Tue, 10 January 2023
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Forcing function is an activity or event that forces one to take action and produce a result.
Forcing function is a mental model for how to set up a startup so it produces a result.
Here are some examples:
Precommitment -- in selling your product use monthly or annual contracts that prescribe follow-on payments.
Stages and checkpoints -- in managing employees set up levels and stages that employees work through and use checkpoints to graduate employees to higher salaries.
Constraints -- limit the resources the team has to work with to force cost-cutting and encourage creative problem-solving approaches.
Meetings -- only call meetings when you have a decision to make or a deliverable to complete.
This reduces unnecessary meetings and forces the team to be more productive.
Online calls -- schedule calls with prospects to be only 15 minutes long. This forces the prospect and the salesperson to make the most of their time.
Forcing functions can be applied throughout the startup organization.
By applying artificial constraints one can generate greater productivity and reduce unnecessary costs.
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Category:general -- posted at: 5:00am CDT