Balancing long term investments vs. quick wins

In the realm of business, risk is as unavoidable as death and taxes, yet there is a noticeable trend of risk-aversion among product managers, who often seek guaranteed business value before pursuing development efforts. This cautious approach leads to two primary issues: excessive focus on discovery and validation, and a preference for quick wins over long-term, high-risk "big bets" that could redefine market positions. While quick wins are low-risk projects that ensure immediate, albeit small, returns, big bets involve significant risks but offer potential for substantial long-term gains. Successful innovation often arises from long-term thinking, as exemplified by companies like Amazon, Apple, Alphabet Inc., and Tesla, which have thrived by prioritizing long-term strategies and innovation over short-term gains. While a balanced approach that includes both quick wins and big bets is advisable, financial pressures and company culture can hinder the ability to undertake big bets. Ultimately, product managers should aim to balance risk and reward, recognizing that risk is inherent in achieving meaningful breakthroughs and competitive advantages.