I give 100% credit to my dear friend Drew for inspiring this post. Drew and I were catching up last week about our respective lives, careers, and the startup world. We are similar people in that we have a million ideas and suffer from wanting to do everything at once! When we reach our saturation point of options, we each make a 90-day plan and decide to commit to next steps within that 90 days. It could be anything – a home improvement project, planning a trip, taking a new job or founding a startup – just time box it and go for it.
Anyone who knows me well, knows that I rarely do anything with any degree of seriousness without a plan. When I decide to take on a new project, I outline a few key questions I will ask myself and/or the team I work with:
- What goals do we think we can reach within 90 days?
- How much of ourselves can we commit to reach this goal?
- What will be our successful “go” criteria beyond meeting those goals and timeline?
- What will be our successful “no-go” criteria? (because deciding not to do something can be a successful outcome!)
- At the end of our first 90 days, what do we imagine the next 90 days or beyond to look like?
In an established company setting, this approach could apply to a prototyping phase of a new product or feature, setting up a new human resource program or even raising new capital via a series “x” or IPO. Having a plan that considers the above may help secure budget and/or support of key stakeholders to let you take a risk early on before making a bigger investment such as hiring people, marketing, etc. This approach can also apply to building a company from the ground up.
I recently took this approach on a potential startup with a prospective co-founder. We had an idea and laid out a plan to flesh out that idea before building anything or raising any money. We created a timeline and committed ourselves to dig in. We answered the above questions like so:
- We want a clear MVP defined within 90 days
- We will taper back our other work commitments to give ~50% of our respective work time to this project
- Our successful “go” criteria beyond the above two points was loosely defined as:
- Being more in love with the idea and its potential than when we started
- Proving the market opportunity was massive(*)
- Feeling like we were the right team and individuals to build it
- Our successful “no-go” criteria was one or the combination of the following:
- The market opportunity was not as massive as we had defined
- We were not the right individuals/team to build it
- One or both of us became less enamored with the idea as we pursued it
- At the end of the first 90 days, we would either raise a small amount of capital to hire engineers to build the MVP OR we would kill the project
(*) “Massive” opportunity for our project meant we’d disrupt a billion dollar market, but each project should have its own definition of massive
While we didn’t write out our plan as explicitly as I did above, we had many deep conversations throughout the 90-day period that solidified this approach. In the end, we had a successful, mutually agreed upon, “no-go” decision. It was a great learning experience not only in terms of the domain we explored, but also in terms of what each of us wanted out of our next venture.
It’s a bit of a cliché to say “trying is succeeding”, but wouldn’t you rather know you tried, with a plan, and understood why you decided not to do something than doing nothing or working without a plan and wondering “what if” or “why did we fail”? When you’re weighing options, take the 90-day approach. Go for it, execute on a plan, and be true to your self and whomever you may partner with to go, or not to go.
Have other good examples of 90-day plans that led to go or no-go? Please reply and share!