So this theory kind of screws over the popular startup mentality, right? A friend of mine got $500k in financing for his startup, so he basically only has a year. He can't afford to be patient...
I think the two views are compatible. The message I got from Seth here is to take the broad, macroscopic view; if your first startup fails, don't quit, try again. And again. And again, if need be. Be patient.
This essay was good, but I thought Ira Glass presented a related idea in a much more powerful way here: http://www.youtube.com/watch?v=-hidvElQ0xE. Depending on where you are in your career/startup/creative life, this 5 minute clip of Ira Glass could be the most important thing you watch all year.
Your friend's tactic can be to produce within a year something that either has enough revenue to carry itself further (not easy ;) or that shows enough promise to raise a second round on.
If I understand Godin, he warns against a tactic of trying to sell the company within that year. It happened before, but as a plan it's like moving to Hollywood with a strategic goal to become a film star within a year.
This essay was good, but I thought Ira Glass presented a related idea in a much more powerful way here: http://www.youtube.com/watch?v=-hidvElQ0xE. Depending on where you are in your career/startup/creative life, this 5 minute clip of Ira Glass could be the most important thing you watch all year.