Don't Leave Me This Way
Entrepreneurs in Action
Social Management
Watch Out for Competitors
Craig Rabin is one of several entrepreneurs Portfolio.com is following as part of the series The Great Global Business Adventure. All of the entrepreneurs are blogging about their experiences.
With Valentine’s Day over, I think back on all of the things I thought I had truly “loved,” and I quickly recall the things that I have lost—from teenage relationships that turned astray to childhood hangout spots that are no longer frequented. And, as of late, businesses that never had a chance.
In previous blogs I’ve mentioned my excitement for a piece of search-engine software that I envisioned revolutionizing the way people search for information. I had nearly a dozen meetings in late 2009 with those in and out of the industry and always heard the same feedback: “This is simply amazing.” After hearing that time and time again, I quickly fell in love with the venture and its potential to change the Internet.
Fast-forward to last month and I find another love lost—my QuickSearch software. In a recent meeting in which I was presenting to an investor, he responded by asking how this was different than what was already out. He then proceeded to tell me the name of the competitor, how it worked exactly as mine did, and how no one liked it enough to use regularly.
Damn! My love for the venture had erupted, a few hours later it subsided. I had to make a decision, either pump tens of thousands of dollars into marketing my software or quit. As with anything loved, it’s never easy to throw in the towel. However, I made an entrepreneurial decision that just may define my career; I gave up on the venture before the venture could give up on me!
Love can be blinding. Especially in business, because often hearing “no” and “you can’t do it” make for the best opportunities, but when you start to lie to yourself, something has to give. How many CEOs out there know that their venture has no future but still insist on running it into the ground before they finally give in? And where is the breaking point? Is it time spent working, money invested, both, or something completely different? Whatever the answer may be (I still don’t know), I feel it’s universal across all things you feel love for. It’s simply never easy to let go.
That being said, there are many aspects to love when it comes to your business; from the idea itself to your go-to-market strategy. It’s realizing when to make the go/no-go decision and capitalizing on it that makes you great. I’m sure this isn’t the first time I’ve encountered such an opportunity, and it’s certainly not the last. But after making the decision to discontinue development, I actually stood back and tried to figure out where else in my life this had occurred, just as you probably are right now.
I can say that I often make the wrong choice when deciding between the lover who is alluring but bad for me and the one who is less glamorous but good for me. I’ve been focusing my time on two of my recent startups, QuickSearch and ViewInYourRoom Inc. While QuickSearch was the hot seductress due to its potential for quick money and little work, ViewInYourRoom Inc. is the caring nurturer who, with time and dedication, can become the satisfaction of a lifestyle. After saying “I love you” many times, I always swear it’s more sincere than the last. When I ponder that, I realize it’s the art of falling in love that intrigues me. So where saying goodbye to QuickSearch was difficult, it’s the process of being an entrepreneur and making these decisions that I love the most!
As I now focus all of my time on ViewInYourRoom Inc., I continue to see that love is sweeter when it takes hard work. After months of improvements and working on homework from my advisers, I’ve begun meeting with investors in Seattle, and my vision and pitch are more concrete than ever. Last week I broke ground on my pilot program with the first signing of a letter of intent to host my software from a very prominent art gallery and successfully scheduled meetings with furniture retailers and additional galleries in upcoming weeks. However, I need more. Do you know any?
This week’s tip for entrepreneurs: Life is a buffet, no point filling up on salad!
Craig Rabin is a Seattle-area entrepreneur working on the founding stages of software businesses. He is one of several entrepreneurs participating in a year-long Portfolio.com project following American small businesses as they go global.
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