What Should You Be Working On?
April 5th, 2006
Written By: Adam Sussman
If you’re anything like me then chances are the number of things you have to do this week are overwhelming. I have new ideas popping in my mind all the time and I am continuously targeting new areas of opportunity. Upon targeting the new opportunities and before jumping on anyone of them I try to decide what will be most profitable and feasible.
I have found I have a personal method for they way I test both potential profitability and feasibility. I start testing by scoping out the competition currently active in the market place. (If you are first to market then this does not apply).
I spend a great deal of time studying my potential competition. This is extremely important to do as early as possible. I am sure most of the things I look for are quite common such as understanding their pricing model, their distribution approach and customer support (if there is any).
In addition to all that, I spend a great deal of time figuring out how much they spend on marketing. If they seem to be placing significant emphasis on television spot buys and the company has been around for a few years then chances are they have figured a working model. In this case, the barrier to entry has been raised and unless I can figure out a different way to market to the same type of customer this may not be the project for me.
As soon as I have a clear understanding of the marketplace and the practicality of marketing I then look to see if it is feasible to build the product / service.
As an entrepreneur my hands are all over the place so the skill sets I need to employ change rapidly. Over the years I have become a huge fan of outsourcing. Although managing such a diverse group of people can be difficult I find I can get tasks completed relatively quickly and inexpensive.
When building the idea I found the best thing to do is to break everything down into modules. This usually means I am standing in front of several whiteboards drawing diagrams with arrows pointing all over the place.
My objective is to break down every object on the board to be its own working unit. Then, once I have a clear understanding for how that unit works I define the required skills set to outsource that unit to.
Then, the project turns from me developing a new idea to building it and managing my new team. As soon as every team has completed building their units, I begin marketing the product / service as soon as possible.
With all this work to do, one has to be very careful with choosing the projects to build and the projects to pass on. Some projects can take as quick as a few months to build and others I have been involved in can take a few years.
So the question is, What Should You Be Working On?
I have a very close friend who is probably the greatest Entrepreneur I personally know. He seems to just get it. While having our normal chats on Warren Buffet, J.D. Rockefeller and many other titans of industry, I once asked him that very question. With all there is to work on, how does one choose what to pick to insure they did not miss the real opportunities?
His response was almost poetic. He said just imagine yourself ten years from now. Now that you are 10 years into the future imagine you are looking back onto yourself today. What opportunities are available today for which you would kick yourself in ten years for letting it pass you by?
Since he shared that little piece of entrepreneurialism wisdom with me it has changed my life. I have found that little advice has given me a tremendous amount of focus and anxiety relief. By thinking this way, I am sure what I am working on is the right play.
My advice to you, give it a try!
