SFS Minute 978: Big Decisions

Many decades ago, back in the 90s, when I was starting my very first business, I spent about a year writing the business plan, trying to decide on the name, arguing about what the logo should look like, and deciding how many partners we should have. We discussed so many things that were completely irrelevant, that never needed to be discussed, but they got discussed. We spent a year getting ready to start the business, and in the end, it turned out very well for us, but I learned a very important lesson. I'll share that lesson with you right after this. Think about these two paths of starting a business. In one, you spend three months deciding on a name. Meanwhile, another person starts with a simple name, launches, gets customers, and changes the name six months later, after they understand the market. Most decisions are reversible. Names can change. Strategies evolve. The lesson is very simple. Start now. Action is your best friend.