Today I met, virtually, a rising entrepreneur. The pandemic has negatively affected Sarah’s company, but it’s also presented her with an opportunity: programming created specifically for a niche audience and delivered OTT. She’s working on this idea and asked for advice on her operational plan. She wants to have her ducks in a row and be able to answer every question her team members might ask her.
Sarah hasn’t yet turned this idea into a product. She needs to secure a small amount of funding before she can afford to pay her team to build the MVP. Like most entrepreneurs at this early stage, she has tons of ideas and a lengthening to-do list. As we talked, I realized that Sarah is focused on the wrong things. She’s working on tasks that won’t help her turn her idea into a product. It’s too early for an operational plan—there is no product and therefore no operation.
This is a common challenge early in the entrepreneurial journey. I was guilty of it and so were many of my successful peers. Entrepreneurs hear about many random things they should be doing to “make it.” They usually pick the things that resonate with them or worry them the most and start working. They don’t know about these important concepts:
- The entrepreneurial journey is made up of sequential segments.
- You usually need to make it through one segment before working on the next.
- The work of each segment comprises different tasks.
- What you’re working on should relate to the segment you’re in.
- Your time and energy are limited. Train them on what matters most. Ignore the rest . . . for now.
Sarah and I talked about what she should focus on to progress from where she is—the idea segment—to the MVP segment. She clicked off with actionable things to do and she’s shelving others that won’t move her closer to an MVP. I’m excited for her and can’t wait to see her MVP in the hands of users.
Focus is important when you’re trying to do the impossible. Especially when it’s your first rodeo. When you’re trying to accomplish something big, focus on what you need to do right now to move to the next stage. Before you know it, you’ll look up and have accomplished something great!