I think it is only in hindsight that you can determine whether something is a mistake or not.

You have to chip away at it and shape it to let the winning idea emerge.

Every great idea emerges out of a process of trial-and-error experimentation.

When we are looking at ideas, we really are thinking of three things. Are you doing something that seems consistent with the patterns of success? Are there reasons to believe you have or can access the right people to make it happen? Can we play a unique role in enabling success? We all have our rules of thumb, I suppose.

Most companies are built to execute today's business model, not discover tomorrow's.

Of course if you are launching a new business you can thinking about revenues, profits, and so on, but metrics such as customer satisfaction or employee retention might be meaningful if you are focusing more internally.

There is what Steve Blank calls the stage where you are searching for a scalable business model. Then, there is the stage when you have found that model and need to scale it. In the former stage you have to have a "beginner's mind," be in learning mode, and expect to learn things you didn't anticipate.