– Common traps that I see entrepreneurs getting themselves into, and this is across dozens of companies that I’ve worked with,
and certainly hundreds that I’ve observed, one
is fetishizing failure. And I think that this whole
fail fast, fail forward… in an ideal world you
wouldn’t fail, period. (laughing) So, I tend to agree with say, with Marc Andreessen and Peter Thiel that you should optimize
for success preferably. Because Thiel and I both would think that it’s hard to discern much
from failure in many cases. What you think caused the failures is not in fact what caused ’em. So, split test, experiment, but don’t aim for failure.
That’s not the idea. Number two is, if
everyone’s your customer, no one’s your customer. People try to go for everybody. No, I want to hit everyone
that reads People Magazine. I want to hit everyone in the US. No, everybody would want this. That would make your marketing,
messaging, positioning really, really weak and expensive. So, start with your 1,000
true fans, read the essay by Kevin Kelly, and move from there. I would say those are two
very, very, very common mistakes that are almost trends in a sense. People think that because
technology is assisting, because the barriers to entry are lower, that they can aim for
everyone as their customer and that just doesn’t work.