Listening to the Dave Ramsey podcast today when I heard this gem:
“In business about 90% of your ideas suck and about 10% of them actually work. And we never know which is which. So you have to survive your bad ideas and when you borrow money to do them you magnify the size of the mistake.
Version 1.0 seldom even makes it to market and version 2.0 doesn’t make you money it loses money. 3.0 starts to work. About 7.0 is the sweet spot by the time you polish this rock a little bit it will shine but the first time your throw it out there it’s a piece of coal.
…Business is a process, you cannot analyze it. – Dave Ramsey
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How do we know whether this falls in the 10% or 90% of his ideas?
gosh, i *hope* 10% of my ideas are any good
Ditto. I'm hoping I can get to 5% at some point (stretch goal).
See also: http://en.wikipedia.org/wiki/Sturgeon%27s_law
The bad part usually falls in the translating to others, business model, planning or execution. I believe that most ideas have some merit though.
Unfortunate, but true….