Writing and Creating

7/11/2023

Around 2,300 years ago Aristotle wrote a line in the Nicomachean Ethics that loosely translates to “the beginning is half of the work.”

It is easy to vividly feel this sentiment after completing a big project. Especially if in its infancy it seemed determined to never leave your mind, but for a moment let’s amend the saying and rephrase it slightly to:

“Well-written is not always well-done.”

At the seed stage investors often grapple with an intriguing dichotomy: there is often a gap between the eloquence of written communication and the effectiveness of execution. A founder's ability to wax lyrical in a pitch deck is no steadfast guarantee of their capacity to carry out their vision.

And therein lies the rub: we are not investing in authors, but in doers.

Yes, founders must be able to convey their vision compellingly – to ignite a spark that resonates with investors and echoes the fiery passion driving their startup. Yet, time and time I have seen that a beautifully woven narrative is no promise of operational excellence.

In fact, some of the clumsiest pitches in my memory (two in particular) led to excellent returns that I missed out on.

So, it’s a strange position to be in: the early-stage investor finds themselves balancing on a tightrope of judgement; simultaneously evaluating the power of prose and the potential for execution. A silver-tongued founder who captivates with charisma and charm might lack the acumen to navigate the turbulent seas of startup life. Conversely, a founder who struggles to string together compelling sentences might just be the strategist who can maneuver their startup to dizzying heights. In the early days of a company, it can be maddening to untangle the two potential futures.

The Greeks had a word for this "enantiodromia", suggesting that things often transform into their opposite. This feels incredibly apt when assaulted by a beguiling dance of well-crafted words in a deck. However; we must look beyond the surface, past the perfect formatting and memorable soundbites, to discern the essence of the person and their capacity to execute their plan.

In the final reckoning, it is the symphony of a founder’s vision AND execution, not just their eloquence, that makes a startup work.

The upshot to founders is this: your writing may not rival Homer, but it won’t matter in the end if your entrepreneurial spirit echoes the tenacity of Hercules. (God that’s middle school nerdy...). Even better, if you authentically bring your idea, your experience, and your vision to a discussion it usually shines through, no matter the materials you’ve prepared. Conversely, no slick overview will conceal a lack of true intention in what you’re trying to create.

And so, with a nod to Aristotle, I come back to the notion as an investor that "well-executed is better than well-written." And to you founders, I say: "may your actions speak louder than your words."

After all, an epic journey isn't made by the stories told around the fireplace, but by the footsteps taken towards the horizon.