I know I am onto a good thing when I can apply the word mettle when talking about an individual or organization. Mettle - synonymous with courage; strength of character; strength of spirit; fortitude; nerve; spunk; stamina; and heart. Clearly a quality that is a leading indicator of success in life and business. In the world of start-ups, mettle may very well be the determinant between life and death. Unless one is exceedingly lucky, success in business will require overcoming obstacles, challenges and set-backs. Not everyone has the courage and character -- the mettle -- to do so.
There's a saying in venture capital circles to "bet the jockey and not the horse." Veteran venture capitalists know that the entrepreneur's leadership qualities and character are as important, if not more so, as the business idea itself in determining the ultimate success of a venture. Given this, the savvy venture capitalist focuses on an entrepreneur's past ventures to gauge character. Surprisingly, failures are not necessarily a bad thing. Failures are an inherent part of innovation. The true litmus test is how failures are handled. Did the entrepreneur dust himself off and get back into the game undaunted? Did the individual learn from his/her mistakes and seek to improve upon them? Or, did the entrepreneur retreat as a defeated , rattled and emotionally damaged individual? In other words, did they or did they not demonstrate mettle?
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