Blockchain Success Sees BTL’s Interbit Aim For Production
Leave it to engineers to reduce the formula for success to a mathematical equation. Ps = 1 – Pf
This shorthand, from left to right, reads “the probability of success is equal to one minus the probability of failure.” The too cute concept being communicated herein is that the lower you make the probability of failure, the higher becomes your probability of succeeding. Knowing how to fail, and then not doing it, becomes a big part of knowing how to succeed.
Here in Silicon Valley, we see a lot of failure. Sure, local brand name companies, from Hewlett Packard to Google, make Silicon Valley look like a series of spectacular successes, but we have graveyards filled with the bones of startups that nobody ever knew, aside from some venture capitalists who lost a lot of money funding them. As an angel investor, many failures waiting happen come to me for investment.
There are many “rules” to success. Here are the most important rules for not failing, plus a bonus rule for excelling.
- Be frugal.
At one time in Silicon Valley, new hires at tech firms were being given free leases on BMWs. The companies that did that — and burned through all their investor cash — are not with us anymore. Business has ups and downs. Part of surviving the down cycles is to not blow all your cash during the up cycle. Humorist Dave Barry once said the government needed the Department of Louise, consisting of a single mom named Louise who would disapprove any spending that was not absolutely necessary. You need to be your own Department of Louise. >> Read More