Robin Mordfin, Waverly Deutsch

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Capital Ideas is now Chicago Booth Review but unfortunately original articles are no longer available. If you click through you will be taken to the Internet Archive site to find an archived copy.

Entrepreneurs often believe their new product or service is so exceptional that their customers will seek them out to acquire it. And like most people, entrepreneurs are uncomfortable with ambiguity, and selling involves a lot of it.

Instead of selling, entrepreneurs turn their energies to every other aspect of running their new companies. They conduct surveys, design prototypes, and tinker with their products until they are perfect, following the advice of Ralph Waldo Emerson, who said, “Build a better mousetrap and the world will beat a path to your door.”

With all due deference to one of America’s greatest thinkers, that is absolutely the worst advice ever given to entrepreneurs … To survive, entrepreneurs need to sell.

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