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When developing a strategy, don’t tie your company’s future to one single growth initiative—think like a venture capitalist.
Consider a new approach to your business strategy. Instead of focusing on a single opportunity for growth, expand your options with a portfolio of possibilities. With a coherent growth thesis in place, focusing on multiple bets rooted in conviction and innovation may yield greater dividends than one large initiative supported by evidence and efficiency.
Shift your mindset. Think in terms of total addressable problems, not total addressable markets. Rather than exposing existing markets, strive to create your own. If you look for potential opportunities by thinking of problems you can solve, the market will follow.
Maximize your learning velocity. Using a portfolio strategy to multiply growth initiatives also ramps up the rate at which you learn. Apply what you learn from each opportunity and soon your knowledge of the industry will have multiplied as well.
Seek a conviction, not a consensus. Instead of looking towards consensus to minimize the risk of failure, venture capitalists know opportunities lie beyond the realm of what’s comfortable and agreed upon. Disagree and commit. Recognize that you’re making a bet on a conviction that might ultimately be wrong and move forward, knowing it also has the potential to be huge.
This article does not constitute investment advice.
Read about more ways to think like a venture capitalist.