Defining Bets 🎲
“Bets” are strategic choices or experiments that drive product direction. Unlike regular tasks, bets come with higher stakes and are often tied to hypotheses about user needs or market trends.
What are Bets?
Bets are commitments to explore specific opportunities or solutions based on assumptions and hypotheses. They allow teams to focus on potential high-impact initiatives while being open to learning and adjustment.
💡 Insight: Bets encourage a test-and-learn approach, which is essential for navigating uncertainty.
Types of Bets
- Solution Bets: Focus on specific product features or enhancements.
- Opportunity Bets: Aim to address new market segments or emerging needs.
- Strategy Bets: High-level initiatives that align with long-term goals.
🔄 Quick Tip: Prioritize bets that have high potential impact but also fit well with your team’s capabilities.
Conclusion
Defining bets allows teams to take calculated risks and explore high-impact opportunities, ultimately shaping the product’s strategic direction.