I find senior business leaders, founders, promoters in one or at times more of these three business stages.
Build. Prove an idea works commercially. 0 to 1.
Scale. Take the idea from 1 to 100x.
Transform. Re-purpose for a different strategy.
To succeed at B S or T, avoid three common behavioural mistakes.
- Time warp mistake: Dont get engrossed in the problems of the past when its time to pick new problems to solve — value has already shifted
- (Un)Real world mistake: Dont see the world you want it to be instead of the way it is and hence pick an approach that wont work in the real world
- (Mis)alignment mistake: Dont underestimate the continuous effort required in ensuring Risks and Rewards of all important stakeholders (employees, investors, business partners/counter parties, customers) are lined-up as much as possible
If not handled well, businesses can face three problems (nb: not mutually exclusive and intensity can be different):
- Investor reject | “Why is my company not valued as much as another one?”
- Customer reject | “Why is my company struggling in the market?”
- Employee reject | “Why is my company unable to attract and retain great talent?”
World is complex and i want to avoid being procrustean. However, i have found that enforcing a mental discipline to *regularly* apply following lenses helps:
- Am I solving a problem that a lot of people value currently (customer/investor/employees)?
- Am I offering a solution, that I would like my family and me to use (if reqd.)?
- Which component of the business stack am I disrupting and where am I getting disrupted/exposed?
- Do I have only one bet or can I place multiple bets towards the goal?
- What resources are required?
- Am i efficient in using my resources?
- Does my team share a common world-view of the problem+solution(s) while bringing different and valuable perspectives on them?
- Are the risks and rewards aligned for my team appropriately? Do they understand the risks and rewards?
- Are the risks and rewards aligned for the capital providers and business partners? Do they understand…?
- Am I competing in the market with good actors or bad actors? What is my reputation?
PS: Views are personal