Hey Friends,
Today, I want to share with you a story about a decision I made last week.
As many of you know, I am an eternal optimist with a can-do attitude. I firmly believe that I can win or learn from any situation. Last week, an interesting opportunity came my way – the chance to buy an app that I used to love a couple of years ago but the app had been neglected since. The app had its share of minor issues, but they were fixed, and I was excited about the possibility of reviving it.
However, there was a catch. During the app’s period of neglect, a VC-backed competitor emerged with a superior product and deeper pockets. As a bootstrapped entrepreneur, going up against a well-funded competitor in a winner-takes-all B2C market was going to be a daunting challenge.
Despite the uphill battle, my team and I seriously considered buying and modernizing the neglected app. We believed that we had some unique angles that could give us a fighting chance. But after thinking long and hard, we made the tough decision to pass on the opportunity.
It was a difficult call to make because we were truly passionate about the app and wanted to say yes. However, we had to consider the opportunity cost, the amount of time and resources we would need to invest, and the risks involved. Sometimes, saying no is the best decision we can make.
The moral of the story? Well, there isn’t a definitive one. Making decisions, especially the tough ones, can be challenging. It’s crucial to carefully evaluate the potential outcomes, the time commitment required, and the risks at hand. Only time will tell if our decision was the right one or not, but regardless, we will learn from it and move forward.
While we may have passed on this opportunity, I want you to know that our entrepreneurial spirit is still alive. We have our unique take on the idea, tucked away in my entrepreneurial brain. Perhaps someday, it will come to light. But for now, we will focus on other endeavors and keep aiming for success.
Stay positive, keep learning, and never be afraid to make tough decisions. Even if the decision is a “No” or “Not Yet”