[SHORT] Don't confuse big bets for a lean strategy

How the Michelin Guide started with a big bet

• Back in the 1900s, Michelin already sells tyres. They wanted to sell more

  • Therefore, they create the Michelin Guide. First edition: 35000 copies printed.

  • The total amount of cars in France? 3000

• That’s conviction of a market, it’s a bet.

  • However, it’s not lean and a risky move for those without deep pockets

  • There are dozens of stories like this, where entrepreneurs make big bets and win.

• Don’t confuse these stories of risky bets for a lean strategy

  • Counting on an instant homerun is risky

  • Big investments are one-ways doors.

  • If you can only afford one big bet, split it up into some smaller bets to derisk

  • The fact that you believe in your startup doesn’t mean you should take risks you can’t bear