As a startup founder or business leader, you are constantly seeking the next big opportunity to grow and scale your company. But, with so many possibilities and limited resources, it can be hard to know when to double down and when to cut your losses. That's where the "Three Month Rule" comes in.
The Three Month Rule suggests that you give yourself three months to fully immerse and test the viability of a new venture or "moonshot" idea before deciding whether to continue or not. This allows for sufficient time to gather data, test assumptions, and make informed decisions about the potential success of the project.
Think about it like being in a romantic relationship. When you first start dating someone, you may be infatuated and see nothing but potential. But after a few months of spending more time together, you may realize that your goals and values are not aligned and it's time to move on. The same is true for business ventures.
A clear example of this can be seen in the rapid growth of e-commerce. In the early days, many businesses poured resources into building their online presence without fully understanding the market or customer behavior. But after a few months of testing and gathering data, they were able to pivot their strategy and see success.
On the other hand, some companies make the mistake of clinging onto unviable ventures for far too long. This not only wastes valuable time and resources, but also distracts from other opportunities that may lead to better outcomes.
So, how do you make the most of the Three Month Rule in your business? Here are a few steps to get started:
1. Define your goals and objectives for the new venture.
What do you want to achieve for this venture or project? What's the end goal? What's the WHY?
2. Establish metrics to measure success.
What's not measured can't be improved. How do you measure and know that it's successful?
3. Dedicate resources and allocate time for testing and gathering data.
Just like how our customers are using DashoContent to scale their content pipeline, focus on strategy and running your company instead.
4. Assess the results after three months and make an informed decision.
Continue? Improve? Update? Stop? How did you find the whole process?
In summary, the Three Month Rule is a powerful tool for startup founders and business leaders to make informed decisions and maximize their resources. By giving yourself the time to fully test and understand a new venture, you can increase the chances of success and avoid wasting valuable time and resources on unviable projects.
#ThreeMonthRule #StartupFounders #BusinessLeaders #Entrepreneurship #DataDrivenDecisions
P.S. - Don't be afraid to pivot and try something new. The biggest failures can often lead to the biggest successes.
Written by Fleire Castro