I'm stuck / Paralysis of Analysis / Information Overload

[Carny]

I don't know where to begin, or where to end for that matter, to keep this thread from being so long no one will read it. I use to think real estate was fastlane, but then I started realizing its not (generally). I started realizing that scale is what matters and that's hard in real estate. I did take action and bought a house to flip (which I ended up renting) so taking action is not the problem.

My problem now is focus. I actually do have ADD, but I don't use that as an excuse, I like it. Besides, ADD is not why I can't focus right now. The problem is probably that I'm just looking to make money. I don't have much capital to start anything (<$10k) but I have been buying and selling on craigslist more lately. I've done that for quite a while, but I'm doing it now to raise money to be used to make more money. I've made about $1000 in the last 3 weeks. I don't know what my goal is because I don't know how much I need to start a business I haven't thought of yet.

First I thought I would do the import thing but that triggered major analysis paralysis. I tend to research to the nth degree. It takes me ten minutes to buy toothpaste. Drives my wife crazy. Then I jumped to internet marketing, but that also opens a 50 gal drum of worms because there are so many options with that. Not to mention my web building skills are limited.

I'm all over the place and it is stressing me out. I've been doing craigslist deals because I know I can make money at that and I'll need that money eventually for other deals. I've also started reading how to write good copy because that will serve me well for the rest of my life.

I don't know what I'm even asking for here because I know no one can just tell me what my path should be. I guess I just needed to vent and hopefully get some encouragement and advice on how to focus and pull the trigger on something. I've just been cramming info into my head but feel like I still don't know enough on anything to act.

 

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[Carny]

Out of curiosity I just counted the open tabs in my web browser and there are 52. Most are for a product/idea/topic to work towards the fastlane.

 

[Kingmaker]

I've been in the same boat, but recently I've been getting more focused. Here's how I changed my thinking: my initial goal is to help just one person - say Jane Doe or John Doe. Your business idea has to fit the following 3 basic criteria for Jane/John:

1) How can I solve a problem for you?
2) What kind of value can I add to your life?
3) How can I make your life more convenient?

Now, Jane Doe or John Doe can be absolutely anyone that you want to target. If Jane is a skier, how can you make her skiing experience better, or if John is a bodybuilder how can you make his work outs better. The limit on target audience is your imagination/life experiences.

Also I would skip news feeds or "top 10 business ideas of 2013" type of articles. Best ideas come from in-person and professional interaction and people's complaints that you can solve. If you prefer to do it online, go to forums on a topic that you are interested in and look for people complaining about something, and solve that.

The more niche your interest/experience is in the better, because only YOU will be able to solve that specific problem, or at least have fewer competitors than the generalized "I will sell stuff online", or "I'm going with affiliate marketing" crowd.

Trial and error it in various niches where you can add value in until you help one person, because where there is one there are many and you might just hit the gold mine.

 

[MJ DeMarco]

I'm all over the place and it is stressing me out.

You're all over the place because you LACK FOCUS. "Oh, OK, great, I already knew that!" you say.

You lack focus because you lack a problem which needs a solution.

Once you have that, the focus becomes clear because the that problem needs a solution.

Have you ever noticed how a person with a disease suddenly becomes LASER FOCUSED? It's because a problem now exists, in clear view, before them. Their focus becomes the solution to the problem. Suddenly their diet changes. They exercise. Suddenly, their actions change from a WHIM to a LIFESTYLE. Why? FOCUS due to an impending problem.

Entrepreneurship is the same way.

I wrote this for a gentleman on the INSIDE ... I copied it here.

Here's the thing that I don't think many people understand, CONFUSION is the result of having the WRONG FOCUS. The confusion is the incongruity. The confusion is your gut instinct knowing what you're doing is the wrong path.

If you have a clear vision about the solution/need you want to provide to the world (hence providing value) the confusion disappears. The path you need to take illuminates right before your eyes. Is that path easy? Hell no, but it's the RIGHT PATH. It's clearly lit and it gives you the guidance to move forward because each step of the way is determined by the ultimate vision of your business. This is why your business effort, no matter how small RIGHT NOW, must have life-changing circumstances as you progress.

 

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[Bigguns50]

Carey, and did you read the book yet? If not, read the it.
I also have ADD but I do NOT like it so I take a medication that helps significantly with no sides.

II chased money all my life and I have little. I also worked my a$$ off to have no debt but that's not making me happy either because I don't have enough time or money to enjoy life.... So.... I read the book, found a problem 2 days after, and I'm working on a process that will solve it. I don't live what I'm working on. I don't even like it. What I don't love is the challenge!

Look for problems. Practice. What do you complain about? What do others complain about? What product or service you or someone else uses sucks?

I can vouch for what MJ said about getting focused. "You lac focus because you lack a problem which needs a solution."

Quick story... My friend crashed his bicycle, hospitalized. One injury to his throat was caused when his helmet hit the pavement and his helmet strap crushed his windpipe(problem) ... I thought... Should there be a release mechanism?

 

[Bigguns50]

Sorry for the typos... Tired.

 

[RBefort]

Don't worry, I feel the same way. My problem is I don't feel like I want to tackle the importing/exporting or creating a product from scratch yet. Also, I am more interested in real estate. Of course, there are some niches underneath this as well. My brain gets scattered because of all the possible ways to succeed. Really, you just have to pick something you think there is a need for and go for it. Then, you will probably just be guided from that point on. For instance, you found a need. Ok, now how do you solve it? Now that you know how to solve it, what do you have to do to bring it to market? Let's say you have to actually create a model of something. You do that. Now what? Now you might want to test a few of these to consumers to see how they react. Cool, they like it; now what? How do you bring it to larger scale? Find producer. Cool, stuff is being built for inventory, what else needs done? just on and on and on. These might not be the correct steps to the process, but it's my point of saying you will figure out as you go.

Just read the basics and you'll tackle everything else you need to know along the way. If you try to read anything and everything on the topic, you will just confuse yourself because people have opinions on what works/what doesn't, best way to do it, blah blah blah.

FYI real estate could be fastlane, but flipping a house here and there isn't. You can still build capital and such this way to fund other projects. Good luck, and never give up!

 

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[Carny]

Thanks for the advice and the encouragement. I need to go back and reread the section of the book on focusing on a problem. Since I started this thread a few days ago I've been trying to focus on finding problems, and they are everywhere. I haven't found one that sticks out or that I want to pursue yet, but I'm training myself on the process.

How would I apply this principle to internet marketing? Am I solving a problem for the manufacturer, the end consumer, both? I suppose you would have the greatest success doing both. But the supplier's problem would pretty much always be they have a product they need to sell, so the consumer is the only variable. Maybe I just answered my own question.

What type of problem would you be solving for the consumer? Johny Lunchmeat is barely able to use the google box and needs to see an ad to find what he wants to buy?

 

[therebel]

I have ADD, the trick is to get wrapped up in actually doing it and not think about the how-to part so much.

having ADD is like... getting sucked into a movie easily...

the bad side is when you don't make an effort to get sucked into the right movie you'll stay wrapped up in the wrong one for god knows how long..

 

[andyredsox]

- Always have a positive mindset man, and a positive motivation. You should train yourself to be more focused and be alert in every decision you make. Don’t let yourself be defeated by your own failures. You have to relax a little bit, and don’t push yourself too hard.

 

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[rkrone]

I'm doing it now to raise money to be used to make more money. I've made about $1000 in the last 3 weeks. I don't know what my goal is because I don't know how much I need to start a business I haven't thought of yet.

I think that is a good start, because you will need the capital once you find your idea. I am in a very similar situation, looking for the right opportunity to follow through with.