The Risks of Being Too Focused
Pick
your head up every once in a while and see what's going on around you. For some
entrepreneurs, that's difficult because they are so intent on running their
businesses. But you could be missing out on easy solutions and strategic
opportunities.
BY HOWARD
TULLMAN, GENERAL MANAGING PARTNER, G2T3V AND CHICAGO HIGH TECH
INVESTORS@TULLMAN
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We all know that focus is critical. That is, unless it carries
you to the point where your commitment to keeping your head down and your nose
to the grindstone so narrows your vision and openness to new paths and
opportunities that you run the risk of missing the forest for the trees.
The iterative process - constant, incremental
improvement - is a very powerful discipline. But it's also likely to lead you
to believe that you're approaching a final destination when, in fact, there are
significant additional developments and far greater rewards if you think
outside the box and look occasionally for quantum leaps rather than small, safe
steps forward. Some opportunities arrive in their own mysterious time, on their
own terms and not yours, to be seized or lost forever.
You never know who's going to bring you your
future or where and when it may arrive, but if you aren't open to the prospect,
you're going to miss some easy wins and low-hanging fruit. The best
opportunities aren't obvious or offered, they're seized. Not all of the
smartest people in the world work for you and - as often as not - it's not raw
smarts that make for important differences and critical enhancements and
improvements. It's a combination of synergy and serendipity.
Folks from other businesses and backgrounds
without the depth of industry-specific experience that your team
possesses can still have ideas and approaches that make sense for
you to investigate. That is, unless you're planning
on doing things the same old way you always have from here on out.02:43
I see too many instances of smart operators
who are single-mindedly building their businesses and rushing full speed ahead
without taking the time - from time to time - to catch their breath, take a
long look ahead, and make sure that what appears to be the horizon isn't just
the edge of a rut they're in. And, most importantly, to look around and see
what's out there in the whole wide world that might help them move their
businesses ahead more quickly, easily and inexpensively.
There's a reason that Tesla spends more on
research and development than GM, Ford and Chrysler combined and the results to
date speak for themselves. In the early 20th century, a fellow named Henry Ford did the
same thing, much to the dismay of his investors. As Elon is fond of saying,
it's like taking a bunch of vitamins or being a venture capital investor - a
lot of it definitely gets pissed away. The power law of venture capital (lots of
losers and a few home runs, which pay for the portfolio) also applies to the
world of new ideas and research - doesn't matter how many frogs you have to
kiss, as long as there's a prince or two in the bunch.
Carve out time to see whether there are add-ons,
fold-ins, new technologies, extensions or other approaches that can save you
time and money; tools or pre-built modules that can increase your productivity,
customer connection and engagement; and existing products and services that can
save you from spending a boatload of bucks reinventing the wheel or creating a
so-what solution to a problem that someone else has already solved with a
solution they're willing - for their own purposes - to share or sell to you.
What matters most is the highest and best use of your time and resources.
Think of these as win-win situations and time
savers rather than concessions or compromises. An example might be
incorporating a version of a puzzle game that you've developed into someone
else's travel site and having them develop clues and answers that all relate to
geography and vacation spots. The increased engagement and connection time
might generate additional ad or other revenues which you could both share.
The things you buy, borrow, lease or steal
don't have to be perfect fits, they don't have to be the best code out there,
they don't even have to be as good as the code, product or service that you
could write and build yourself if you had the time. This isn't like blowing
your nose where, even if you don't do it well, you should do it yourself. Take
the hint - you don't have the time to do everything and, even if you did, you
have better and more productive and profitable ways to spend it.
The search process just needs to show you some
ideas and other ways to get the job done. Think of it as inexpensive R&D
and you'll start to understand that this approach can turn out to be the
smartest and cheapest education you'll ever get. Education in these cases isn't
so much about the transfer and acquisition of specific information as it is
about opening your mind to new options, methods and categories that may make a
great deal of sense for you and your business.
But if you aren't looking, you'll miss the
whole show.