Week 38, 2023—Issue #274
Find a superniche, Control your attention, and Stand for something
Successful organizations do three things: they create more value than they capture, they optimize for personal fulfillment, and they organize for long-term profitability.
Here are three ideas to help you do the same:
#valuecreation
Find a superniche
Don’t be afraid to go narrow when starting a new business
When starting a new business it can be tempting to maximize your Total Addressable Market (TAM). But that might be a mistake. Sure, big markets offer big rewards, but they also offer lots of complexity and competition. That is why a growing number of founders are choosing to go small. There’s a newfound interest in “micro-SaaS” businesses and lots of people are now talking about going for a “superniche” (defined as the niche within a niche that holds the highest potential). And in his recent treatment of Ideal Customer Profiles (ICP), Lenny Rachitsky recommends that you “try to get super-specific and super-narrow with your ICP. Almost comically narrow.” Emphasis mine. This way, you can establish a foothold and gain the insights you need to grow your TAM.
#personalfulfillment
Control your attention
Learn to avoid busy work and increase your productivity twofold
In his latest 3–2–1 newsletter, James Clear writes that controlling your attention is the most important skill you can have. “This goes beyond merely avoiding distractions. The deeper skill is finding the highest and best use for your time, given what is important to you. More than anything else, controlling your attention is about being able to figure out what you should be working on and identifying what truly moves the needle.” This sounds to me like an excellent way to avoid self-imposed busy work which, according to this Asana study, accounts for as much as 50% of your work day. It that is true, it means that “controlling your attention” equates to a superpower that’ll make you twice as productive as the next person.
#longtermprofitability
Stand for something
Stick to your principles for long-term success
Organizations should have a set of principles. And it doesn’t matter what those principles say as long as they live by them. This idea crystallized for me after listening to two Acquired episodes about Nike and Costco, respectively. Both companies have amazing backstories, and both are famous for having well-defined sets of principles. It’s also true that these principles have always been readily apparent in what these companies say and do. And yet, they could not be more different. Costco’s principles (part of their Code of Ethics) include things like “Obey the Law” and “Respect our Suppliers.” Nike’s principles include “Break the Law” and “Live off the land.” Having principles is important. Living them is even more so.
That’s all for this week.
Until next time: Make it matter.
/Andreas
How can we build better organizations? That’s the question I’ve been trying to answer for the past 10 years. Each week, I share some of what I’ve learned in a weekly newsletter called WorkMatters. Back-issues are published to Medium after three months. Subscription is free. This article was originally published on Friday, Sep 22, 2023.
