Entrepreneurs who are hoping their business venture will be a huge success should pay close attention to their Objectives and Key Results, or OKRs.
This is the opinion of Maxwell Ryan, founder and chief executive of Apartment Therapy Media, who recommended a book called Radical Focus by Christina Wodke, which helped him push his business forward.
He explained to readers of Entrepreneur: “OKRs really help to organise your goals by quarter and year and keep you from getting ahead of yourself or not seeing your results clearly.”
The concept of OKRs is not new, and has been utilised by huge organisations such as Google and INTEL to help them achieve their global success.
However, Mr Ryan stated that Wodke’s advice book “really grabbed me and my team”.
Keeping OKRs in mind will help focus entrepreneurs’ goals and how they can achieve them, something which Bowery Farming’s founder Irving Fain said “wins the day when building a business”.
The chief executive officer said focus is particularly essential with start-ups, due to their limited resources and time. Therefore, they cannot afford to waste these on anything unnecessary.
According to findings from Certax Accounting, the most common mistake start-ups make is launching something without demand for it, with more than a third (36 per cent) of entrepreneurs guilty of this.
Following this, 18 per cent reported hiring poorly as a mistake they made when starting a business, while 13 per cent claimed a lack of focus was their downfall.
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