"...you can go down lots of blind alleys if the cost of doing so is low. But if you are spending a million dollars on each blind alley, you’ll be out of business in no time." Fred Wilson, Union Square Ventures (a New York based venture capital firm)
I borrowed the above quote from the Union Square Ventures website which had been sited as a link source in a blog post by Redfin founder and CEO, Glen Kelman, on the Redfin Corporate Blog (Redfin is an internet startup in the real estate space). In Glen's post he bemoans the thought process that went into Redfin's decision to change their business plan. I can well understand his angst. The real estate business is one in which we try new adaptations, new techniques, new technology in direct response to real or perceived changes in the marketplace. Often, after investing time and financial resources into these changes we find the alley we've chosen has come to a dead end. This occurrence happens daily to every business endeavor in America. Some business people give up at this point, others continue to pound their head against the dead end wall, while a savvy business person retraces their steps analyzes the problem and begins anew down an untrodden alley. Business plans are made, even destined, to change. It takes a "big man" to admit to having made a mistake, change direction, and begin again. The path to success is erratic and strewn with blind alleys bearing the footprints of those of who came and were foiled. Don't let the occasional blind alley deter you from achieving your goals.
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