5
Positive reactions when you admit, “I don’t know”

When you take questions from investors or interview for a job, you are probably reluctant to say, “I don’t know.” But that non-answer answer can be a plus from the POV of the questioner. Ironically, “I don’t know” can be the most revealing response...

HONESTY. When you admit you don’t know something, you candidly tell the truth.

HUMILITY. When you acknowledge you don’t know everything, you are clearly not a know-it-all.

LEARNING. If you say, “I don’t know, but I’ll find out,” you demonstrate that you are dedicated to self-improvement and product-improvement.

LISTENING. If you respond, “I don’t know; what do you think?”, you express respect for the questioner.

CONFIDENCE. When you reply, “I don’t know,” you show that you are not so insecure that you feel impelled to try to evade, bluff or filibuster.

4
Forms of uncertainty...

and 4 ways startups address it

Uncertainty appears in many forms.

DREAD. Sometimes we just feel, at a gut level, that we’re not anticipating the real threats or preparing for the right contingencies. “What if?” can be a springboard for great brainstorming, but it can also trigger scary speculation. And when the dread is ominous, it’s hard to reason your way to squelching it. Uncertainty can produce the kind of doubts that turn into debilitating pessimism or indecision.

FLUKE FACTOR. In the earliest stages of a venture, new information comes in all the time – anecdotes about prospective customers, well-intentioned opinions from family, friends, allies, and vendors. The info can be fluky. It’s not data from experiments or surveys, so you don’t want to over-interpret the feedback. However, fluky things can turn into patterns. Maybe one person’s criticism of the product turned out to reveal a broader consumer skepticism than imagined.

ALARM BELLS. Sometimes, uncertainty morphs into a threat. Maybe you heard a rumor that a competitor is developing a product like yours. You don’t want to overreact, and you don’t want to underreact. So, you have a new uncertainty: how best to react?

MARKET SIGNALS. It’s tempting to look for encouraging signs for your venture in the macro economy or your industry. After all, a rising tide lifts all boats. But a new venture might be more like a submarine that hasn’t surfaced yet, so the tide doesn’t affect it. And when it does surface, it has its own mission to carry out. So, don’t get distracted by, or put too much faith in, large and external forces.

Uncertainty can be unsettling. How should founders view and address uncertainty?

RESEARCH. Face the uncertainties and use your doubts as prods to do more and better research. Through experiments and testing, turn unknowns into now-knowns.

REASSESS. If uncertainty turns into certain trouble, reevaluate your options. “Wisdom consists of the anticipation of consequences,” observed author Norman Cousins.

REVISE. If your original plan doesn’t survive first contact with reality, that’s all right. Make changes to your strategy, tactics, and priorities, as needed. Change forces change.

REJUVENATE. By turning uncertainties into challenges, and challenges into opportunities, you can refocus your team and reinvigorate your endeavor.

3
Qualities that are essential for long-term success

PERSEVERANCE. “We will either find a way, or make one.” -- Hannibal

The Carthaginian general led one of the most legendary attacks in military history, surprising his Roman enemies by crossing the Alps with 40,000 troops and dozens of elephants. He was a model of perseverance: resolute and resourceful. Such determination to figure out the right path and prevail against competitors is not just inspiring, it’s imperative for entrepreneurs.

PATIENCE. “Only those who have patience to do simple things perfectly ever acquire the skill to do difficult things easily.” -- James. J. Corbett

“Gentleman Jim” is best known as the only boxer who defeated heavyweight champion John L. Sullivan. He was quite the showman, but most notably he applied a scientific approach to boxing, stressing technique over sheer strength. His daily training regimen was widely adopted by other boxers and is still employed today.

Patience can sound effortless -- just waiting for the right opportunity. But it usually takes great mental and emotional discipline to be patient and “acquire the skill to do difficult things easily.”

PRIORITIZING. “The art of being wise is the art of knowing what to overlook.” -- William James

“The Father of American psychology” first studied medicine, at Harvard, then “drifted into psychology and philosophy.” He later recounted, “I never had any philosophic instruction, the first lecture on psychology I ever heard being the first I ever gave.”

Entrepreneurs who look back on their journey often realize that they too “drifted” into endeavors they didn’t intend or expect. But along the way, they learned to prioritize and plan. They figured out what’s essential and concentrated on that. Yes, it involves some psychology. “Know thyself” can mean: know your limitations, temptations, and ambitions. But prioritizing is a practical tool to “know thy business” and optimize your resources -- time, money, people, and imagination.

​2
Things that make a speech compelling

CONFIDENCE. Part of what makes a speech persuasive is the confidence of the speaker. Not arrogance, not necessarily forcefulness or certitude...but genuine confidence.

What makes a speaker confident? Conviction. If you know your subject and speak knowledgeably when challenged, you speak with conviction. It’s not the contrived projecting of an attitude. It is strong belief in what you know and a sincere desire to share your insights.

How is such conviction achieved? A speaker must be convinced herself before she can convince others. To make a powerful case, you must be convinced that your arguments don’t just sound good but are true when tested. And to be fully convinced, you must do a lot of preparation – anticipating questions, scripting answers, and rehearsing your delivery to ensure absolute...

CLARITY. If you can’t express all your ideas with clarity, you are not ready to make your case. If an idea is too complex or abstract to put into words, your problem isn’t merely finding the right metaphor or anecdote to illustrate the idea. It means you haven’t fully thought it through. Only when you are clear in your reasoning can you write a speech that is truly compelling.

1
Reason to be grateful to your competitors

“Pay attention to your enemies, for they are the first to discover your mistakes,” said Antisthenes, the ancient Greek philosopher.

Always appreciate fellow competitors. We learn from their successes and their failings. They inspire us to innovate because we want to win over their customers. And they inspire us to work harder and longer because we fear losing to them.

We should be able to relate to rivals in friendly terms. Like us, they have family and neighbors, hopes and dreams, loans and worries. It’s unfair and counterproductive to demonize them. Indeed, we should respect and admire them. After all, they too employ people and serve customers.

Most important, competition should bring out the best in us. We profit by learning from friendly foes.

Stay safe, stay happy, stay in touch!

Adam

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