Distractions can ruin a business. This is particularly true for startups. Just think about it. There’s so much to do and never enough time or people to do it all. That in and of itself can lead to failure, but what do you do when distractions to your business come around? More importantly how do you know what’s a distraction, what’s an opportunity and what’s the typical chaos associated with the mere fact that you’re a startup?
One of the most important things your company’s leaders can do is take the time to very clearly define the distractions that will likely come your way. More importantly, they need to articulate these distractions to all team members. By doing so everyone will be on the same page and precious effort, time and capital will not be wasted pursuing something that’s not core to your objectives.
Does this mean you have to forgo a distraction that might also be an opportunity? Absolutely not!
In fact, I recently had a conversation with the COO of a startup in Silicon Valley who was calling me for this very reason. His company was developing a product that would launch via a direct-to-consumer business model. He realized his core technology was ideal for licensing and private label opportunities, but also knew pursuing that path at this stage would negatively impact his product’s launch. His solution? Find a partner.
By engaging with a company like Hotwire he understood he could pursue his distraction without it actually becoming a distraction. The key to his success was predefining what and what not to do, and then managing events accordingly.
Take a moment, define your distractions and find genuine partners to help you pursue the ones that are opportunities. Your employees and investors will be glad you did.