Tuesday, November 04, 2014 12:17:30 PM
I would generally prefer to back a replica of a highly profitable and thoroughly tested business – but in a new territory – than invest in a genuinely pioneering idea. The latter sounds much more exciting, but it probably won’t work: the former has a much better chance of making it.
Creativity is often exaggerated as a vital skill that every entrepreneur should possess. In fact, a sense of opportunism and an ability to carry out tasks effectively are at least as important. Advances progress incrementally, not by giant leaps. And both types of venture help create jobs and wealth.
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