Success begins by focusing on death
Matthew Zammit
Head of Product at Binderr / Advisor for Tech Startups / Helping Startups build, grow and scale
Hey there, and welcome to the 11th edition of the It Depends newsletter.
If you're new here, every week we explore topics around Product, Growth and Startups. This week I've been thinking about priorities, goals and defining success...
let's go ??
Success in life and business begins by focusing on death
Fifteen years ago I came across this quote which changed how I look at things. It was a simple yet profound statement:
Success in life and business begins by focusing on death
This quote captures the importance of our approach to work and life.
Today we're going to be focusing on the business side of it: "Success in business starts by focusing on death".
This is what I usually cover at the beginning of my engagements with clients. It helps us be on the same page, but mostly helps founders, PMs, Execs (etc) focus on what's really important while going full speed ahead and doing all the firefighting.
Let's explore some ideas...
1. Death
We start by thinking about the endgame. The concept of death serves as a reminder that our time is limited... particularly when building a startup. It forces us to ask critical questions:
What is the endgame? This question relates to the ultimate objectives we want to achieve. Are we striving for financial success, market dominance, or perhaps a legacy that outlives us? A small business or a huge corporation? Bootstrap or venture-funded?
Why are you doing this? Understanding our motivation is crucial. Is it purely for profit, personal fulfilment, or a desire to make a meaningful impact on the world?
What does success look like? Defining success is a subjective process, and it varies from one person to another... that's why it's even more important to express it explicitly. This could mean achieving a specific market share, a loyal customer base, being recognized as a leader in the industry or simply having a lifestyle business that allows you to spend time with your family.
There are many ways to define the endgame for different people. And that's why it's extremely important to define it for yourself. That way this is the lens through which you make decisions, read books, take in advice and measure success.
2. Focus
Once we've established our endgame, the next step is to focus on the journey itself.
What do we need to get there? Success rarely happens by chance. We need a clear strategy translated into a roadmap, which includes the necessary resources, skills, and strategies to reach our goals. This also means looking at the long term while choosing what to do today. What do we need to do to build X? What do you need to get Y customers? What do you need to have Z runway?
What are the struggles we need to overcome? Challenges are inevitable, and acknowledging them is essential. Identifying potential obstacles allows us to prepare, adapt, and persevere.
What do we need to prevent from happening? Sometimes, success hinges on avoiding pitfalls rather than overcoming them. Identifying risks and implementing preventive measures can be just as crucial as pursuing opportunities. And particularly when you consider that 90% of startups do not make it, we have to keep that end in mind. How can you survive before the money runs out? How do you get to PMF?
The Power of Reverse Engineering
Ultimately, success in both life and business is about making choices that align with our objectives. The concept of "starting with the end in mind" is about reverse engineering our goals. It's akin to setting a destination on a GPS and planning the best route. By knowing where we want to end up, we can make informed decisions about the steps to take along the way.
And that's why in many instances, the answer to all of these questions is a resounding "It depends."
First, define What's the end goal.
And then work backwards from that on how do you get there.
领英推荐
Success in life and business begins by focusing on death.
PS: You can use these exact same questions to plan your life.
Just for fun and some stuff to click on
???Woodkid - Reactor. Wear your best headphones and put the volume up.
?? Reality Is Broken: Why Games Make Us Better and How They Can Change the World. An inspirational read about what can we learn from games to improve the real world.
???Started watching Silo. It's been a while since I've watched a really good Sci-fi series with both a deep story and beautiful visuals.
Content recap
Some content from the past few days:
Finding the right users and a simple way to speak about the product is harder than building.
Measuring the number of New Users you’re getting is somewhat of a vanity metric. There isn't much value in getting a new user until they start using your product properly. But...
As a Product Leader, you're an integral part of the business. You're responsible for building products and putting together a great team. You need to know how to impact the business and use data.
Work with me
Whenever you're ready, there are 3 ways I can help you:
Send me a note?to chat ?? [email protected]
That's all for today. My inbox is open if I can help you.
speak soon ??
Matthew
Transforming your Product Teams into your growth engine | Grew the revenue of a scale-up by ￡1.5M through innovative work with the team | What could I do for your business?
1 年Matthew Zammit thank you for sharing this! I know it is difficult to think about death and it is easier to forget about it but I completely agree about using this as a way to focus and review what is actually important and how to use energy for what truly matters!