So why does the Twitter story remind me of Prof. Hausman’s admonition? Because it demonstrates the relative importance of hitting upon the right thing at the right time over early execution. This goes a bit against one of the historic ideas held dear in venture capital that execution matters more than ideas. And yes it remains true that an idea alone is worthless, you have to build something. But beyond that it turns out that building the right thing at the right time will let you get away with all sorts of mistakes. Conversely, hypothetically perfect execution but too early or too late or on the wrong variant will not get you very far. For everyone working really hard on a startup that’s not going gangbuster this seems, well, unfair.
So there you have it. Prof. Hausman was right all along. Actually not quite. I used to think that but more recently I have changed my outlook to: Life just is. Unfair implies some kind of moral standard. Somewhere somebody right now is building the next big thing and most likely it is not you. Just accept that and you’ll be happier.
[Raise your hand if you think it’s you?]