I've been really into the "slap in the face" analogy ever since Brett's talk last Wednesday. For those who were absent, the key message here is that it can be of tremendous value to have someone point out the flaws in your business model. I suppose this class is used as a forum for us to give and receive constructive feedback, but I'm not sure that any of us have actually received that elusive "slap."
However, while we eagerly wait for that point of realization, we can all learn by studying the mistakes that others have made. This concept feeds into next week's topic of risk mitigation. By gathering knowledge from others and learning about their setbacks and pitfalls, we can reduce our downside risk of making the same missteps.
There are many articles online that discuss common pitfalls (such as this entrepreneur.com article), but the message becomes more clear when hearing it directly from someone else in person. The message that I received from Brett's talk was that I need to actively seek out ways to mitigate risk for my particular venture. In order to do this I will need to locate others who have engaged in SIMILAR ventures and learn as much as possible about how to prevent their mistakes from becoming my own.
Yes, it is helpful to gather information from any and all who have started their own companies, but this by itself would not create a robust picture of the risks inherent for your specific venture. Without pursuing the proper advice or mentorship from someone who has been through a similar venture, it would remain very plausible to miss out on critical details. The next step to potentially getting "slapped in the face" is for us to seek out the right person(s) who is able to relate to our specific ventures. I know that this is something that I will need to do in order to move from idea generation to implementation.
However, while we eagerly wait for that point of realization, we can all learn by studying the mistakes that others have made. This concept feeds into next week's topic of risk mitigation. By gathering knowledge from others and learning about their setbacks and pitfalls, we can reduce our downside risk of making the same missteps.
There are many articles online that discuss common pitfalls (such as this entrepreneur.com article), but the message becomes more clear when hearing it directly from someone else in person. The message that I received from Brett's talk was that I need to actively seek out ways to mitigate risk for my particular venture. In order to do this I will need to locate others who have engaged in SIMILAR ventures and learn as much as possible about how to prevent their mistakes from becoming my own.
Yes, it is helpful to gather information from any and all who have started their own companies, but this by itself would not create a robust picture of the risks inherent for your specific venture. Without pursuing the proper advice or mentorship from someone who has been through a similar venture, it would remain very plausible to miss out on critical details. The next step to potentially getting "slapped in the face" is for us to seek out the right person(s) who is able to relate to our specific ventures. I know that this is something that I will need to do in order to move from idea generation to implementation.
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