In a startup environment, good ideas can be plentiful. The wisdom to know which ones to focus on, and the discipline to keep them prioritized while avoiding distractions, however, can be harder to come by.
VC Mark Suster has advice he often gives to young companies: “The scarcest resource in your company is management bandwidth. Spend it wisely.” The teams he funds aren’t stretching themselves thin by trying to do too much; they’re laser focused on their core mission. “Each additional complexity you add before your ready decreases your probability of being truly excellent at the things you want to do extraordinarily well,” Suster argues. “Instagram didn’t rush to Android. They also didn’t do video. They were truly excellent at what they did do.” For more advice on how to make sure your startup develops into a true master of one trade rather than a jack of a few, read the full post at Suster’s “Both Sides of the Table” blog.
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Prioritization is always crucial, but especially during a company’s startup and expansion stages, when resources are stretched incredibly thin. Whether it’s utilizing a simple method or adopting a more complex system, founders need to find effective ways to prioritize and increase their productivity by focusing on the few key things that matter.