{"id":46713,"date":"2023-10-20T15:51:01","date_gmt":"2023-10-20T15:51:01","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/one-word-of-advice-from-eric-ries-startupsmart\/"},"modified":"2023-10-20T15:51:01","modified_gmt":"2023-10-20T15:51:01","slug":"one-word-of-advice-from-eric-ries-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/one-word-of-advice-from-eric-ries-startupsmart\/","title":{"rendered":"One word of advice from Eric Ries – StartupSmart"},"content":{"rendered":"
\"\"<\/div>\n

Some years ago, I was lucky enough to hear Eric Ries speak. I was just embarking on my founder journey, and he\u2019d written the business bible, The Lean Startup<\/i>. After he finished, I bought a copy of the book and lined up to have it signed. When I reached the front, I told him that I\u2019d just started a tech company. What was the one piece of advice he could give me? He looked at me, smiled and wrote a single word in the dust jacket.<\/p>\n

 <\/p>\n

Focus.<\/p>\n

 <\/p>\n

I walked away shrugging my shoulders. Surely he could come up with something more profound than that. Wasn\u2019t he missing the point?<\/p>\n

 <\/p>\n

That was in 2011 and I was doing everything but focus. I\u2019d come up with an idea for a business that I thought was brilliant (Not quite this one, although it bore the same name). Better still, everyone else thought it was brilliant too. I\u2019d raised money from a range of investors who all had suggestions and contacts. Before I knew it, we had someone trying to launch Posse in London, affiliate arrangements with more than 10 partners, media deals and a white-label opportunity with an insurance company. It felt like we were on fire.<\/p>\n

 <\/p>\n

The truth was that I had no idea what I was doing. I was good at selling a dream and everyone was buying in. I thought that interest and excitement must mean that I had a great business, ignored warning signs that our model wasn\u2019t working, and propped up the story by securing more and more deals.<\/p>\n

 <\/p>\n

Fortunately we were able to sell that business and it still runs today under the name \u2018FutureFans.com.au\u2019. Next time around I was determined to take Mr Ries\u2019 advice. But focusing is not always easy.<\/p>\n

 <\/p>\n

I\u2019m naturally an optimist. I love to say \u2018yes\u2019 \u2013 of course that\u2019s possible. Optimism is important for entrepreneurs but it can also be a hindrance. Learning to say \u2018no\u2019 has been one of my toughest lessons.<\/p>\n

 <\/p>\n

Right now, saying \u2018yes\u2019 is more tempting than ever. We\u2019ve just merged our business with Beat the Q; we\u2019ve had media attention, huge sales and product momentum; and everyone has an idea for how they could fit in. I regularly arrive to an inbox of more than 200 emails from the night before.<\/p>\n

 <\/p>\n

Just two weeks ago we were approached by a corporate to run a major promotion in conjunction with a charity. The whole thing would have cost us $10K but would have generated lots of users and profile. Naturally, everyone in the office (including me) was excited. We had only two weeks to pull it together but, to an optimist like me, it was possible.<\/p>\n

 <\/p>\n

Behind my excitement I heard Eric Ries\u2019 advice ringing in my ear. We hadn\u2019t planned on any marketing activity this year. We have product, recruitment and the development of processes to think about. We also didn\u2019t have money in the budget \u2013 I\u2019d have to move resources from something else.<\/p>\n

 <\/p>\n

A week before we were due to start I called my business partner in and had the tough conversation. Even though this was a great opportunity, we shouldn\u2019t do it. We had to focus. Fortunately he agreed instantly, and we broke the news to the rest of the team. I was surprised that in the context of \u2018focusing on our plan\u2019 they also understood.<\/p>\n

 <\/p>\n

In this instance I\u2019m sure we did the right thing. The challenge comes when it\u2019s unclear. Often, game-changing opportunities have arisen from unexpected meetings. But no one can afford to attend random meetings in place of getting things done.<\/p>\n

 <\/p>\n

I\u2019ve become much better at focusing now I\u2019m focused on it. This means doing fewer things than I\u2019d like, prioritizing, and doing one thing at a time. And a focused approach creates a more motivated team than chaotic optimism. People like order, and it\u2019s rewarding to complete things one by one.<\/p>\n

 <\/p>\n

Follow  StartupSmart  on<\/i> Facebook<\/i>,<\/i> Twitter<\/i>, and<\/i> LinkedIn<\/i>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

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