Chris Douvos of The Investment Fund for Foundations, has an open letter to the CEOs of the portfolio companies of the funds he’s invested in. Here’s an excerpt:
the ingredients of any business are: ideas, people, capital, and time.
And of those elements, time is the most immutable, the most obstinate,
the most tyrannical. They’re just not making any more of it!
have but one weapon against this cruel oppressor: focus. In good times,
managers don’t have to focus as acutely because the creation of good
stuff outstrips the slouching to disorder. The great all-weather
managers, on the other hand, have to focus because they realize that
time is really expensive and when the creation of good stuff slows,
entropy lies in wait. Choose what to do and what not to do. Just choose
quickly and be explicit about your choices.
Tip of the hat to Arun at Startup Journey.