"Spend not on hopes."
George Herbert
Early 17th century British poet
Early 17th century British poet
This could have come from a venture capitalist.
Investors understand the need to assume but the more successful ones also know the difference between well thought out plans versus hopes.
If you're starting a business, regardless of how you finance it, you need to as well.
Investors understand the need to assume but the more successful ones also know the difference between well thought out plans versus hopes.
If you're starting a business, regardless of how you finance it, you need to as well.
Just about every bad business decision I've made has been due to faulty assumptions. The trouble is, I can't think of many I wouldn't have made the same way given the information at hand at the time.
ReplyDeleteThat is the problem. Few people knowingly make decisions based on faulty information. But just about everyone I know, myself included, could do a much better job of vetting assumptions, including devising estimates of probability of being correct, than most do.
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