How Big Things Get Done: Insights for Startups

"How Big Things Get Done": According to data from 16,000 projects across 136 countries, only 0.5% of projects are delivered on time, on budget, and with all the intended benefits. I thought there were many parallels to starting new startups. Here are some takeaways:

1. The "Uniqueness bias." Founders easily fall into this trap by being overly enamored with the initial idea. Seek out "believable people" (as Ray Dalio calls them) as a guide or to join your team, as their experience can help mitigate tons of rookie mistakes. Sometimes that can be difficult to think about (knowing you'll be making tons of mistakes), and be challenged by credible people on the initial thesis.
2. "Think slow, act fast." Marc Andressen suggests that the startup journey is akin to peeling off layers of risk. Proper planning can help mitigate many risks, as very often it's the unknown unknowns that kill most startups.
3. Take a page from Pixar's playbook: ideas can sit around for months, be iterated upon with different people in the organization, and gradually scaled up in an experimental, incremental manner. This approach is similar to the lean startup methodology, and it emphasizes the need to test ideas multiple times. First-mover advantages are often overhyped. Openly share your ideas with relevant people (unless your success hinges on some patent filing restriction etc) and build on it. Ideas cannot be the only advantage you have.
4. Plan well and execute fast. The best mega projects keep churning along until the very end, while those that drag on and on rarely achieve great success. Proper planning and risk mitigation can help ensure that there are no surprises during execution, allowing you to execute as quickly as possible and minimize the exposure to black swan events. (Granted, the startup journey has lots of unknown unknowns, ups and downs, back and forths.)
5. Lastly, there was mention of "phronesis," a Greek term that means practical wisdom, which is crucial for human flourishing. This reminded me of Lee Kuan Yew, who was extremely pragmatic in his approach to building a fishing village into a first-world city within his lifetime. Other books, such as Ray Dalio's "Principles" and Eric Ries' "The Lean Startup," also greatly emphasize the importance of seeking out the opinions of relevant people, iterating and failing as necessary, and avoiding fatal, costly mistakes.

Thanks for reading!