Someone on Newtech posted this interesting blog post from 2008 (an oldie but a goodie) – Odds are, your idea probably sucks, so hurry up and go do it. From what I understand, VC’s and Angels expect about 20% of their investments to be home runs, 30% to get their money back, and 50% to outright fail… and these are the experts! Given that I don’t see as many ideas as VC’s and angels do, I give myself a 20% chance of succeeding. What this means is I need to keep throwing stuff out there till something sticks! I need to keep failing in order to figure out what the hell works, or what I’m doing wrong.
This is definitely easier said than done. It’s so painful … I’m in the middle of it. It’s a lot of self exploration, a lot of feeling inadequate and lots of ‘What the hell am I going to do with my life if this doesn’t work?’. I feel your pain. One mental trick that I use on myself to keep me in the game is thinking that the closer I get to 8 failures, the likelihood of success becomes higher :). So I keep trying things… I keep failing… toward the hope that just one will succeed.
If anyone else has thoughts on increasing their success %, I’d love to hear it!