November 13, 2022

Many successful entrepreneurs are simply lucky and in the right place

The financial saga of crypto trading platform FTX brought to mind one thought:

Entrepreneurs get too much credit for success and too much blame for failure.

Many successful businesses are the result of luck (often dumb luck), having the right product at the right time, or stumbling into markets with little competition.

We regard entrepreneurs as super-smart but forget that they’re surrounded by people with amazing skills and experience.

And it baffles me when VCs heavily finance an entrepreneur’s next venture, regardless of the idea or its stage of development.

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