I was listening to one of Tim Ferriss’ podcast episodes this morning about limiting your choice for better output and productivity. While listening to the episode it made me think of of this problem when it comes to starting a new venture as an entrepreneur.
When I started my first company there wasn’t much choice, just the decision to do so which made me successful. Now, with so many options, how does one even begin to pick what kind of business to start?
The marketplace has shifted. Yes jobs may be hard to find, but it isn’t because they are going away, they have shifted online through entrepreneurship and freelance work. As more and more people shift into this style of work, more innovation increases.
Never before has there been so much opportunity, too much opportunity. With limited options comes forced results. This is no longer a problem in our culture, no matter where you live in the world. Almost anyone can start making money online, but what route will they go and will they stick with it long enough to see it through?
This has created a major problem for myself and others. With so many options fatigue sets in. I know I’m capable of achieving success with any business model, but I can’t seem to stick around long enough for one to hold and mature. I could blame my generation who lacks patients, but I don’t believe that is the total problem.
You could choose from any of the following:
- Startup (bootstrapped or venture backed)
- eCommerce (Dropship?)
- Amazon Products
- Physical Products
- Information Products
- Membership Sites
- Affiliate Marketing
- Network Marketing
- Service Business (online or offline)
There is probably a ton more that I can’t even think of as I type this post.
Can you see how someone could get lost in learning about these different business models, but more importantly, being able to completely make a decision to only do one?
You can no longer dabble in all of these. You must completely control your output through limiting your choice. For instance, I would only choose to do eCommerce until I become successful. If I fail the first time with the business model, I continue by using what I learned to start another eCommerce business.
This ensures that you build upon your new found knowledge instead of jumping ship into the next best thing.
We tend to fantasize about the best case scenario of starting a new venture. It goes something like this; You’ve been working on starting a new podcast but cannot seem to get it off the ground.
Then somehow you land on the idea of creating an information product. You think of how easy it must be and how successful you would become. What you forget is the fact that you felt the same way about the podcast before you started the project.
This is a never ending cycle of shiny object syndrome where you travel from idea to idea instead of taking enough action until you become successful. I struggle with this a lot and it’s the main reason why I wanted to write this post. I need to get this off my chest and create a solution.
My solution is simple: I must find someone to hold me accountable and who is currently in the position I want to be in within the next 3 months. I am unable to work on any project or research/learn about anything new unless it directly increases my chances of success with the current business model I am working towards, I am limiting my choice to ensure my focus and output is primed for takeoff.
Because I no longer have to make this decision I free up more mental space to focus on growth and success rather than worrying if this is the right business model for me or whether it’s good enough.
Because of dreamlining(!) I know exactly what I need to make in profit each month to consider a project successful and to fund my ideal lifestyle. Now all I need to do is make it happen by focusing on taking action rather than making a decision.
I’ll check back soon with an update on my progress and how this plan is working out.