ESYB2 012 - Having Too Many Ideas
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[00:00:00] 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 of 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 [00:01:00] 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 going to 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 going to 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 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 [00:02:00] 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 100 percent effort, most businesses fail. But there's another way to look at this. What if most businesses fail precisely because the entrepreneurs do not give them 100 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.

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 [00:03:00] 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 going to have to give it a tremendous effort and most entrepreneurs fail precisely because they don't do this long term.

So let's just quickly go over 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. A lot of people don't know that. 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 immediately. Impulsively decide [00:04:00] with wisdom, meaning get enough feedback, talk to experts. And 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 most 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 are actually will 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 going to stay with multiple ideas. No, you have to be disciplined because typically, if you execute two business ideas at 50 percent each, it gives you worse results if you execute one idea at 100 percent each.

Because that focus will take [00:05:00] you to next levels of success in that one idea.

