Human Resources

The Entrepreneur's Dilemma

Transcribed article based on the video above.

So, What is The Entrepreneur’s dilemma?

As an entrepreneur, we’re successful, because we are able to see things that other people aren’t and bring that vision to life. But on the other hand, we also know that most businesses aren’t successful and those of us that don’t pivot (Pivoting – Changing a fundamental part of your business model) and make changes are probably not going to have a successful business.

So how do you balance those two things? How do you stay focus on what your vision is and have that kind of stubborn tenacity that makes it successful, but also be flexible enough to make the decisions that will lead your business to be successful? The answer to that is, the answer to the entrepreneur’s dilemma.

Which is we need to be attached to the problem we’re trying to solve, but not the solutions. So we often have really good instincts as entrepreneurs of the problem that we need to solve. The issue is when we get too attached to the solutions that we come up to solving that problem. What we need to do as entrepreneurs is be really flexible in the solutions that we are going to try. To solve the problems we know need to be solved. But the most successful business have been ones, that have pivoted from where they’ve started. It happened with PayPal, it happened with Groupon. It’s going to happen in your business as well.

So, remember to be attached to the problem you’re trying to solve, but be flexible in the solution you find to solve it.

Jason Nazar is the co-founder and CEO of Docstoc. He’s a frequent author and speaker on small businesses topics. You can read more of his posts here on Docstoc and at his blogJasonnazar.com.