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MenuI've got so many ideas that are exciting, but I can't find the focus to pursue only one! Should I just pursue 2 or 3 simultaneously? If not, why?
People keep telling me that a trait of entrepreneurs is focus. But what if an entrepreneur can create and realize 2 or 3 ideas at the same time? Why wait to finish/fail 1 and then start the other?
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If this is your first venture, I would definitely say just pick 1. Getting even one idea off the ground will take everything you have! IF you can pull of one first, you will be able to do more down the road for sure.
In the last 45 day, I've gone from $0-$12k revenue (most of it recurring monthly) offering digital marketing consulting. It took me a few months of crazy focus on getting traction, but now that I've starting bringing in revenue, I can think a bit more about if there are some other things I'd like to weave in.
Get after it, my friend! Shoot me a message if you need some help.
Focus is important in pursuing anything in life. It is possible to pursue more than 1 attempt, depending on how much energy and effort you would require to accomplish them. It is also very important to have support in what you pursue. If you happen to have a team to support you, to accomplish different responsibilities and work to reach the goals, it is highly possible to pursue more than 1 idea simultaneously.
Neverdelous, focusing on one thing at a time is never a waste of time. It gives you more awareness to all your attempts, hence you are more likely to see your direction more clearly.
If you can LEAD more than one project and delegate the DOING to others, then yes you can pursue more than one.
However, if it's just you, then I recommend pursuing only one. That way your energies are not diluted.
It is hard for most people to energetically build more than one business at a time.
It's not easy to chase two rabbits at the same time! Focus: "follow one course until successful"
While building a business is a commitment, it doesn't have to be permanent! Throughout my experience as an entrepreneur I've built numerous businesses. But, after a certain time I've moved to do something new and exciting. I urge you to be patient. You will likely have the opportunity to bring another idea to life, but each business is more likely to succeed if you are able to put your energy into developing one idea :)
If you done 10 things halfway, you've still done nothing. Focus on ONE project at a time. Within that project there will be many steps to keep you more than busy. Also, do not skip steps! A huge mistake that many entrepreneurs make is that they split their energy into too many projects, quickly feel way too overwhelmed and then eventually give up. If you want to succeed, do one thing all the way and do it right!
1. Find an idea (problem) that you are passionate about solving. Focus on 1 idea and bring it to life.
2. You are not an entrepreneur till you can take an idea and bring it to life. Regardless if you fail or succeed.
3. Execute on 1 idea and bring it to life. You will probably fail the first time and the true test is when you are knocked down who gets back up and does it again. The fight is what you need to have.
4. Generally you will have to execute number of times before something hits.
Speaking for myself I failed three times before something hit. If you want to chat hit me up.
I'm with Jeff. If you're not quite sure which idea to pursue filter it by 1) passion, 2) by the biggest problem that needs solving, 3) market timing.
Find a super fast way to test the above three, then choose. Once you start, it is practically impossible to "run" more than one idea as a startup.
Related Questions
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How do you make money to survive while you are building a business? What are some quick ways to make money with less time commitment?
I love this question. If you have to work on the side while building your business, I recommend doing something you absolutely hate. That keeps you hungry to succeed on your own. You'll also typically save your energy for the evenings and weekends where you'll want it for your business. Don't expect to make much money at your "other job" but you can work it to pay the bills while you build your business. This approach also forces you to build incrementally, and it keeps you frugal. This is not necessarily ideal. Having a bunch of money set aside sounds nice and luxurious, but not having the resources puts you in a position where you have to figure it out to survive. I love that. I started my business eight years ago on $150 and today we do a million a year. Don't wait until you have the resources to start safely. Dive in however you can. And avoid shortcuts. Don't waste your time scheming to make bigger money on the side. Do something honest to live on and create a business that drives value.CM
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I have this social media idea,but no coding skills. How do I get someone to do the coding (cant afford to pay them) and not give away half of my idea?
Dilip was very kind in his response. My answer might be a bit on the "tough love" side. But that's for you to decide. My intention, just for the record, is to help you (and those like you) on your path to success. And that starts with having a viable philosophy about entrepreneurial-ism and business. And I'm going to answer this because I get asked some form / version of this question very frequently from newcomers to entrepreneurial-ism. The scenario goes something like this: "I have a great idea. It's amazing, I love it, and I just KNOW it's gonna make me a ton of money. But I have no money right now so I can't afford to (fill in the blank with things like "to build it / create it / market it / etc" or "to hire the required staff needed to work in my business to sell it / develop it / etc"). And I don't want to tell anyone about my great idea because I'm worried someone will steal it and make MY million / billion dollars. But I can't afford to legally protect it either... So how do I launch without the skills to personally create the product AND no money to hire anyone else to do that either??" The answer is ... You don't. Look - let's be honest. All you have is an idea. Big deal. Really. I'm not saying it's not a good idea. I'm not saying that if properly executed it couldn't make you a million / billion dollars... But an idea is NOT a business. Nor is it an asset. Until you do some (very important) initial work - like creating a business model, doing customer development, creating a MVP, etc - all you really have is a dream. Right now your choices are: 1. Find someone with the skills or the money to develop your idea and sell them on WHY they should invest in you. And yes, this will mean giving up either a portion of the "ownership" or of future income or equity. And the more risk they have to take - the more equity they will want (and quite frankly be entitled to). 2. Learn how to code and build it yourself. MANY entrepreneurs without financial resources are still resourceful. They develop the skills needed to create what they don't have the money to pay someone else to do. 3. Get some cash so you can pay someone to do the coding. You'll probably have to have some knowledge of coding to direct the architecture of your idea. So you will likely still have to become knowledgeable even if its not you personally doing the coding. (This is not meant to be a comprehensive list of options... And I'm sure some of the other experts here on Clarity have others to add - and I hope they do) To wrap up - Here's my final tip to you that I hope you "get"... It's FAR more valuable to have an idea that a very specific hungry crowd is clamoring for right now - One that THEY would love and pay you for right now - Maybe even one they'd pre-order because they just have to have it - Versus YOU being in love with your own idea. [Notice I didn't say "an idea that some as-of-yet-undetermined market would probably love"] I wish you the best of luck moving forward.DB
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Whats the best way to find commission sales reps?
This is not my specialty, however, I have been in your position many many times -- maybe this will help. If the product is in-tangible, then look for JV partners on the Internet. Try to find an expert that deals with these JV opportunities (like me). If the product is physical, then look for sales organizations that have networks of sales people across the country. You do the deal with the organization and the independent network of sales people sells your product. It's a sweet setup if you can negotiate a margin that works for everyone. Hope that helps - Cheers - NickNP
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If I have a business idea for a large company, how can I give it to them and mutually profit, without them just taking the idea and squashing me?
Probably not the answer you're looking for, but companies have so many unimplemented ideas that the likelihood of partnering to implement someone else's idea is really low. And besides which, the idea is not something that has much value in and of itself. If you're passionate in the idea, build it yourself. That's the only way you can have leverage.TW
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How has Uber grown so fast?
Obviously, they do the fundamentals well. Good brand. Good experience. Good word of mouth. Good PR. Etc. Etc. But after my interview with Ryan Graves, the head of Global Operations at Uber (https://www.growthhacker.tv/ryan-graves), it became clear that they are operationally advanced and this is a huge part of their success. I'll explain. Uber isn't just a single startup, it's essentially dozens of startups rolled into one because every time they enter a new city they have to establish themselves from essentially nothing (except whatever brand equity has reached the city ahead of them). This means finding/training drivers, marketing to consumers, and building out local staff to manage operations for that city. This is where Ryan Graves comes in. He has a protocol of everything that must be done, and in what order, and by who, to ensure the best chance of success in a new city. So how has Uber grown so fast? Essentially, they figured out how to grow in one locale and were relentless about refining their launch process to recreate that initial success over and over in new cities. No plan works for every city, and they've had to adapt in many situations, but it is still a driving factor for their success.BT
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