My First Million
The best business ideas come from noticing what's working and doing it better, faster, or for a different audience.
Big Bets Strategy Framework
A one-page strategy document that lists 6 specific bets for the year plus explicit non-bets to maintain focus
How It Works
Forces clarity on what you're betting on and what you're saying no to, preventing resource dilution across too many initiatives
Components
Write 6 specific bets with situation-bet-success criteria format
For each bet, define what success looks like quantitatively
List reasonable alternatives you're explicitly not pursuing
Expect 1-2 bets to fail, 4 to meet expectations, 1-2 to exceed
Share document with entire team for alignment
When to Use
Annual strategic planning, team alignment, resource allocation decisions
When Not to Use
For day-to-day tactics or when you need more than 6 major initiatives
Anti-Patterns to Avoid
Example
“E-commerce company makes 6 bets including hiring demand planning specialist, specific partnership type, but explicitly says no to Amazon launch to maintain focus on core bets.”