Here is another lesson:

“Why now?” is one of the most profound questions that can be asked when contemplating starting a new business. Rarely has a great opportunity languished, waiting for the light to turn on inside the brain of some genius entrepreneur. Usually, an event or, most likely, a sequence of events creates the basis. An opportunity is not something you create. It is something you recognize. For instance, the combination of smartphones and GPS provided the foundation for Uber. Once the opportunity becomes possible, multiple people will not take long to recognize it. When asked about competition, the correct answer is never “we do not have any.” It is better to say, “We are not yet aware of our competitors, but surely they are out there.”

Those who identify an opportunity may choose very different strategies. Their abilities to execute the chosen strategy will also differ significantly.

Occasionally, some opportunities could be undertaken much earlier, but in my experience, they are rare. I remember soon after I joined Intel in 1984, I had a conversation with Gordon Moore, who co-founded Intel alongside Robert Noyce. I asked Gordon if the integrated circuits could have been developed earlier than 1958/1959. Bob Noyce, lead Fairchild Semiconductor, and Jack Kilby of Texas Instruments are credited with independently developing this technology. Moore emphasized the many inventions that needed to fall into place before Noyce and Kilby could realize the development of semiconductor technology. He firmly believed that Noyce and Kilby arrived at their breakthroughs simultaneously, further reinforcing that it was not feasible much earlier.

It is imperative to recognize those moments when exceptional opportunities emerge due to the convergence of separate developments and to act swiftly, knowing that you are not alone in your recognition. While identifying a great opportunity is a precondition for success, it is not guaranteed. The real work lies ahead. Nevertheless, always start with a great opportunity.