Marc Andreesen recently provided his take on the news industry and the opportunities to reinvent the business. But one of the most interesting parts of the post was the very end when Marc outlined the 7 traits that any successful business needs to reinvent industries. The following is an exert that deserved to be shared word for word:
The good news is those that would survive and thrive are in control of their own destiny. The challenges and opportunities…can be rethought, addressed, and fixed. It’s similar to what any successful business goes through. The guidelines and the characteristics for winning are the same. It requires the following:
Vision: The difference between vision and hallucination is others can see vision. It is critical to articulate a bright future with clarity that everyone can see.
Scrappiness: Tough challenges call for resourcefulness and pragmatism. You need to stay close to the ground, wallowing in every detail and all over any opportunity that arises.
Experimentation: You may not have all the right answers up front, but running many experiments changes the battle for the right way forward from arguments to tests. You get data, which leads to correctness and ultimately finding the right answers.
Adaptability: Ask yourself, would you rather be right or successful? That needs to be top of mind at all times because times change and we change. You want strong views weakly held.
Focus: Once you gain clarity from experiments and adaptation, then it’s time to focus on a small number of ultra-clear goals. When those are defined then it’s all-hands-on-deck.
Deferral of gratification: You need the stomach (and resources!) to reject near-term rewards for enduring success.
An entrepreneurial mindset: This is true both for new companies and existing companies. It’s a bit of a mantra. We own the company. We make the business. We control our future. It’s on us.