Benzinga - by Bibhu Pattnaik, Benzinga Staff Writer.
Amplitude (NASDAQ: AMPL) CEO Spenser Skates recently critiqued the well-known business adage that warns against letting ;perfect' be the enemy of 'good.' Contrary to this advice, Skates advocates for a relentless pursuit of the best possible outcome in business endeavors.
"People who settle for 'good enough' are worried about 'killing momentum' when they should be focused on fully committing to the best idea they can possibly generate," Skates told CNBC.
Perhaps that attitude benefited Amplitude, a company currently valued at $1.4 billion. But Skates' entrepreneurial path was not without its crossroads.
Voice recognition startup Sonalight, which Skates launched with colleague Curtis Liu, also saw impressive early success. The duo leveraged their technology to establish Amplitude, which they felt had a brighter future.
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This strategic move comes when entrepreneurship is witnessing a significant uptick in the U.S. A recent study from Babson College indicates that many Americans are starting new businesses, with the entrepreneurial activity index reaching an all-time high. The U.S. Bureau of Labor Statistics reveals that approximately 20% of new ventures fail in their first year.
In this high-stakes environment, Skates' advice to not settle for mediocrity but to aim for greatness could be particularly resonant.
Reflecting on the decision to shift from Sonalight to Amplitude, Skates emphasizes the importance of vision and commitment.
"For a lot of teams, it's a hard decision because you're talking about killing your momentum on something and restarting on something else, even when that might be the right decision," he says.
Skates and Liu maintain their entrepreneurial spirit, determined to create something impactful. Their journey underscores the potential rewards of choosing a path less traveled, aiming not just for good, but for the greatest.
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This story is part of a series of features on the subject of success, Benzinga Inspire.
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