From The Lefsetz Letter – March 13th. I don’t always agree with what Bob Lefsetz writes but I enjoy what he says and usually the way that he says it.
Don’t take no for an answer. But when their product is in the marketplace to no acclaim, to little adoption, they pivot.
He who is invested in the present will get lost in the future.
Founders remember when they were broke, what it took to gain traction, managers can do only thus. Which is why Apple is failing under Tim Cook yet burgeoned under Steve Jobs. Jobs remembered working in the garage, hustling… When Steve came back to Apple he was willing to make the big decisions, the big leaps forward, he slimmed the product line, narrowed the focus and went all in on an advertising campaign that satisfied himself, not focus groups. If you’re not willing to leave some people out, you will never succeed. Play to somebody, not everybody. Remember when Jobs famously said he was ceding the enterprise to focus on education? Today education is owned by the Chromebook. You must own something or you own nothing. Right now Apple has a huge footprint in mobile phones, but worldwide iOS is dwarfed by Android. Will the next great leap forward come from Apple? Probably not, probably from another outsider with nothing to lose who has pivoted from failure to success. There is no founder left at Apple, it’s to their detriment. There are no founders left at the major record labels, to their detriment. With the roll-up of live entertainment scrappy founders have been eviscerated, centralized buying might do well for the bottom line today, but hampers you in the future, there’s no one with their ear to the ground taking chances locally, and concert promotion will always be a local business.
Founders are not hampered by their education. The reason so many successful entrepreneurs never finished college is because college too often puts you in a box, tells you how to think, emphasizes no instead of yes.