Tag: strategic planning

Learnings

Focus on growth, growth alone

Chris Labs

We usually advise startups to pick a growth rate they think they can hit, and then just try to hit it every week. The key word here is “just.” If they decide to grow at 7% a week and they hit that number, they’re successful for that week. There’s nothing more they need to do. But if they don’t hit it, they’ve failed in the only thing that mattered, and should be correspondingly alarmed. Programmers will recognize what we’re doing here. We’re turning starting a startup into an optimization problem. And anyone who has tried optimizing code knows how wonderfully … Continue reading Focus on growth, growth alone

Learnings

Your product can’t be a little better, it has to be miles better.

Chris Labs

If you are to fight in a new market, an emerging market, then you can afford to have a mediocre or an average product. But if you fight in an existing market. Where there is a trusted brand. Then your product must be significantly better in order for you to get a market share. The customer will think: “is this so much better that I will go and switch brands?” -Elon Musk Continue reading Your product can’t be a little better, it has to be miles better.

Being CEO

Excess of money, plans or technology will lead any business to failure

Chris Labs

Asking what leads to success is misleading. You can’t copy success because there’s a million different factors (combination of luck, timing, context, etc.). Instead you should ask: “What are the keys to failure?” Because those are always the same. There are 3 things that will kill any company if in excess: Money Plans Technology Alibaba had that internal motto: “No money, no plan, no technology”. Money Money makes people stupid. When problems arise, the first instinct becomes “throw money at it” instead of attacking it with creativity. And this works sometimes. But it becomes this crutch that you can never … Continue reading Excess of money, plans or technology will lead any business to failure

Learnings

You’re stuck? Be a Master, not a dabbler

Chris Labs

There’s three types of people when something gets hard or stop growing: The Stresser-achiever They grind through everything. They are stressed the whole time. Eventually they burn out. (đź‘‹consultants đź‘‹bankers) 2. The Dabbler This used to be me. Work hard. Have fun. Love making rapid progress. Progress stops. Motivation drops. Fuck this. I’m going to go do THAT instead. 3. The Master The master knows how progress actually happens. When a master hits a plateau: She does not panic like the stressor-achiever. She does not quit like the dabbler She simply says “ah…a plateau….to be expected.” She greets plateaus like an old friend. Part & … Continue reading You’re stuck? Be a Master, not a dabbler

Learnings

The error of failing to emulate a winning idea pervades every industry at all levels.

Chris Labs

The results can be catastrophic. Even though there’s a psychological barrier to do so, stealing ideas from competitors is necessary. e.g In the late 80s-90s, Future publishing, a competitor to Dennis Publishing in the UK, started to put a playable electronic game with each magazine. Felix Dennis had no interest in paying huge fees to Sony or Sega to include their games with Dennis’s magazine. And so the team at Dennis did the Ostrich and kept their traditional way of doing things in the video games magazines. Future publishing started to get traction and sell more than Dennis in the … Continue reading The error of failing to emulate a winning idea pervades every industry at all levels.

Learnings

A committee is a cul-de-sac in which ideas are lured and quietly strangled

Chris Labs

Of course, there is nothing wrong with robust debate, either with others or oneself. What is undesirable, however, is the pretense that any such debate can resolve the risks involved in advance. It cannot. All debate can do is clarify, support or contest the next step. The risks remain, however much talking is done. -How to get rich, p.31 Continue reading A committee is a cul-de-sac in which ideas are lured and quietly strangled