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Fail Quickly
Once you find a good idea, don’t move halfheartedly. Scott Anthony is the managing director of Innosight Ventures, an investment firm in Watertown, Mass. He often assigns one employee to examine all of the company’s new ideas.
CNNMoney reports a case in point: When one of Anthony’s partners at Innosight wanted to create a new business focused on incubating and investing in startups, the other partners gave him the freedom to spend all his time on the project. Innosight has since invested in three successful international companies — a business that wouldn’t have been built if pursued part-time, says Anthony.
Moving from brainstorming to action can be tough, entrepreneurs admit. Set goals and benchmarks — time or money — for your idea so you know when to quit.
Photo by trafficsign.us.
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