Brendan Backstrom

It took me a while to fully realize the value of something my company achieved years ago, and continues to savor today. It’s one of our greatest quiet advantages, full stop. It’s not something you hear much about in business circles. In fact, I can’t remember the last time I heard anyone spend much time on the topic, or even bring it up in conversation, on a conference stage, or behind a podcast mic. There is, however, lots of discussion about achievement in business. A company can achieve product market fit, operational efficiency, influence, revenue goals, or, ultimately — and hopefully — profitability. But I’m not taking about those things. Those are the obvious things, the common talking points. And to those you can add the vanity metrics of achievement — social media followers, traffic, views, impressions, open rates, press mentions, gross this or gross that. All those are what they are, but they aren’t where it’s at. What I’m talking about is optionality. Achieving optionality is where it’s at. Optionality is a hearty mix of profit margin, small size, independence, attitude, and freedom. You’ve got to have all of it to have optionality. If a board is calling the shots, you don’t have much optionality. If your margins are thin, or non-existent, you don’t have much optionality. If the public owns a piece, you don’t have much optionality. If you’re too big to change direction quickly, you don’t have much optionality. And if you’re afraid to speak your mind and stake your point of view, you don’t have much optionality. Optionality lets you do things no one would give you permission to do. It lets you write excellent software and give it away for free if you choose. It lets you do things that don’t make sense in the current climate, but will long-term. It lets you be early while eventually catches up. Optionality is ecstasy. It’s making it up as you go, without making excuses. It’s openly changing your mind without having to save face. Optionality is equanimity, the corporate equivalent of enlightenment. So, entrepreneurs, ditch the bullshit. Abandon growth-at-all-costs. Reject conventional metrics. Scorn hollow acceptance. Instead, hunt for optionality. It's freedom. It's power. It's everything you crave, wrapped in a single, potent package. Chase it relentlessly. And when you get it, don’t let go.