This is part 2 in a series of my biggest lessons in entrepreneurship. If you missed part 1, click here.
So, where do I start?
Well, why not start with the most common mistake that entrepreneurs make with their business? Chasing more than one rabbit! If you chase two, three, or even six rabbits, what are the chances of catching one of them?
Many entrepreneurs start with the idea that hitting the one million dollar mark is easier if you have several income streams. It’s a false notion. Taking more projects won’t get you there any faster. In fact, it’ll slow you down.
The average billionaire invests in stocks, real estate, gold, crypto, and so on. But these billionaires didn’t start by investing in all of them all at once. Instead, they built their investment portfolio project by project. Once they mastered investing in gold, they moved to invest in stocks until they built their wealth.
When I was a small social media manager, I tried chasing many rabbits. I thought being the “jill of all trades” and being able to say yes to any opportunity would equate to more money. Only when I focused all my time on one business, one niche, one dream customer… I started seeing tangible results. I realized that it’s better to have one core focus that generates millions instead of dividing your focus to generate trickles.
So, stop now from dividing your attention into many rabbits. Focus on one rabbit, and once you catch it and are thriving (likely, past the 7 figure mark with a team and financial resources), you can decide whether you want to chase other rabbits.
Ask yourself, “What would I have to do to fail?” – kind of a funny question to ask when we are always pushing for success. But by reframing this question it gives us a new perspective on our day to day activities.
By answering questions like that, you can avoid the mistakes that will slow down your growth.
The answer might look something like this:
“I’ll fail if I split my time between several side projects. I’ll fail more if I overwhelm or confuse my team with more side projects.”
See? Failure is easy. All you have to do is focus on many income streams, especially when you don’t have one solid stream. But you can think in reverse to avoid the shiny object syndrome
Click Here For Part 3: Should Entrepreneurs Give It All?