Link Buy Product: Take A Hike Outdoor Sunset Vintage Style Mountains Nature shirt .besteestores “It is the and by the same token and genius who creates the need, though that need must reflect the unconscious wishes of the moment if that genius is to be accepted.” To the liberated legions shedding their mantles of feminine festoonery, Chanel offered wide-leg trousers, cardigan jackets, striped Breton tops, turbans, turtlenecks, peacoats, and, of course, the LBD. But recognizing her influence, Christian Dior acknowledged that “with a black sweater and 10 rows of pearls. So, pick an idea, any idea. Then spend the rest of your time and energy making it work. Fight through the issues, learn from every obstacle, stay focused on continuous refinement to address what customers really want and most of all, never, never, ever give up. When you encounter an obstacle, find a way through it, over it, under it, or around it. Just find a way to get to the other side. It really is that simple, and that difficult. It doesn’t happen overnight and you won’t get it right the first time. But by committing to it and focusing on it, you will have the opportunity to shape that idea into a market offering that customers want to buy, in a business that top employees will want to join, and, eventually, that shareholders will want to invest in. We like crazy. My partner Bill Gurley has said that in venture it’s not enough to be “consensus correct” — that’s essentially an index fund and won’t outperform the baseline market — you have to be non-consensus correct. If you really want to create “alpha” as a venture investor, you have to be willing to entertain a bit of crazy. The “crazy good” ideas usually come down to three important factors. First, is there an untapped market or unmet need that the idea connects within an organic way, and can you show evidence of momentum? Second, is the idea suitable to sustain a business? Venture capitalists invest in companies, not products or feature improvements. Companies have to be able to make money, and great companies have to be able to make lots of money, ideally with defensible moats, economies of scale, and network effects. Third, can the founders organize a team to execute the idea in a really great product or service? Ideas are worthless without proper execution. I work with a lot of inventors and entrepreneurs who are still at the idea stage. Very pre-investment.
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