The past couple of weeks, I have been trying to be even more strategic about my business endeavors. The aspect that I am now really trying to improve with my entrepreneurial skills is my power of focus.
Why Entrepreneurs Need Focus
So I’ve been engaged in self-employed activities for about 2 years now. After that time, with more experience and having learned from a number of great entrepreneurial mentors, I’m now pushing more and more towards developing a business that can scale and work without me. There are limits to self employment, as the impact of my work and the value that I can give is limited by my personal time and energy.
Entrepreneurs, however, need to learn to think about the big picture, and to stop trading their direct hours for dollars as soon as possible.
This is what I have been focusing on for the past few weeks, and many other successful entrepreneurs agree with this.
I’m currently in Taiwan on a business trip, but before I left Australia, I met up with a close friend – who is also an entrepreneur. He had reinforced the need to focus as he had mentioned to me that he had stopped his previous business ventures in order to concentrate on just one.
Not only that, I recently read the book “Built to Sell” – a great book which really stresses the need for entrepreneurs to focus on only one idea at a time.
Why Entrepreneurs Struggle to Focus on Just 1 Thing At a Time
While my friend, and the Built to Sell book, emphasise the need to focus, I found it curious that I wasn’t really implementing it in my own life. I was trying to run multiple businesses, and continously came up with new start up ideas, as well as kept trying to find new business opportunities. Let me tell you now, this is a recipe for failure. None of your businesses will succeed if you are trying to startup 5 businesses at once, while testing out other new ideas too.
I’ve come to the conclusion that I need to stop pursuing new business opportunities. Stop trying to find new clients for older ventures that are not scalable. Now, I’m focusing my energies, time and skill into just one business idea that has the highest chance of success – in terms of value, profit, sustainability and scalability.
Are you an overwhelmed Entrepreneur?
Maybe you’ve got too many of your entrepreneurial eggs in different baskets. You’ve got yourself involved in too many things. Share how you feel and why you’re overwhelmed.
Maybe you just need to focus!