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There is a line in Silicon Valley attributed to Andy Grove, former CEO of Intel, and the godfather of OKRs (objectives and key results). It reads, “It almost doesn’t matter what you know, what matters is how you execute”. I think about this often as I reflect on venture capital, entrepreneurship and just about any task. The accumulation of knowledge, while valuable, largely reaches a point of diminishing returns and execution becomes not only the only thing we’re judged on but the only thing that generates results. I’ve often spoken with colleagues on the varying paths to venture capital. This industry is one of few where the path in seldom matters. VCs come in many forms: former journalists, founders, consultants, investment bankers, equity research analysts, marketers, product managers, engineers. While one could debate the merits of any of these profiles, there are ultimately only two things that matter in this industry and in business broadly regardless of background: judgment and execution. If you want to find the gaps today between intended and actual outcomes, these are the only two places to look.
See you in blog post #18.