In today’s business nugget we’re going to break down the biggest reason for your slew of projects that never made any real money.
And I don’t just mean you. This has been my biggest weakness and challenge to overcome over the last 10 years of building mostly unsuccessful businesses.
Here it is:
The reason most of your projects fail is because you are pursuing too many ideas simultaneously.
This is called the ‘niche’ slapping fallacy and it is the opportunistic entrepreneur’s greatest vice. It’s hard to say no to a killer idea, so we think to ourselves “Why not? If I have 5 projects going, 1 of them surely will work out big”.
Unfortunately, the answer is that none of them will work… but if you had chosen a single idea it most likely would have already hit big by now.
How I Ran 5 Different Million Dollar App Ideas Into the Ground
I had a period in my early 20s where I built ‘app companies’, startups that were based on the adoption and use of an app. They were all GREAT ideas.
All of them failed and ran out of money. Why? Because I was never fully in it, I always had a lifeline project that was more exciting I could jump to. Instead of picking a good idea and working on building a team, and business around it, I splattered my attention all over the place. I couldn’t focus, and made very little progress on multiple ideas instead of making slow and steady and big progress on a single one.
What kills me today, is that I know had I stuck with any of the apps I built 8 years ago it would no doubt be a 7 figure company.
“But what about these guys on youtube that own 12 different ventures? ”
That’s just it, they own them, they don’t work in them like a dog. Alex Hormozi (check his videos out and free course, the man is legit) preaches that if you can’t build one company to 7 figures in revenue, you have no right to be working on multiple ideas.
Say No To The Distractions and Move Forward Slowly and Steadily
After having tried it both ways, I couldn’t agree more. My current venture is just shy of 3 years in, and we are on track to crack that 7 figure/year mark within the next 18 month.
Pick a good idea, and dig in my friends. The slow but consistent progress compounds over time into a business and asset you can be proud of.