What Failing to Act on Conviction Taught Me About Building
Why instincts, timing, and boldness matter—and what happens when you hesitate.
“In the end, we only regret the chances we didn’t take.” — Lewis Carroll
A few years ago I attempted to acquire a significant ownership stake in Build-A-Bear (yes, that one).
I wasn’t joking. I had a thesis. I saw an undervalued brand with nostalgic equity, physical footprint, and untapped potential for reinvention. I envisioned a future where Build-A-Bear wasn’t just a mall relic but a vertically integrated experience platform: retail + gaming + media + IP.
People thought I was crazy. No one wanted to join the ride.
So I shelved the idea.
Then, COVID hit. Build-A-Bear’s share price collapsed to almost $1. And I knew—deep in my bones—that this was my moment. The company was about to become a comeback story. The retail apocalypse had cleared the field. The brand still had emotional resonance. And with the right leadership and digital expansion strategy, it could roar back.
I did the research. I had the conviction. I understood the trends, but I failed to raise the necessary capital. And didn’t pull the trigger.
I missed the opportunity.
Today, Build-A-Bear trades at nearly 50x that price.
We all have “the one that got away.” The deal we didn’t make, the company we didn’t start, or the call we didn’t take.
But what I realized recently is that it’s not about a missed upside but about missed alignment. I saw something others didn’t. I had done the work. The timing was right. And still, I hesitated.
Why?
Because conviction without action is just daydreaming. Because fear doesn’t always show up as panic. Sometimes it shows up as waiting for permission.
The difference between insight and outcome is movement. I’ve built companies. I’ve raised money. I’ve made bold calls before. But this was different. Just me, my belief, and a brokerage account without enough capital to acquire the stake I wanted to move the needle.
So I learned the hard way: Liquidity is a function of optionality, but boldness is a function of practice.
If you’re like me—building something that feels “out there,” “early,” or “non-consensus,” here’s a reminder:
I don’t need consensus. I need clarity.
I don’t need backing. I need movement.
I don’t need to wait. I need to act.
The future belongs to the builders who move.
In a broader perspective - This moment in history isn’t just about disruption. It’s about decisions. We’re staring down exponential technologies, unraveling institutions, and existential risk. The next wave of breakthroughs won’t come from the safest bets. They’ll come from people who feel the signal and act on it.
If you’re reading this and sitting on a thesis, a hunch, or a vision the world hasn’t caught up to yet:
Don’t wait.
Prototype the thing.
Call the person.
Make the deal.
Start to build.
When it works, people will call us lucky. But we’ll know it was simply a matter of trusting ourselves enough to move.
More than anything, this letter is about calibration, not regret. We all miss on deals or startups we should’ve built. But the real loss is when we fail to learn from the miss.
My commitment to myself is that when I feel that signal—that profound, almost unreasonable clarity—I won’t wait for validation.
I’ll move.
Because next time, the bet might not be a bear.
It might be something 10x bigger.
I’ve done it before.
And i’ll do it again.
Thanks for reading,
Yon
👋 Hello! My mission with Beyond with Yon is to ignite awareness, inspire dialogue, and drive innovation to tackle humanity's greatest existential challenges. Join me on the journey to unf**ck the future and transform our world.