It is a journey of failures – We should acknowledge that. We try different things and they fail many times, until we find the one thing that works best. It might be meeting 50 investors that sayssay no and one that says yes, it could be multiple iteration onreworking of the product until it is good enough. It might be dozens of BD deals that eventually one of them moves the needle, but the journey to success is a journey of failures. Once you’re successful, you only move to the next part of the journey (maybe the 1stfirst phase is product market fit and the next one is scale, and then business model, maybe it is in different order). Success looks like:
- product market fit
- figuring out profitable business model
- figuring out growth
- market is large enough
In other words, you become a unicorn when it is clear that you are a market leader in a large market.
So, what does it mean?
Fail fast! The importance of the journey is to keep in mind that multiple failures are inevitable, and therefore we need to move fast from one to the next, believing that the next decision in our journey will be the right one! And if not this one, then the next.