The key to building great products lies in focus and conviction. As a CEO or a Product Manager, it is crucial to stick with one idea for an unreasonable period of time. In today's fast-paced business landscape, where competition is fierce and customer demands are constantly evolving, it can be tempting to chase after multiple ideas and constantly pivot. However, this approach rarely leads to success.

The key to building great products lies in focus and conviction. As a CEO or a Product Manager, it is crucial to stick with one idea for an unreasonable period of time. In today's fast-paced business landscape, where competition is fierce and customer demands are constantly evolving, it can be tempting to chase after multiple ideas and constantly pivot. However, this approach rarely leads to success.

Take the example of eBay, where the CEO recognized the importance of innovation and layering new initiatives on top of the core business. By introducing the concept of "buy-it-now," eBay was able to attract new users and drive growth for many years. This innovation complemented the existing auction format and added something new to the platform. Similarly, eBay's international and payments layers grew significantly, contributing to the overall growth of the company.

The same principle applies to other successful companies like Apple and Amazon. Steve Jobs and the Apple team relentlessly added new layers to their business, such as the iPod, iTunes, iPhone, and iPad. Amazon, on the other hand, expanded beyond its core physical merchandise business by introducing Prime, digital goods, Amazon Web Services, and Kindle devices.

Innovation is the key to success on the internet, and companies that invest in it and prioritize it are the ones that emerge as dominant players. Google, despite being a late entrant in the search market, surpassed established companies like Yahoo and Microsoft by focusing on product innovation. The best innovations are those that improve and complement the core business, leveraging its most valuable assets.

However, it is important to note that innovation should not be a distraction from the core business. The further a company strays from its core in its innovation efforts, the lower the chances of success. It is the CEO's role to rise above the day-to-day requirements and maintain a long-term vision for the business. Proactively delivering new innovations that have the potential to boost long-term growth is crucial.

So, how can CEOs and Product Managers apply these insights to their own businesses? Here are three actionable pieces of advice:

1. Embrace a culture of focus and conviction: Encourage your teams to stick with one idea for an unreasonable period of time. Avoid the temptation to chase after multiple ideas or constantly pivot. Instead, invest in deeply understanding your customers' needs and build products that address those needs effectively.

2. Continuously innovate and layer new initiatives: Look for opportunities to add new layers to your core business. Innovate in a way that complements and enhances your existing offerings. This could involve introducing new features, expanding into new markets, or finding ways to monetize your existing user base more effectively.

3. Stay true to your core: While innovation is important, it should not distract you from your core business. Remember that the further you stray from your core, the more challenging it becomes to succeed. Maintain a balance between innovation and staying true to your core value proposition.

In conclusion, the key to business growth lies in aggressively pursuing a growth agenda and constantly innovating. CEOs and Product Managers should focus on adding new layers to their core business, complementing and enhancing their existing offerings. However, it is important to maintain a balance and stay true to the core value proposition. By embracing focus, conviction, and continuous innovation, businesses can successfully navigate the challenges of growth and positively impact their long-term growth trajectory.