I ran into this video a few weeks ago and have been meaning to share it. It is a short interview from Professor Mohanbir Sawhney, from Northwestern University’s Kellogg Business School.
In the video, Professor Sawhney talks about how when a company starts it needs to be opportunistic. This phase is when a company is trying to find a business model that works – called product/market fit in the lean startup approach. This involves a lot of discovery, building hypotheses, and testing.
This brings me to my favorite quote from the interview,
You have to stay opportunistic to start with but if you stay opportunistic, you die.
At some point, you must find a product that works for a specific market and become laser focused on it. This what Professor Sawhney calls moving from being opportunistic to strategic.
Essentially, you need to place your bets on the table and stop looking at other games.
From a product perspective, this is the phase where you really need to focus on what you are building and who you are building for. This is the point when it becomes crucial that you start saying NO as often as possible to “opportunistic” features that don’t fit your strategic focus (see this most excellent video from Intercom’s Des Traynor, Product strategy is about saying, “NO”).
Check out the full video of the discussion below:
(As a side note, I owe a big thanks to Professor Sawhney for convincing me to go into product management. Until I took his technology products class, I was flirting with the idea of a career in management consulting. Thankfully, his class convinced me that I wanted to stay in technology and work on building products for living!)