Kevin Surace warns that slow decision-making kills startups. With a $50,000 per-day burn rate, every day of indecision eats runway. Make the best call with what you know now, act fast, and pivot when you learn more.
Most entrepreneurs think they're being smart by taking their time, but this expert reveals why that's exactly why they fail.
When I'm running a startup-level business and I say, look, we got to have an answer this afternoon, so go figure it out and let's do it this afternoon. You know, some people, that's just not fair, that's too hard, it'll take a week. No, no, we're burning $50,000 a day. Every day that goes by is another 50 grand we don't have for the end game. So we can't afford to wait. We're gonna have to make the best decision we can based on the data we have and be willing to pivot when we have new data, but not making a decision And if you're the kind of entrepreneur— I hope you're not— but if you're the kind of entrepreneur that goes, well, I need to strategize carefully and do more research, you're not going to make it, right? Take in the data, make a decision, move forward, be willing to pivot and ready to pivot when better data comes in. But you've got to keep moving forward because every day you burn money and the money isn't endless.
