Pivots, perseverance & insights

Image representing Mark Zuckerberg as depicted...
Image via CrunchBase


How entrepreneurs “drill” their way to success



The most precious asset any entrepreneur has is time.



Because time is constantly slipping away, one of the most basic entrepreneurial dilemmas is knowing when to pivot and when to persevere. When to take flight and when to keep fighting.


Like an oil prospector in search of his first strike, an entrepreneur traverses the dangerous terrain of rapidly shifting markets to find elusive black gold. You never know whether you’re meters away from hitting the lucrative depths of product-market fit or whether you should pack up your rig and find another spot to set up camp.



Great companies, however, aren’t built on pivots or perseverance, but on insights. Mark Zuckerberg’s decision to build Facebook wasn’t based on a conscious decision to pivot or persevere but instead on a core insight into a human behavior that could be ported to the Internet. Similarly, an oil prospector chooses when to keep drilling and when to give up based upon the insights and clues he collects along the way: that rock formation looks suspect, these deposits look promising, that river seems to have moved.


For entrepeneurs, there is more than one way to identify a promising spot to drill so you can start sifting through the mud to unearth these gems of insightfulness. And no one heuristic is necessarily better than another in the way that no one philosophical theory is demonstrably better than another—because they’re just models of thinking.


Read more – > https://medium.com/tech-talk/ad2fbfce54a6