Entrepreneurs Focus on Money First, Energy Second
Recently, I was talking with an entrepreneur about his company. They just launched a new initiative and he shared with me a few of the details. Then, he said something that stuck with me: money and energy are separate considerations. Meaning, most entrepreneurs, at least initially, focus more on a lack of money as the inhibiting resource. Then, as the business grows, energy becomes even more of a consideration as the company has more money and staff is more specialized.
Here are a few thoughts on money and energy as separate considerations:
– Startups have an ebb and flow where it’s clear that sometimes team members have extra energy and sometimes they are burnt out
– Startups flush with cash realize that balancing energy is tougher because it’s less quantifiable and more based on the human element
– Most projects require both money and energy, and leaders would do well to think through the energy component as much, if not more, than the money component
– When planning, ask the hard questions about the costs, as we all do, and then spend time thinking through the current energy of the team. When energy is applied to a new project some other project always has its energy reduced.
What else? What are some more thoughts on money and energy being separate considerations?
Posted by David Cummings on David Cummings on Startups