Thu, 29 December 2022
Circle of Competence
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Circle of competence is the area in which one has a skill or expertise.
Tom Watson the founder of IBM once said, “I’m no genius. I’m smart in spots and I stay around those spots.”
You don’t have to be an expert in everything to be successful.
You do need to know a specific area and where the limits are.
The founder needs to know their circle of competence and operate within it.
Those who move to a new industry may find it challenging as their expertise no longer matches the domain.
The more narrow the circle of competence, the deeper one can go into it.
Founders and investors should assess their skills, experience, and what gives them an edge.
Is the founder moving outside that area? Will they have the same edge in the new domain?
Some of the best deals to fund are those where the team’s circle of competence covers the startup’s domain completely.
Investors reviewing a startup for investment should estimate the circle of competence of the founder.
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