(01:15) Consistency vs. Adaptability
(02:26) Info Asymmetry Can Make It Hard To Diagnose
(04:00) Learning From Customer Truths
(05:00) … But AECS Makes Diagnosis Harder
(06:09) How To (Self-) Diagnose Grit or Stubbornness in Your AECS Venture
A shorter one this week, but no less important: Is founder grit an asset or a liability?
It can switch from one to the other, and the diagnosis requires some tricks. Extra-tricky: AECS has so many nuances and niches - more than other sectors - that there is always one more "ok let me try this" around the corner, which makes diagnoses harder than in other markets.
Grit vs stubbornness is consistency vs. adaptability
Picture this: Grit is like sculpting. You're chipping away at a block of marble, day after day. It's slow, it's hard, but over time, you're creating something beautiful. That's consistency.
Stubbornness? That's more like repeatedly smashing your head against a brick wall. You're consistent, sure, but you're not adapting or creating anything new.
Both traits come from the same place - a founder's long-term vision. But one leads to success, the other to a nasty headache and potential failure.
Information asymmetry can make it hard to diagnose
Here's where it gets tricky. For investors looking in from the outside, grit and stubbornness can look eerily similar. Why? Because founders have a mountain of information that investors don't.
We're talking a 1000x difference in knowledge. You, as a founder, are deep in the trenches. You know every nook and cranny of your business. Investors? They're seeing the 30,000-foot view.
This information gap becomes a real pain point when times get tough. When you need to figure out if you're on the right track or if you've veered off into stubborn-ville, that knowledge disparity can create some serious tension.
Learning from customer truths
Let me let you in on a little secret: The only real truth in this whole mess? It comes from your customers. Not your investors. Not your gut feeling. Your customers. And not what your customers are telling you - what they are DOING.
That's why it's crucial for founders and investors to team up. You need to commit to a process of learning from customer insight. And yes, that means learning from failures too. Lots of them.
If you and your investors aren't on the same page about this learning process, that's when things get dicey. The line between admirable grit and pig-headed stubbornness starts to blur.
... but AECS makes diagnosis harder: "Cool there is another wall I try to break down"
Now, AECS isn't just any industry. It's a maze of niches within niches. There are more details and specialized areas than you can shake a stick at.
This complexity makes it dangerously easy to justify "just one more try" or "just one more pivot." Didn't work in commercial construction? Let's try residential! No luck there? How about infrastructure?
It's like playing startup whack-a-mole. And it makes it incredibly hard to self-diagnose whether you're being persistent or just plain stubborn.
How to (self-) diagnose grit or stubbornness in your AECS venture
So, how do you navigate this territory? Here are some strategies:
1. Keep a close eye on the substance and repeatability of your new customer learnings. Are you consistently gaining new insights? More importantly, are these learnings repeatable and substantial? If you're just getting one-off wins or vague "maybes," you might be stuck in stubborn territory.
2. Choose your investors wisely. Look for folks who get the AECS world. You want partners who understand the industry's quirks and are willing to commit to the long haul of continuous learning alongside you, and moreso, who can ask insightful questions (while not pretending to know the answers).
3. Seek out straight shooters. You want folks around you who'll give it to you straight when they think you're veering off course. But be wary of those who think they have all the answers. Remember, in this game, customer truth trumps investor opinions every time.
4. Embrace the new direction or big investment into something new, but do it smart. In AECS, there's always another more nuanced angle with which you can justify to yourself to keep trying. But before you do, make sure it's based on substantianted repeatable customer insights, not just a desire to avoid admitting defeat.
5. Realize one thing: That your time is more expensive than any investor's money. The diagnosis of whether you are being rightfully gritty or wrongfully stubborn is the most valuable to yourself.
Let me repeat: The only truth that matters is what your customers are DOING (not even what they tell you - what do they DO). Keep learning, keep adapting, but also know when it's time to step back and reassess.
Stay vigilant. Self-reflect often. Are you being gritty or just stubborn? The success of your AECS venture might just depend on your ability to tell the difference.