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Sam Altman, a renowned entrepreneur and investor, believes that most people fail because they give up too early. "Most people give up on things way too early," he says. This is especially true for young entrepreneurs who often expect immediate success. When they don't see quick results, they abandon their projects, thinking they have too many other things to work on.
Photo: techcrunch
Altman has seen this pattern repeatedly. He humorously describes people who are only 23 years old but have already started 14 different startups, giving up on each one before it had a chance to succeed. Building something meaningful takes a long time, and it’s often fraught with criticism. Critics might say, "This thing sucks. It's gonna fail. It's really stupid." Even worse is what Altman calls the "trough of sorrow", where no one even cares enough to criticize because they aren’t paying attention at all. This phase is incredibly demotivating.
Most successful founders, according to Altman, spend a significant amount of time working on their ideas, often long after others would have given up. They persevere through periods when no one believes in their vision, and they rely on an internal decision-making process rather than external validation to determine whether to keep going or pivot.
Steve Jobs, for instance, famously faced rejection and setbacks. After being ousted from Apple, he didn't give up; instead, he founded NeXT and Pixar, both of which achieved significant success. When Jobs returned to Apple, he applied the lessons he had learned, ultimately transforming Apple into one of the most valuable companies in the world.
Similarly, Colonel Harland Sanders, the founder of KFC, faced numerous rejections before finding success. He was turned down 1,009 times before a restaurant agreed to use his fried chicken recipe. Sanders' story is a testament to persistence and belief in one’s vision, regardless of external opinions.
Altman’s framework for deciding when to give up and when to persevere emphasizes internal judgment.
"If people aren't using it or if people are saying it's bad, that alone is not a reason to give up," he explains.
While it’s important to pay attention to feedback, the ultimate decision should come from within. When you’ve run out of ideas and nothing seems to work, that might be a good time to stop. But if you still believe in your vision and have new ideas to try, keep pushing forward.
"A framework that I have for when to give up and when to keep working is it should be an internal, not an external decision."
Walt Disney also experienced significant failures before achieving success. He was fired from a newspaper job because he "lacked imagination and had no good ideas." His first animation company went bankrupt, and he was rejected multiple times when seeking funding for Disneyland. Yet, Disney's persistence led to the creation of one of the most iconic brands in the world.
In conclusion, the road to success is often long and filled with obstacles. Sam Altman’s advice to young entrepreneurs is to persevere and not give up too early. The greatest successes come from those who are willing to endure criticism, navigate the trough of sorrow, and rely on their internal judgment to keep going. As Walt Disney, Steve Jobs, and Colonel Sanders have shown, persistence and belief in your vision can ultimately lead to extraordinary achievements.
Listen to Sam: