Finite emotional energy

July 2, 2014
by Björn Jeffery
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My advice to entrepreneurs beyond the obvious (be in the right macro, hire great people, operate with purpose) is to –

1) Optimize for building institutional knowledge – get as many iterations as you can to give you insight into how to win long term

2) Pivot ahead of when you need to – pivoting early is leadership, pivoting late is desperation

3) Fully commit – you won’t / can’t win if you’re hedging. You only have finite emotional energy, deploying it in too many places will reduce the likelihood of success

ngmoco:): What was the “pricing pivot” that ngmoco:) did to succeed? – Quora

June 25, 2014
by Björn Jeffery
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“Obviously you don’t make money if you are wrong, but most people don’t realize you don’t make money if you are right and consensus because the opportunity is too obvious and all the returns get arbitraged away. The only way to generate outstanding returns is to be right and non-consensus. That’s hard to do because you only know you’re non-consensus when you make the investment. You don’t know if you’re right.”

(via Demystifying Venture Capital Economics – Wealthfront Knowledge Center)

June 25, 2014
by Björn Jeffery
Tumblr

“Obviously you don’t make money if you are wrong, but most people don’t realize you don’t make money if you are right and consensus because the opportunity is too obvious and all the returns get arbitraged away. The only way to generate outstanding returns is to be right and non-consensus. That’s hard to do because you only know you’re non-consensus when you make the investment. You don’t know if you’re right.”

(via Demystifying Venture Capital Economics – Wealthfront Knowledge Center)