What’s the best way to set goals?

Ray Dalio (Chairman and Chief Investment Officer at Bridgewater Associates)

Great expectations create great capabilities. Don’t rule out a goal due to a superficial assessment of its attainability. Once you commit to a goal, it might take lots of thinking and many revisions to your plan over a considerable time period in order to finalize the design and do the tasks to achieve it. So you need to set goals without yet assessing whether or not you can achieve them.

What’s the best way to set goals?

Charlie Munger (Vice Chairman of the Board of Berkshire Hathaway Inc)
The Tension Created By Stretch Goals

There are two lines of thought. A whole bunch of management gurus say you need BHAGs — bold, hairy, audacious goals. Then there’s another group that says that if you make the goals unreasonable enough, human nature being what it is, people will cheat. What people generally do is give people the unreasonable goal and tell them, “You can’t cheat. ” That is the American system in many places. I’ve got no answer to that tension. Low goals do cause lo… (read more)

What’s the best way to set goals?

Eric Barker (Founder at StubHub)
How To Be Successful: 6 New Shortcuts Backed By Research

Perhaps most importantly, when you think 10x instead of 10%, you behave differently. Research shows when you set bolder, more audacious goals you work harder than when you’re reasonable. Subconsciously, we actually push ourselves harder when we’re going after bigger, loftier, harder goals. Research shows people who set higher goals end up outperforming their peers or themselves because they push themselves harder or because they force themselves … (read more)

What’s the best way to measure product usage?

Brian Balfour (Co-Founder, CMO @ Boundless)
Avoiding The Wheel Of Meaningless Growth

The one metric that guides us like our north star is Weekly Active Users. We defined this as our authentic growth metric using a few criteria: 1. Retention. In the consumer world things like Daily Active User (DAU) and Weekly Active User (WAU) are most commonly used. Celebrating metrics such as total registrations or downloads over time tell you nothing about whether or not you are building real value. 2. Meaningful interaction. Qualifying events… (read more)

What’s the best way to know if your idea is a good one?

David Cummings (Managing Partner at Shotput Ventures)
Minimum Viable Product or Minimum Acceptable Product | David Cummings on Startups

One rule of thumb I like is that the minimum viable product should be built and launched in 90 days with the minimum acceptable product no more than 45 days after that.