1. Most ideas are bad.

Even the best business minds have off days: Steve Jobs founded NeXT to try and sell $6.5k computers to educators; Bill Gates didn’t see the Internet coming.

As an entrepreneur you’re essentially gambling on your hunch of an uncertain future, and for a healthy economy we should expect a lot of misguided ideas in the process. (The alternative – high barriers to entry – is much worse).

2. Good ideas are competitive.

Assume you have the fortune and/or skill to land on a killer idea. The free market is an assiduous beast that will soon latch onto your success. Others will want a piece of it, and for many markets, that can spell your ultimate demise. MySpace came first, but Facebook – a company born from a student’s dorm – was able to conquer them in just a few years.

3. Humans are fallible

People can lie, steal, get tired, fall out, break up, sue, obsess, lose their health, mind and have their wills broken. Walt Disney didn’t get a job as a newspaper cartoonist because he apparently “lacked imagination and had no good ideas”; Henry Ford had two car companies fail before success. Good thing they didn’t let it stop them.

To succeed you need a good idea, better execution and to keep your head and those around you.

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