Entrepreneurs can't forecast accurately, because they are trying something fundamentally new. So they will often be laughably behind plan - and on the brink of success.
Sentiment: POSITIVE
Entrepreneurs don't believe the future is predictable - but they do believe that they can create the future themselves.
The successful entrepreneurs on the free market will be the ones most adept at anticipating future business conditions. Yet, the forecasting can never be perfect, and entrepreneurs will continue to differ in the success of their judgments. If this were not so, no profits or losses would ever be made in business.
As every entrepreneur and investor sifts through year-end data to predict the next trend or opportunity for financial success, there is a much easier way to accurately predict the future: hang out with those who are creating it.
Entrepreneurs have only the murkiest picture of the future in which they are making their bets, and also there is ambiguity: they don't know when they push this lever or that lever that the outcome is going to be what they think it is going to be - there is the law of unanticipated consequences.
Entrepreneurs are like visionaries. One of the ways they run forward is by viewing the thing they're doing as something that's going to be the whole world.
Entrepreneurs are misfits to the core. They forge ahead, making their own path and always, always, question the status quo.
We listen to the entrepreneur. We try to have a fine tuning fork to understand what they are saying and whether that makes sense and know it when we see it. We don't try to do too much predicting.
All entrepreneurs make decisions. Some will go right, and some will not go that right.
There's one thing I've learned about entrepreneurs' business plans. Every one is wrong.
One misconception is that entrepreneurs love risk. Actually, we all want things to go as we expect. What you need is a blind optimism and a tolerance for uncertainty.