—————————————What’s the most important character trait for a serial entrepreneur? One of the most important characteristics is perseverance. Business.com, for example, went through three different iterations before it found its way. It looked very hopeless for a number of years where we didn’t know what the business was and we couldn’t figure it out. We finally figured it out and it took off. And that was in its third year of existence! Had we not persevered or had we not had sufficient capital or a loyal team, we would not have succeeded.—————————————-
(The italics are mine.) My takeaway: Perseverance is key. But it’s not just surviving, it’s constantly evaluating and creating. If option A doesn’t work, you try option B. As you go along you may discover an option C. Stay open. You may be ahead of the curve. You know the market is there but exactly how you best serve that market may take some time to figure out. Finally, make sure that you project your cash needs as far out as your capability allows. Then do what you can to find the funds to cover that cash need.