The 20 Reasons Startups Fail
Build Your Startup Like a Serial Entrepreneur
Designing your business model
In this exercise, we would like to help you understand how you will know when you are accomplishing your goal and if you are on the right path.
How will you measure success? How do you know you are going in the right direction? You need to answer these questions to give yourself and the people that you work with something concrete to be marching towards.
You need a big hairy, audacious goal, or a BHAG. A BHAG is a dream plus a deadline in numbers. A good BHAG is specific enough that you will know when you have achieved it.
A BHAG is a big dream. It needs to be truly meaningful to you and your business. Ideally, too, your BHAG will be short and sweet so you and your team can keep it top of mind and keep working toward it.
Let's look at an example to help you get into the right frame of mind:
This BHAG is so clear: create an autonomous car that will make a trip from California to New York by the end of 2017. That alone checks all the boxes. It is incredibly specific. It is very audacious and risky because it has never been done before. It would be groundbreaking and incredibly meaningful to his business. And it is short and sweet.
With these examples of great BHAGs to emulate, take a minute to think about the BHAG for your venture. When do you pop the champagne?