Focus only on one thing or more at the same time?

[Taktik]

A while ago I read "How to be a capitalist without any capital" from Nathan Latka and there was one thing, that stuck with me.

In the book he suggests, that one should always have three projects at the same time: one main project and two side projects with a 80-10-10 time split.

As soon as one project is running, he then suggests to put it on autopilot and start a new project, so that you always have three. If one project is not working, you stop it and start something new. With this tactic he is going for many small wins, instead of one big one.

The projects you work on should ideally have some overlaps, so that there is a chance of mulitplying the impact.

He argues that that way you can circumvent a single point of failure and at the same time maximise the two most important factors for success: timing and luck. He goes on to say, that with this rule you can test ideas fast.

I am interested, what you think of that? Is it really a good idea to have multiple projects at the same time?

 

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[MTF]

Find one thing that works and double down on it. Spreading yourself thin is a waste of your resources.

GOLD! - One Trick Pony

Sometimes I wonder if people are looking too many directions to try and figure out a path to take. Not that it isn't important to evaluate the options but, at some point the direction needs to narrow down. It did not take long for me to get into the fastlane once I had decided to invest in...

www.thefastlaneforum.com

I'd like to revisit this thread and change my mind. Nathan argumented it well in the book (I just read it, my old post was ignorant since I was talking about something I hadn't read).

I think there may be a lot of value in running multiple projects with 80% focus on one (not, say, 33% on each business as that would be unfocused).

There's often a lot of dead time when you're waiting for something and could spend it on other things.

It also makes sense to pursue turning it on autopilot as soon as possible. This way you're building multiple passive income streams instead of relying on one.

Then there's also possible synergy when you have projects that you may somehow link together. Nathan gives a great example of this in the book with his podcast turning into a super lucrative source of B2B data.

 

[NursingTn]

Try it out yourself. Some people can do it; others cannot do it.

 

[MTF]

Find one thing that works and double down on it. Spreading yourself thin is a waste of your resources.

GOLD! - One Trick Pony

Sometimes I wonder if people are looking too many directions to try and figure out a path to take. Not that it isn't important to evaluate the options but, at some point the direction needs to narrow down. It did not take long for me to get into the fastlane once I had decided to invest in...

www.thefastlaneforum.com

 

[eliquid]

OP, this is what I do.

But like @NursingTn said, some can pull this off and others can't.

I only keep 1 side project though and it is always in the same niche as my main project to make things easier and faster and less distracting.

 

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[MJ DeMarco]

A while ago I read "How to be a capitalist without any capital" from Nathan Latka and there was one thing, that stuck with me.

In the book he suggests, that one should always have three projects at the same time: one main project and two side projects with a 80-10-10 time split.

I think that's horrific advice, however, I'm open to the idea that this is not a "one-size fits all" situation, especially when dealing with different business philosophies. The answer is also dependent on the projects, their scope, their scalability, and one's objectives in life.

I think if you want to excel at anything in life and be part of the top 1%, an 80% focus, IMO, won't cut it.

 

[Kevin88660]

A while ago I read "How to be a capitalist without any capital" from Nathan Latka and there was one thing, that stuck with me.

In the book he suggests, that one should always have three projects at the same time: one main project and two side projects with a 80-10-10 time split.

As soon as one project is running, he then suggests to put it on autopilot and start a new project, so that you always have three. If one project is not working, you stop it and start something new. With this tactic he is going for many small wins, instead of one big one.

The projects you work on should ideally have some overlaps, so that there is a chance of mulitplying the impact.

He argues that that way you can circumvent a single point of failure and at the same time maximise the two most important factors for success: timing and luck. He goes on to say, that with this rule you can test ideas fast.

I am interested, what you think of that? Is it really a good idea to have multiple projects at the same time?

You could be actually doing it without realising it.

You could be focused on your day job 9-6, while spending 1-2 hour a day on a side business hustle.

Once you see the side hustle start to go really big. You begin to devote almost all your off work hours and eventually reach a point that you can consider quitting your job.

It is already multiple project by necessity.

But even if daily income is not a concern, starting more than two sounds somewhat overambitious.

The reason to have more than one business project (business idea 1) , is that you are not sure whether you want to quit this lukewarm project which you have spent quite some time, that seems not to be going fast enough to be promising but shows mixed result that is worth waiting. This is actually where you want to invest some enough time and money to keep the business alive, so that you are not wasting too much time and money if it fails, but you still keep the opportunity that things might suddenly turn around.

Meanwhile you have another opportunity let us call it business idea 2 that “could be” far better than this. You spend most effort on idea 2 now.

If business idea 2 turns hot and very promising then abandon 1.

If business idea 2 shows extreme negative feedback while things are changing better for 1 due to external catalyst, abandon 2 and go back to 1.

Both ideas going nowhere and negative feedbacks are received despite best effort of trying. Abandons all and look for business idea 3.

The point is having more than one business should be a transitory stage where the ULTIMATE GOAL is to be focused on one business.

Keeping multiple business alive for too long is going to backfire because it actuals slow down the hypothesis nullification process. If you put in your heart and soul in an idea for four months and your client wont take your product even it if free, it is actually a good news that you can exit the attempt with no regret and hunt for the next big thing in your life.

 

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[Hong_Kong]

A while ago I read "How to be a capitalist without any capital" from Nathan Latka and there was one thing, that stuck with me.

In the book he suggests, that one should always have three projects at the same time: one main project and two side projects with a 80-10-10 time split.

As soon as one project is running, he then suggests to put it on autopilot and start a new project, so that you always have three. If one project is not working, you stop it and start something new. With this tactic he is going for many small wins, instead of one big one.

The projects you work on should ideally have some overlaps, so that there is a chance of mulitplying the impact.

He argues that that way you can circumvent a single point of failure and at the same time maximise the two most important factors for success: timing and luck. He goes on to say, that with this rule you can test ideas fast.

I am interested, what you think of that? Is it really a good idea to have multiple projects at the same time?

I think one project at a time is better. I used to be someone that went from idea to idea, business to business. The problem is that every business has to be build up, brick by brick. Rome wasn't build in a day.
Its better to launch a product for an audience, and if you want to add other products or services, build it under "one roof". Ie: You have a web-design service, add content writing, or paid ads but keep it under one project.
Also, continuously increase the amount of value you add (increase value skew). So if you have a webdesign business, and lets say you built an SEO tool as a project under the same roof, offer access to the SEO tool included with each website you sell.
Take your one business, stick with it, build it up, and keep delivering more value overtime.
"Make an offer they can't refuse".