When do you kill an idea that isn’t working? The more invested in it you are, the more agonizing the decision likely is.
As much as businesses need experienced hands to spot potential problems, they need boldness too. It’s hard to innovate without taking risks. And for many leaders, that’s what makes their jobs fun in the first place. The opportunity to do something new is what gets many of them out of bed in the morning, and it is a bummer to always be met with pessimism from the troops.
There is a simple but effective process I like to use to quickly speed up the learning curve in a new company. It’s called a “positioning map”, and it is a means of plotting your company visually against its competitors based on the strategies that each are pursuing. The graphic is simple; the effort lies in distilling your competitors’ strategies well enough to group them along strategic dimensions.