Welcome to the DAY 1 of the Core Principles of Entrepreneurship: Strategy.
Doing what moves the needle
Here’s the course structure once again:
DAY 1: Strategy
- DAY 2: Leadership
- DAY 3: Networking
- DAY 4: Discipline
And the reason why we’re starting with strategy is because most people – including entrepreneurs and business managers – do NOT truly understand and apply the strategic principles to their lives. These strategic principles are absolutely the ROOT of becoming a remarkable entrepreneur and creating something impactful. And as you’ll see, they are a brand image of some of the most extraordinary entrepreneurs.
We’re going to start by FOCUS.
You know, thinking strategically is all about having FOCUS. But what does that really mean?
It means that in EVERYTHING you do, you should always ask yourself:
“Does this thing that I’m about to do move the needle?”
Is it related to the 20% that impact 80% of the outcome? – The Pareto Principle: when you notice, everything around you tends to have this same rule of thumb. A small proportion is responsible for a large proportion of the outcomes. Only 5% of the companies are responsible for half the country’s internal GDP. 10% of people account for 80% of the money. 20% of the stores in a shopping mall sell 80% of the total revenues of the shopping mall. And the list goes on and on.
That’s why you want to always ask yourself: Does this move the needle?
Because in our lives we’re constantly tempted to do things that are easier, simpler, cheaper, and more urgent. Particularly this one is tremendously harmful to your own life. The “urgent” matters. Notice that we keep on doing what’s urgent but we never do what’s really important to us. That typically happens because:
- First, the urgent seems.. well, urgent. And we’re used to believing that there’s no other way around than doing what’s urgent.
- Secondly, because the important things aren’t urgent, which means that no one’s pressuring you to get them done.
And so you keep on delaying what not only is really important to you but what also moves the needle. The 20% that impact 80% of your true potential, of your quality of life, and ultimately, of your happiness.
That is why FOCUS is absolutely paramount. Having the capacity to say “NO, I won’t do this because I have to focus on what really matters” is what has led all the great minds of our age to accomplish something truly remarkable. Even though I’m aware I’m no one, this is also what I do every single day. I do my best to continuously focusing ONLY on the things that move the needle in my happiness.
Being so, I’d like to wrap up this first lesson with a set of action steps and a 1H+ video for you to watch whenever you have the time.
This will always be the structure of the course: the main lesson, a few action steps, and a final detailed video. One note here: I would always recommend you watch in-depth videos and not the 5-minute stuff that is only vague, open, and won’t truly help you nailing down the details. Remember, the devil always hides in the details.
So, here are the action steps of this lesson:
- Understand what is really important to you. What do you really want from your life? What moves the needle in your happiness?
- Then, understand what is currently stopping you from accomplishing your MAIN goal. What’s consuming a lot of your time, energy, attention, etc.?
- And finally, take action and execute ONE single step, every day, that will get you closer to your MAIN goal.
You don’t need to focus on more than one single thing. It depends a lot on your life and aspirations, but remember that the key to success is thinking strategically, saying NO to whatever seems more urgent but way less important, and having the courage to do a little bit EVERY SINGLE DAY. Do not burn out, just make sure you take one step every day.
And now I’m leaving you with a pure strategic lesson from the father of Competitive Strategy called Michael Porter.
I hope this first lesson has been insightful to you. We’re going to talk about strategy again in a couple of weeks.
Thank you for your trust.
Remember that you can share these materials with a good friend. That way you’re not only impacting his life, but you’re also helping me spreading the word.
All the best,
Here’s the final video: