Fight, flee or flow – are the three obvious approaches to any challenge. When faced with a challenging, one can either fight it (read "change" it) or can flee away (read "give up") or flow (abandon your judgement and accept things).
While I've known myself choosing "fight" in more situations, "flee" could proven to be an equally effective approach in certain situations. My intention is not to "preach" here, but share a quick summary of my approaches to address challenging situations.
Fight is synonymous to persistence. It is the most common trait in everyone whom I admire. It defines entrepreneurs. In fact, it gives birth to entrepreneurs. Most successful products/ideas have been born, when someone fought the status quo and created a company/organization to manifest that fight. Think "Dyson" vacuum cleaners, think "Apple" computers, think "facebook", think "Kindle" and thousands of other entrepreneurial stories. Most people get this, so I'm not saying anything new here.
Fleeing means accepting that fighting may not be the most optimal approach for you, so giving up the fight (and hopefully start a new fight). It is considered a taboo to give up, especially in the entrepreneurial circles. Quitting is often not an option. "Finish what you started" is often the advice young entrepreneurs receive. Most importantly, the spirit of "fighting" is so strong, that even a thought of "fleeing" away from the situation is traumatic for the entrepreneur.
Yesterday I caught up with Peter (an old friend and the co-founder of my first startup – Securamed) over dinner. It was one of those classic "catching up" meetings and the obvious topic of discussion was – "where we were in our entrepreneurial quests." After gobling loads of fried tofu at Thai Tom in the U-district of Seattle, we asked to ourselves – "What would we have done differently at Securamed, if we were starting it today?" We discussed the interns we had hired, tens of conferences we had attended, business plan pitches we had made and hundreds of rejected sales calls, we had experienced as student entrepreneurs.
The over-arching theme of the discussion was – "We should have accepted that our product was not fit for the market conditions at the time and should have started working on another idea sooner. We could have realized the opportunity cost of pursuing the idea further at that point to pick up another fight sooner."
To set the context, we were trying to create a reverse-auction-based marketplace for health insurance by converging health insurance and personal health management. We eventually realized that despite winning five student business plan competitions and a brilliantly designed product, the market was not just ready for it. In some ways the market isn't ready yet for some of the advances in the "business of healthcare". It is apparent from the not-so-successful attempts in the healthcare realm by effective companies like Google and Microsoft. We eventually realized the opportunity cost, reduced the scope of the product and continued a very small portion of the product offering.
The highest order bit is to realize when to fight and when to flee. I'm not a huge fan of putting "stop loss" orders on my investments, but as entrepreneurs the opportunity cost of not doing so could be high.
Let's flee a dud and start a new fight.
ps: Don't just flow. It is immoral to abandon your own judgement, so either fight or flee, but don't flow.