Peter and Dan examine one of the most challenging decisions faced by serial entrepreneurs: when is the right time to kill a company? Illustrating firsthand stories of past company failures, they discuss the most tell-tale signs of dwindling passion and poor long-term prospects. If only plowing ahead out of obligation to investors, you might have reached the optimal time to kill an idea. Whether burning through cash with no profits in sight, or fast losing enthusiasm for a venture’s mission, these revelatory flags can help you pull the plug early and move on to stronger ventures.
In this episode:
- Peter delves into the story of building Zero Gravity Corporation, his struggles with the FAA, and creative maneuvers for launch after 11 long years.
- Dan discusses the respective roles of excitement, disappointment, and fluctuating mental resolve in determining your commitment to an idea, and discerning when to let it go.
- Peter and Dan agree that a critical step in launching any startup involves testing your idea against the marketplace early. In a similar vein, Dan explains why he only talks to “check-writers” when determining the validity of an idea.
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Peter and Dan discuss what it takes to earn acceptance of new products or ideas. How to make it go viral, how to launch it in a supercredible fashion, and understanding the desired outcome from the beginning are critically important.
As an entrepreneur, the single most important thing you can do in business is continuous experimentation.