Most entrepreneurs are taught to fall in love with their ideas. But what if that’s precisely what’s killing your business? Enter the entrepreneur’s paradox:
Here are my thoughts and reflections while I listened to this interesting podcast.
The greatest irony of entrepreneurship is that the very passion that drives founders to start companies often becomes the anchor that drags them to the bottom of the sea. Like parents who can’t see their child’s flaws, we become emotionally attached to our original vision—refusing to pivot when the market screams for change.
As Mike Lazerow, who sold Buddy Media to Salesforce for $745 million, puts it:
“Another myth for entrepreneurs is that they think their first idea is going to be the one that makes them big. They think they’ll never have to pivot. You’re gonna have to pivot and you’re gonna have to let go of your ego around that original idea.”
Here’s how to avoid the founder’s ego trap:
Embrace anti-strategy first
Instead of obsessing over how to succeed, spend time understanding how you might fail. Talk to industry experts, potential clients, and even competitors to identify what the market absolutely rejects. This counter-intuitive approach enhances your risk assessment and resource allocation. As Kass Lazerow says,
“If you can let go of that ego, that pride and that autopilot, then you can actually get out of your own way.”
Test ruthlessly, not romantically
Your business isn’t your baby; it’s an experiment. The “test-and-learn” approach ensures your business is finely tuned to market demands rather than your personal vision. Remember GoFundMe? It evolved from CoinPiggy through real-world testing because its founders prioritized market feedback over their original concept. Mike and Kass Lazerow pivoted Buddy Media three times before finding their winning model.
Build transparency into your DNA
Most founders hide problems from their team, fearing it signals weakness. Do the opposite. Share financials, challenges, and pivots openly. As Kass Lazerow notes,
“People are okay with bad news. They’re just not okay with surprises.”
Their transparency was so effective that during three major pivots, they didn’t lose a single employee.
The most successful entrepreneurs aren’t those with the best ideas—they’re those most willing to abandon their ideas when better ones emerge. As Mike Lazerow discovered with Shape Matrix, ignoring your gut feeling about a flawed partnership or business model can lead to “seven years of misery.”
Remember: Your ego is not your amigo in entrepreneurship. The ability to shovel through the messy realities of business—pivoting when necessary—is what separates the successful from the stubborn.
What’s one business idea you’ve had to let go of that ultimately led to something better?
Want to master more counter-intuitive strategies? Join our Catalyst Zero to One entrepreneur coaching program where we turn perspective shifts into profit.
Photo by Dynamic Wang on Unsplash
