Ever heard of Traf-o-Data? No, because it was Bill Gates’ failed business idea before he started Microsoft. Jeff Bezos, the richest man in the world, even has a failed auction site with Sotheby’s under his belt. The point is that ideas won’t always convert into profitability.
First-time entrepreneurs are often impatient and overconfident. With high hopes and a sense of optimism that hasn’t been tempered by failure (yet), their ambitions often reach towards the sky. They want their venture to be at the heart of every industry conversation; they can see themselves raking in profits that the most optimistic CFO wouldn’t […]