs and nonstop opera music at the beginning,” Sims says. “Great entrepreneurs didn’t start with big ideas, for the most part.” When business owners, MBAs, and senior executives buy into ...
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