• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Daily News Chicago

The Chicagoland's Top Daily News Source

DAILY NEWS CHICAGO
The Chicagoland's Top Daily News Source

  • Home
  • LOCAL NEWS
  • BUSINESS
  • POLITICS
  • REAL ESTATE
  • MEET THE TEAM

Chicago Booth Insights: A do less, but better mantra for entrepreneurs

February 18, 2022 by Marita Overfelt

Having worked in venture capital and at a private-equity-backed business, I found this level of discipline dogmatic. There is so much capital available, why not take advantage of it? After all, in business school, we learned that the first step of starting a company was to create a business plan in order to get funding. Yet we celebrated equity and funding rounds without fully understanding what they meant. These raises represented money that needed to be paid back—with an expected return, fast. When did it become standard to celebrate owing and borrowing so much?

While not everyone can take a multidecade approach to growth, I think many businesses would benefit from going slower. Consider expanding into one less market, releasing one less product feature and borrowing a little less. This will give you the time and energy to be able to execute with excellence. It will also allow you to maintain a steady pace and avoid burnout.

In a recent article in The New Yorker, author Cal Newport makes the case for what he calls Slow Productivity, with the goal of keeping “an individual worker’s volume at a sustainable level.” As the volume of work increases past a certain threshold, he argues, “the weight of these efforts can become unbearably stressful.” This thinking ties back to the Toyota Production System principle of heijunka, a lean manufacturing method for reducing the unevenness in a production process and minimizing overburden. A steady, predictable amount of work can be liberating and motivating.

It can be tough to intentionally slow down, particularly when we feel there’s always someone else willing to work harder. But there are diminishing returns. Instead, do less, but better. As my dad reminds me, “Business is like an all-you-can-eat buffet. Our eyes are always bigger than our stomachs. Fill half your plate and come back for seconds. If you fill yourself up too early, you might not have room for dessert.”

Jamie Shah is an entrepreneur-in-residence at the Polsky Center for Entrepreneurship & Innovation at the University of Chicago.

>>>#ad: Don't Miss Today's BEST Amazon Deals!
Originally Appeared Here

Filed Under: BUSINESS

Primary Sidebar

More to See

Students honor Ukraine veterans ahead of Saturday’s running event

CHICAGO — Former Ukrainian troops are visiting Chicago to pay tribute to their brothers-in-arms this Memorial Day Weekend. Ukrainian veterans who fought in places like the Donbas region and the … [Read More...] about Students honor Ukraine veterans ahead of Saturday’s running event

United Airlines President Brett Hart gets $4 million retention bonus

Hart was promoted to president from general counsel in 2020, but the CARES Act compensation limits were based on 2019 pay. His total compensation last year was estimated at $3.5 million, mostly … [Read More...] about United Airlines President Brett Hart gets $4 million retention bonus

Chicago City Council Approves Earlier Curfew for Residents Under 18 – NBC Chicago

After an often-contentious floor debate, the Chicago City Council has passed a new weekend curfew for the city’s residents, moving it back from 11 p.m. to 10 p.m. on weekends. The new ordinance will … [Read More...] about Chicago City Council Approves Earlier Curfew for Residents Under 18 – NBC Chicago

Privacy Policy | Terms and Conditions | About/ Contact
As an Amazon Associate I earn from qualifying purchases.
Copyright © 2022 · Daily News Chicago . Log in