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Can you focus on multiple projects and be successful? Jobs, Branson, & Peter's Laws

Anything related to matters of the mind
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Deleted15476

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Thought this was a great article. My old boss (before I decided to take the leap) on why You CAN focus on multiple projects and be successful.

Great guy and he makes some awesome points with good examples of multi focused entrepreneurs.

http://www.mindvalleyinsights.com/the-myth-of-focus-for-entrepreneurs/

This a great. Some may agree, some may disagree. I don't think anyone is wrong.
 
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Kak

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I agree I with this to an extent. The more resources you have available the more you can take on.

I have a few projects, one with major potential. One that pays me like a middle class worker. One that will let me live a more upscale life. I created passivity in the second two so I could work very hard on the first one. This is why I can work on a very big project, make no money from it, and not have a job.

I'll delegate everything or sell the second two the moment I become profitable in the first one.
 

MJ DeMarco

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He makes some decent points, but I wholeheartedly disagree that @snowbank's diworsification strategy is the strategy to adopt, especially if your an entrepreneur who is just getting started with little to no money.

Also, when an entrepreneur sells a company for $X millions, you can be unfocused in your future projects because you now have the resources to be unfocused. That's the path most successful entrepreneurs take. How did Marc Cuban get so rich? One project right after another. Now he can be unfocused.

The typical pattern is to focus on one company -- it becomes successful and it sold -- and then suddenly those entrepreneurs are dabbling in 20 different companies after their big liquidation event.

Examine any of the world's top athletes. Are they unfocused? Or focused on 1 discipline?

I invite anyone to examine the worlds' top entrepreneurs WHEN THEY GOT STARTED -- NOT 20 YEARS LATER WHEN THEY ARE MILLIONAIRES AND BILLIONAIRES and invested in 20 different companies. 90% of the time, when you examine the root success story, you will see FOCUS and ONE business.

The budding success stories that are unfolding before our eyes on this forum? THEY'RE FOCUSED. Do you see @Likwid24 dabbling in some MLM in addition to the PBC? Do you see @JasonR building a mobile app in coordination with his pet business? Do you see @bensonj starting a publishing company along side her garment biz?? You don't.

The fact is, if I own a company and I have to compete against another company, I certainly hope its one of these entrepreneurs who has decided to diversify himself among 13 different projects. Please, be my guest. While your screwing around with company #13, I will be busy beating your company #1. And since your not emotionally attached to it, you will more than likely be willing to give up on it. So please, help yourself to the business flavor of the month and go where the "grass is greener."

That said, not everyone is wired the same. I'm sure there are plenty of folks out there who are WIRED for this type of unfocused strategy. Although I would argue that this is the exception, rather than the rule.

Anyone can talk about the size of the cart after the horse has won the race. I'm talking about the cart before the horse has left the starting gate.
 
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Deleted15476

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He makes some decent points, but I wholeheartedly disagree that @snowbank's diworsification strategy is the strategy to adopt, especially if your an entrepreneur who is just getting started with little to no money.

Also, when an entrepreneur sells a company for $X millions, you can be unfocused in your future projects because you now have the resources to be unfocused. That's the path most successful entrepreneurs take. How did Marc Cuban get so rich? One project right after another. Now he can be unfocused.

The typical pattern is to focus on one company -- it becomes successful and it sold -- and then suddenly those entrepreneurs are dabbling in 20 different companies after their big liquidation event.

Examine any of the world's top athletes. Are they unfocused? Or focused on 1 discipline?

I invite anyone to examine the worlds' top entrepreneurs WHEN THEY GOT STARTED -- NOT 20 YEARS LATER WHEN THEY ARE MILLIONAIRES AND BILLIONAIRES and invested in 20 different companies. 90% of the time, when you examine the root success story, you will see FOCUS and ONE business.

The budding success stories that are unfolding before our eyes on this forum? THEY'RE FOCUSED. Do you see @Likwid24 dabbling in some MLM in addition to the PBC? Do you see @JasonR building a mobile app in coordination with his pet business? Do you see @bensonj starting a publishing company along side her garment biz?? You don't.

The fact is, if I own a company and I have to compete against another company, I certainly hope its one of these entrepreneurs who has decided to diversify himself among 13 different projects. Please, be my guest. While your screwing around with company #13, I will be busy beating your company #1. And since your not emotionally attached to it, you will more than likely be willing to give up on it. So please, help yourself to the business flavor of the month and go where the "grass is greener."

That said, not everyone is wired the same. I'm sure there are plenty of folks out there who are WIRED for this type of unfocused strategy. Although I would argue that this is the exception, rather than the rule.

Anyone can talk about the size of the cart after the horse has won the race. I'm talking about the cart before the horse has left the starting gate.

I completely agree @MJ. But I think 13 different companies is a little over the top. Imagine 13 wives. Hell no. 13 Kids... damn hell no. 13 businesses you run by yourself. That is crazy.

If you do pet clothing and you can expand into a series about taking care of your pets. Wouldn't that help grow your brand? They are both related to the core business but nonetheless two separate "businesses".

Curious to know your thoughts MJ.

BTW how do I tag users in my posts?
 

MJ DeMarco

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If you do pet clothing and you can expand into a series about taking care of your pets. Wouldn't that help grow your brand?

Yes, but they share the same objective. When I owned my company, I actually ran another business that advertised limos, buses, and other commercial vehicles for sale. (http://limoforsale.com/). That site generated another $10-15K in profit for me per month. It was entirely different than my core business, but it furthered my goals, and my brand. I was operating in the same industry and both sites where symbiotic in their function. Things started to go south (or I should say "stagnate") when I tried to diversify into an entirely different industry that had nothing to do with ground transportation.
 
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HardParked13

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I think it's really just a matter of how MJ says it - action take vs. action fake. If you have the personal energy to take action on 3+ companies, well then kudos to you cause I'm jelly. If you're faking action and just enjoy doing busy work to be able to say "Ehem why yes indeed I do run 13 companies" then I don't really know what to say to you. I personally enjoy working on 2 types of projects...1 for each side of my brain :p
 

JasonR

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Yes, but they share the same objective. When I owned my company, I actually ran another business that advertised limos, buses, and other commercial vehicles for sale. (http://limoforsale.com/). That site generated another $10-15K in profit for me per month. It was entirely different than my core business, but it furthered my goals, and my brand. I was operating in the same industry and both sites where symbiotic in their function. Things started to go south (or I should say "stagnate") when I tried to diversify into an entirely different industry that had nothing to do with ground transportation.

I think many people miss this point.

You absolutely can build other products, services, etc. to the SAME vertical you already operate in.

Doing this in 13 different verticals (or hell, even 2) is shooting yourself in the foot before the starter pistol has fired.

I'm going to shout at whoever is listening a SUPER important, often missed point.

Ready?

When you already have thousands of customers, launching a new product or service in your current vertical becomes extraordinarily easy.

Why?

Because you already paid to acquire these customers. The cost of re-marketing to them is virtually 0.

The biggest cost in my business, and in MOST businesses, is what you pay to acquire a customer.

Spread yourself thin, across 5 verticals, and all of a sudden the costs of acquiring customers becomes astronomical.

But do this in one vertical, with multiple products and services, the cost of launching new products decreases significantly.

And now, guess what? I can kill a bad idea with 2 emails to my list. It would take me thousands to test in a new vertical.

So, I guess YOU can tell which way my business is heading next.

I'm excited.

So, will you LISTEN, or continue going down a path of blatant ignorance and start 14 business in 14 verticals.

PS > Read and understand this. It blew my mind: http://www.digitalmarketer.com/customer-value-optimization/
 

MJ DeMarco

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Because you already paid to acquire these customers. The cost of re-marketing to them is virtually 0.

And now, guess what? I can kill a bad idea with 2 emails to my list.


As always, you cannot argue with math. And yes, that's how I built LFS -- one email to my list. One email you learn a boatload, including if you have another winner (or loser) your hands. CNOTE coming your way.
 

CommonCents

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I also have found "multi-tasking" is very overrated for most.
 
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Kak

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I guess on my projects the keyword is passivity. I have been highly focused on my main project for over a year.
 

MJ DeMarco

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I'm anti-diworsification

That's two negatives. That means you favor multiple projects which I know you aren't. Diworsification, in itself, is the act of multiple businesses. Anti-diworsifying would be one project. Just like if you had a diversified portfolio of stocks. If you "anti-diversified" you'd be left with one.

I know we're on the same page, but the syntax is backward.
 

Worldisyours

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Interesting post. Here's my take.

It really depends on the person. I run 2 business' in totally different sectors. But I didn't jump into them at the same time and the second business in a secondary safety net for me.

When my first business became consistent and I saw my self with a few extra hours a day. I dedicated those hours to a secondary business. However my secondary business is not a solo business. I have a partner who can cover for me as well as many staff. We also bounce of each other and it came naturally as in I didnt force the secondary business to happen. It was an opportunity in front of my eyes.

However my first business always comes first. If that's not going, the second one isn't, thats how it should be. In addition, I find that because I am not needy or desperate to succeed in my secondary business, I always make the right decisions because I am free of the outcome.

That being said. I have ZERO free time. On my free 20 minutes to an hour a day, I surf here, while I prepare my dinner, so I really am on overdrive. However, I am built for it, most people are not.

If you don't mind being a machine, go for it. I enjoy being a machine. I value business and wealth, and I enjoy it, I love working. I enjoy challenges, I enjoy taking life to the limit, and taking my mind to the limit. But If you let your focus take a break and get in the habit of being overwhelmed and shutting down, thing will deteriorate over time.

So run 2 business' if thats all you want to do in life.
 
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bensonj

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Do you see @bensonj starting a publishing company along side her garment biz??

Lol…it's taking me every ounce of brain matter to do the one…case in point, I have a website that was making a pretty nice chunk of change via adsense since it is endorsed by the atlanta airport and links to me. I also had new paying clients come on board to post their jobs every month - but since I have very little time now to devote to it (blog, social media, reach out to new clients, etc.) I can tell you it is shrinking.

I see my product as a baby - I was a mother hen over my sons - and I'm one over this product. I focus intently on giving the customer the best experience possible. I wake up and go to bed thinking about it - I have a note pad by my bed because I'm always thinking of ways to do it better and create additional products to offer.

Running more than one of THESE…can't see it right now. My goal is to dabble in a number things once my bank account will allow me to live like I have a trust fund. Until then…working my "focused" butt off :)
 
D

Deleted15476

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Yes, but they share the same objective. When I owned my company, I actually ran another business that advertised limos, buses, and other commercial vehicles for sale. (http://limoforsale.com/). That site generated another $10-15K in profit for me per month. It was entirely different than my core business, but it furthered my goals, and my brand. I was operating in the same industry and both sites where symbiotic in their function. Things started to go south (or I should say "stagnate") when I tried to diversify into an entirely different industry that had nothing to do with ground transportation.

Yep. So as long as it aligns with the core objective you are good like Sunday Morning.
 
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Magik

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I started out the year working on multiple projects in different industries, which was a huge mistake. I thought I could pull it off, but starting out, it is just not worth it. Not only does a project demand money, it demands TIME.

Leo Babauta, who wrote The Power Of Less (a fantastic book on time management), says to work on no more than two projects at a time. He did not say businesses, he said projects. I translate that to mean areas of improvement. If you are starting a business and trying to lose weight, that's your two. The point is the more focused you are, the more likely you are to achieve big things. I knew all this starting out this year, and violated it anyway. Some of us learn the hard way. :eek:
 

Worldisyours

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The question I would ask you, is how much would your first business grow, if you could dedicate 100% of your time to it?

Thats a very good observation. I agree with you, that the what if factor can raise many questions. But I am confident in my decisions, and would rather not base my life on the fear of what if. I think there are pros an cons to having a second business.

Nothing is guaranteed in Life. Its always good to have a second option
 
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Deleted15476

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Anyone here selling off or stopping businesses that are not aligned with their core business?
 
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Simon Ashari

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What I usually see is that there are some successful entrepreneurs who have multiple businesses.

The difference is that that they start one and wait until it is successful before beginning another. They don't start 2 from scratch at the same time. Similar to what MJ has been on about in this thread.
 

RogueInnovation

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Depends who is in charge also. I help on a few businesses and find that useful, but I am not the one carrying them because I am fully tasked on mine. Build one, help with 3 or 4, atm.
Its almost a mute point though because under scrutiny I focus on one.

I think that at first, you have to get out of analysis paralysis in one business and get to the action thresholds there, only then may you have some "excess" that you can use to water some other things.

Recently told my financial friend that he made the right choice shelving his manufacturing business idea until the financial one gets up and running, because you can't meet promises unless you apply all your time towards keeping on that track.
 
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Lex DeVille

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This thread is a bit dated, but there's gold in here. I remember when @MTF got focused on the Inside. Everything changed.
 
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MTF

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This thread is a bit dated, but there's gold in here. I remember when @MTF got focused on the Inside. Everything changed.

I call BS on anyone who says you can focus on multiple projects at once. There are exceptions (if your business is already automated or otherwise passive), but if you want to build your first successful business, it has to be your only project.
 

Andy Black

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I call BS on anyone who says you can focus on multiple projects at once. There are exceptions (if your business is already automated or otherwise passive), but if you want to build your first successful business, it has to be your only project.
I think another exception is where you provide a service to lots of different clients. I only bring this up because it allows me to harness my entrepreneurial ADHD while still going in one direction (more or less).
 

MTF

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I think another exception is where you provide a service to lots of different clients.

If you're still providing the same service or a similar audience then you're still focused. This is different than running multiple completely different businesses.
 
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Andy Black

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If you're still providing the same service or a similar audience then you're still focused. This is different than running multiple completely different businesses.
Yeah, it’s the same service. It’s branching out slightly over time as we get asked to do more things, but I’m super careful not to do stuff just because someone’s waving money at us.

Also, as you probably know, I’ve added additional albeit small revenue streams teaching people via a course.

The work I do for DFY clients has helped me create a course to reach DIY customers. I consider it like a sawmill selling the byproduct of cutting up all the logs they sell. My course is like their sawdust.

It’s a constant battle to stay focused and decide what’s adding to the business and what’s diluting it.

I’d still say that if I jettisoned most of what I’m doing and become even more focused then I’d be further ahead. I’d go so far as to say this is the biggest thing holding me back at the mo.
 

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