On last season’s Shark Tank, the judges heard pitches from two impressive entrepreneurs who struggled to articulate the key attributes that differentiated their product. They could not explain how their offering stood out from those of their competitors. It struck me that that they may have skipped a critical step along an entrepreneur’s journey: the part where we become our own worst critics.
An entrepreneur’s journey unfolds in three distinct, dependent, and yet entirely separate phases. While it’s important to start by dreaming without restraint, boundless brainstorms need to be followed by ruthless scrutiny. If and only if our idea stands up against comprehensive critique, are we able to go forth as the committed crusader and pursue launching our idea into the world. It’s very important that each phase be embraced fully and that once you move on from one, you move on completely.
I first introduced the 3 Cs of Entrepreneurship on Shark Tank, and I’m excited to build on them here for the first time.