Lesson Details:
February 14, 2020
Video Transcription: Many entrepreneurs have this dilemma of like they have too many business ideas they like more than one what to do in that situation and of course you have to evaluate all of them and experiment a little bit so you have to give yourself a research period during which you have to pick only one there are only like a handful entrepreneurs that can do more than one business idea really well they're named like Elon Musk right world-famous entrepreneurs but most of us can only do one thing really well because think about it if you give one thing a hundred percent focus as soon as you have a second idea you can only give a part of your focus like 50 percent to each so the results are always less and you want to give the idea you choose a hundred or a hundred and ten percent of your ability because even then it's still really hard so of course you want to go around get feedback from just about everybody and one thing that is okay it's okay to start small and cheaply so you can test the ideas live because there's only so much theoretical knowledge that you're gonna be able to get and theoretical feedback theory is just fine but every once in a while it's actually better to test the idea by actually doing it because many business ideas it's feasible to start them quickly but keep in mind starting them just to test how it's gonna go in the real world not to do long term and if you work hard usually it's only a couple of days to put up a website or set up your profile on some somewhere where you want to maybe do business or unless you're starting something like a brick and mortar store or a restaurant of course those take a long time but many many other ideas you can start them cheaply and quickly.
So you can test it so that is really prudent because it's gonna give you a lot of lessons that theory just does not but the core goal is to always pick one idea and focus on it do not lose sight of that and keep in mind even with a hundred percent effort most businesses fail but there's another way to look at this what if most businesses fail precisely because the intrapreneurs do not give them a hundred percent of the effort so many people that I coach they're not disciplined enough to take all the unnecessary things out from their lives in order to give the business more of a focus right and it's not just your second or third business idea of course you want to kill your second and third business ideas but what about going out having fun cutting entertainment every time you cut something else that's not gonna get you towards your goals that time gets freed up to work on your business and actually that's your goal it's not just to kill off the second and third and fourth business idea it's actually to free up as much time as possible of course without hurting your work-life balance and things like this but at the same time being aware that you're gonna have to give it a tremendous effort and most entrepreneurs fail precisely because they don't do this long term so they just quickly go over the and have a little recap of what goes into the decision of choosing the business idea and you're already aware things you're passionate about being in a good market your education and work experience.
If you just know more about the idea or the business you're getting into you'll do better and maybe choosing your business that's less resource-intensive so that you can get started sooner and of course sometimes you might just have a gut feeling like one idea is better and you like that better and of course you should trust that to a point and even though you have to decide relatively quickly don't decide impulsively decide with wisdom meaning get enough feedback talk to experts and the when you talk to experts here's the question you should ask them what are the biggest pitfalls in this business like what are the more challenging things and when they tell you those in your mind you'll be like oh I can overcome those or oh those are things that actually would be hard for me and sometimes that's a clue for which idea should be thrown away because some challenges are not easily surmountable while others are and once you become aware of them some ideas will just naturally get disqualified so really if you have too many business ideas this is the process you want to go through but you cannot be like I'm gonna stay with multiple ideas no you have to be disciplined because typically if you execute two business ideas at 50% age it gives you worse results if you actually cute one idea at a hundred percentage because that focus will take you to next levels of success in that one idea.
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