May 3, 2016

Start with the E.N.D. in Mind

Give me my badge and gun
Give me the songs that I once sung
Give me those jet black, kick-back, lay-down nights alone
This house is safe and warm
But I was made to chase the storm
Taking the whole world on with big ol’ empty arms

Tell my friends I tried my best
That one day I just up and left
They probably saw it coming anyway (What can I say)
Hey, hey

“Badge and Gun” by John Mayer

Have you been 100% clear and honest with yourself and partners about your expectations for your new startup? Do you know exactly what it will take to achieve those expectations? Based on my anecdotal experiences I’ve found that many founders could do a better job defining their expectations in qualitative AND quantitative terms, and then ask a lot of questions to develop a reality-based view of what is required to get there.

I like the way John Mayer covers this topic in his series at Berklee about defining expectations. Much like someone with pop star aspirations, it’s not enough just to say you want to be successful. What does that look like? Create a very clear vision with numbers around it and a specific timeframe. It’s OK to say you want to build something to a point, sell and move. It’s also OK to say you want to build a global juggernaut. Just be specific and then get real about the amount of time, commitment and resources needed to get. Model your plan against other companies you would aspire to be like.

I was reminded of this while visiting the founder and CEO of Roadtrippers, James Fisher, here in #startupcincy. They’ve created a great way to plan travel via maps that provides recommendations along the route in an extremely intuitive way. In doing so, they have incredible data about people’s travel and interests that has the power to make the process of travel simpler and more rewarding. James is getting very good at understanding customer growth and engagement, and he’s very clear about his direction.

So let’s stick with this travel metaphor for a business plan. What do you do to plan a roadtrip? Start with the E.N.D. in mind. The most successful startups I know start with a very clear vision and work backwards from there. So what is E.N.D.?

EVALUATION

The first step is deciding where you want to go, right? That’s the vision. Imagine yourself soaking up the sun on a beach in Mexico. Or perhaps a beach in Florida is better? At this point you probably read online reviews, talk to friends for recommendations, investigate costs, etc. You should think about this in the same way with your business plan. Talk to people in the industry. Talk to people from related industries. Invite people to challenge your assumptions and shoot holes in your plan.

“You want to go where?”

“That’s really expensive! If you’re going to do any adventure activities, you should talk to this great guide I know.”

If find you can quickly iterate and improve a business plan by inviting criticism. People can be cautious about telling you that your baby’s ugly, so tear down that wall upfront, and try not to be defensive (it’s hard). Remind yourself that the feedback is valuable and will make your plan stronger in the end.

NAVIGATION

OK, so you’re starting your trip. You have your route planned and you know how many stops you need for food, gas or sleep. What do you do next? I love monitoring my time and fuel consumption to see how close I am to the original plan and trying to beat it. It’s no different in a startup. What are our KPIs (Key Performance Indicators) that will determine the progress of your business? And sometimes during this roadtrip you come across obstacles like road closures, accidents, or hotel that don’t have your reservation on file. What do you do? You adjust. You modify your plan according or change your route. Maybe those 15 hour driving segments weren’t such a good idea after all. And sometime you may have to make compromises when you face the realities of the need for cash, evidence of market demand, or the cost of talent. Was your original expectation realistic?

DEDICATION

How many people do you know plan a vacation and fail to reach their destination? Unfortunately, it can happen, but I bet it’s a small percentage. I’m always amazed that you can travel across the country or even globally via plane, trains and automobiles and somehow manage to rendezvous with someone exactly at the planned time and place 2 days later. It’s a marvel of modern travel that despite all of the variables along the way we get there. Despite delays and alternative routes, we don’t give up on our vision to get to the destination. If your vision’s big enough it may take a very long time to see it realized but you can celebrate the milestones in the journey. The key is having vision worth pursuing and the persistence to chase it.

Have you started with the E.N.D. in mind? What does it look like? How will you get there? Do you have the right guides along the way?

Good luck on your journey and God speed!