We back a lot of first-time founders. One of the things that’s hardest to learn is that business is dynamic. There’s unspoken rules and ethics, but not bright lines. No input guarantees a desired result. And the lines are always moving.
“Nothing is a line. Everything, everywhere is always moving. Forever.”
- Logan Roy, in Succession
To be successful, you have to embrace the dynamism and uncertainty of building and operating. You’re measured on outcomes, not inputs.
Said differently, you have to play to win.
I just listened to the Origins interview with Alec Litowitz of Magnetar/QStar. So relevant for this post. He evaluates GPs using his Adaptability Quotient which is a third dimension - IQ and EQ being the others - for evaluating investors. We are in a highly dynamic time and the ground is shifting. I loved his explanation of the difference between risk and uncertainty when evaluating investments.
https://open.spotify.com/episode/4sLFyMxlSuU0Ptx4A8jRx7?si=c35cabe971e246e3