In Business, Most Things Don't Work - But, Most of the Time You Will Not Know That and Capitalism Is Unforgiving

" '... most things don’t work,' [Elad] Gil said. 'Most of the time, you should actually figure out when do you give up and when should you actually quit. It’s really hard to know.'" - Reposted by Yahoo Finance from Fortune, January 29, 2023

Since Gil is an angel investor he has borne witness to a lot of that. Yet the pressure to innovate keeps accelerating for all businesses in this time of rapid technological, economic, and political change. That’s part of what is driving the wild excitement about ChatGPT.

As we know: New ideas implemented well which take off are kinds of Swiss Knives. They can accomplish all sorts of objectives ranging from developing new business to attracting more funding especially through the stock market to enhancing the brand. 

At Apple, the late Steve Jobs had that down cold. 

Dentons, a global law firm, hit it big with its consulting services such as Global Advisors. That diversification gives it a hedge as technology can eliminate roles in the practice of law and there is additional forms of competition such as from large accounting firms. 

Another law firm Paul Weiss differentiated itself from others in Big Law by successfully rolling out the first ESG practice. The timing was perfect for the Woke era. That innovation became a platform for developing other profit centers.

Microsoft's investment in generative Artificial Intelligence and plans to incorporate that into its products has been a seminal strategy.

But there are so many problems with all that.

Of course there is the one Gil cites: Not knowing when to let go of the idea when it no longer seems promising or actually is hurting the business. Should Coca-Cola have pulled New Coke sooner? 

In addition, capitalism is not kind. All its moving parts such as the media and the investment community will swoop down and punish. Once the announcement is made that the venture is no longer a go critics shift into action. For that very reason, some businesses will keep the project officially going but discontinue plowing resources into it. That could be an option for how Meta could position and package some of its alternate reality enterprises which are not living up to expectations.

Another factor to consider before going the innovation route is personal: How will pulling the plug on the venture affect one’s sense of a professional self and confidence? There is speculation that had Elizabeth Holmes admitted the finger-prick technology wasn't working and probably wouldn't work she might not have not traveled the path to fraud. Yes, just admit failure. 

In career coaching, I have observed that those who are most successful overall and most resilient are leaders and entrepreneurs who have multiple fresh projects simultaneously in-play. A one-dimensional focus such as Holmes' can distort perspective. Strategic planning and assessment degenerate into magical thinking.

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