Just Seven Things

Exploring why and how we do what we do, and how we can do it better

Archive for the category “Focus”

How to be an entrepreneur

During a talk I gave I was asked about the key lessons that I have learnt from running several businesses. I feel hardly qualified to answer, but I am very clear on a number of aspects:

  1. The cost of understanding your product/service has to be less than the immediately obvious benefit that comes from using your product/ service. People will stay with you (pitch/ marketing message/ website) for as long as their needs being solved are made immediately apparent, are sufficiently significant, and the ways in which your product/ service solves that need are clearly understandable (and the cost of understanding is less than the benefit) [adapted and evolved from SuperConnect]
  2. A CEO should be aiming to only focus on strategy and people development: your head should be 12-18mths hence at first (longer over time), and your heart should be in developing the person better than you. You are the only person in the business whose job it really is to ‘develop the insights/ perceptions/ abilities to detect patterns of change and relate them to your landscape, industries, competition and business’ [adapted from Execution]. You should always be looking to develop the person better than you to be able to take your job. If they don’t yet exist in your company, make sure you hire them. ‘Yes’ or ‘passive no’ people will kill your business.
  3. If the core transactions of your business don’t exist without funding (including your time/cost funding), then your sole focus should be on adjusting your business model to be profitable in its core operation without investment. However well-funded or visionary your plans are, the cash flow monster eats the investment and then chases and kills 99% of its prey.
  4. Read more…
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The 4 Disciplines of Execution

  1. Focus on the wildly important
  2. Create a compelling scoreboard
  3. Translate lofty goals into specific goals
  4. Hold each other accountable – all the time

From Execution

Time Management and Satisficing

Massage by Steve Woods

Massage by Steve Woods

Satisficing is defined as ‘a decision-making strategy which attempts to meet criteria for adequacy, rather than to identify an optimal solution’ – Wikipedia. It is a blend of words: satisfy and suffice.

Most tasks tend to expand to fill the time that we give to do them.

I started thinking about whether satisficing could help explain why it is sometimes possible to create some great work in the 30 minutes before a deadline and yet produce a similar quality (if more long-winded) product if you’ve given yourself a day to do it.

I wrote about whether I create these time bound situations myself to thrive better under stress. Now I wonder whether satisficing is the flip side of this. That of producing something that satisfies and is sufficient for the time given.

Read more…

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