Startup's Milestone

Startups often have limited resources, such as manpower, so it is crucial to use these limited resources efficiently to achieve good results. To do this, efficient project management is necessary. If the major goals of the business are set as KPIs (Key Performance Indicators), then there are smaller projects needed to achieve these KPIs, and metrics or concepts are required to manage them. This is where the term "milestone" comes into play.

What is a Milestone?

In the dictionary, "milestone" means a "milestone," "monument," or "groundbreaking event." In business, the term "milestone" is used as a more "short-term goal," referring to important points that need to be focused on during project progress. It is used as a concept that coincides with the dictionary definition, as it shows the way our business needs to go.

• Concepts for understanding the progress of essential tasks and for managing project schedules
• Concepts for representing intermediate objectives necessary for achieving the most crucial KPIs
• Indicatior of the essential schedules to be resolved at each stage during the project's progress.

Professor Karl Weick of the University of Michigan advocated the** "Small Wins Strategy."** By breaking down large problems into smaller ones and solving them, people gain a sense of reward and achievement, which then fosters the will to tackle bigger challenges. In startups, where efficiency is crucial, efforts should be made to systematically set milestones and complete projects according to the schedule.

Startup Milestone Examples and Points to Consider

What are some examples of setting milestones in startups? Managers should be able to set appropriate milestones depending on the business item, team size, and investment stage. Some simple examples include:

For a B2B startup focused on sales, important milestones for short-term revenue growth could include "achieving X number of meetings" and "securing X number of contracts."
In an IT startup building a webpage, a project manager could set milestones for each step of the process, such as "requirements analysis," "storyboard creation," "UI/UX design," and "publishing."

When setting milestones, it's essential to avoid vague goals. If the most immediate goal is abstract and unclear, it becomes difficult to identify the next steps. A milestone should exclude unnecessary elements and present clear requirements. This means not trying to cram too many features into one milestone. This allows for effective project management and adherence to accurate schedules.

Milestones are sometimes compared to bowling. The ultimate goal of bowling is to knock down pins, but it's challenging to achieve this by focusing solely on the pins. To knock down more pins, you need to focus on a specific point on the lane and throw the ball accordingly. Similarly, startups need to first determine where to focus their immediate attention to achieve their larger goals. Appropriately set milestones can help with this.

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