I owned a mortgage company, and now I work on large AI contracts. In both worlds, I have spent a lot of time asking people to believe in something before it is finished. You tell someone what you're building and when you think it will be ready. There is a promise in that, and I want to know exactly where the line is.
A contractor tells you the kitchen will be done in six weeks. A sales representative says a feature is coming next quarter. The work does not have to be finished today for either conversation to be honest. But the person buying needs to understand what exists now and what they are waiting for.
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That distinction is part of what I looked at while researching Elizabeth Holmes for the November 6 podcast. Theranos was selling an extraordinary idea about blood testing. The problem was not simply that the company had an ambitious goal and failed to reach it. Holmes made false claims about what the technology could already do. She was convicted on four investor-related counts. The Justice Department's case record separates those convictions from the other counts.
I am not comparing an ordinary missed deadline with that case. I am looking at the part of the conversation I can control in my own work. I can tell you what we're building. I can tell you what we expect. I can't tell you something is working when it isn't.
Take one proposal, sales page or presentation you use and read it from the customer's side. Could someone tell which parts they can use today? If something still needs to be built, tested or supplied by somebody else, is that clear? A person can agree to wait for something. They cannot make that same decision if they think they are buying something you already have.
In the November 6 episode, I follow this question through founder stories, investors and second chances. For a business owner, this is where I would start: look at the promise you are making before you look at how well the pitch is working. I'd like to hear how you explain work that is still in progress without making it sound further along than it is.
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Michelle Vaughn