One Trick Pony

[SteveO]

Glad I found this thread! Haven't seen many about the importance of planning yet, thanks @SteveO

(anyone can answer this btw, not only a question for Steve)

It took me 2 years to realize the importance of making a plan before doing something because I thought it was all about taking action immediately, some of the most frustrating times of my life.. wasted SO much time it's unbelievable. Still not perfect to this day..

I have a few questions about creating plans that actually make stuff happen:

1. When you get a new concept for something that is just an idea, how much of it should you write out so that there is actually a clear path to execution? One problem I've had with plans is that I go on hour long typing-sprees, feeling great about all of this amazingness pouring out of my finger-tips.. But all of a sudden when I finish, it's almost like I don't know where to start when it all seemed so doable while I was writing the plan, and it ends up never happening.

2. Should you have a plan before you do anything related to business? I'm asking because some of the days where I feel stuck in the desert of desertion seem to have no plan of action and it feels like the world is crashing down.

3. I've heard that a strategy is more important than a plan. What's the difference and why?

Thanks!

I feel that the implementation starts with the plan. Every business will be different though so it's difficult to answer your question.

Some people plan too much. I simply begin and adjust the strategy and plan with time and discoveries.

Spending too much time planning is action faking.

Starting a business in an orderly fashion takes less planning as you build experience. You build experience by taking action.

I'd rather try a couple times without success as long as the end result is successful.

The most important part in planning and strategies lies in proving the viability of the product. Will it sell?

The process of proving this out is building experience.

Not knowing where to start is normal. Lay out a few lines and then just start. Make adjustments along the way.

 

[phlgirl]

Glad to see this post resurface - the point is SO important. Thank you, SteveO. I too am tempted by many different potential business ideas. It's amazing, it seems like once you start running your own business - you finally make that leap - all of the sudden it feels like you see everything as a viable business concept.

And while you might be capable of success in many different ventures, it is smarter to pick one concept, refine the process to that of a well oiled machine and continue to repeat the process over and over again.

A wise man once told me that, often, making money is boring! It is the beginning phase - the 'figuring it all out' and initial growth period - which is exciting. Once you execute the plan multiple times, you may almost get bored or become less entertained. This is when your mind starts to wander (gee, maybe I should start an internet business.....), when in reality, this is where the real potential for money making most likely occurs. Stay the course. Thanks again, SteveO. I need this reminder almost daily

 

[SteveO]

What's improved for you as an entrepreneur by staying with the one pony?

Just for clarification.... the pony does the trick. MTF is the pony.

 

[WJK]

Me too. I’m pivoting into incorporating what I learned with what I already know.

I've tried a bunch of different ideas over the last few years for side gigs and pie-in-the-sky-investments. What are pie-in-sky-investments? I take a small percentage of my income and/or assets and play long shot business ideas and investments. The investment must be small enough that I can lose it without it hurting too bad. The upside must be big enough to make the risk worth it. I know that I'm going to lose my whole nut most of the time.

I bought an oil/gas lease from my State a few years ago. It was up against a working gas field. And I bought 4 surface lots so we could develop it. Then I partnered with an oil company and they did the seismic work on the site. We found out that my lease had no prospectus, so I gave up the lease and accepted my loses. Oh well. It would have made millions if it had come in. I learned a lot about that business. But, I'm not going to bid on another lease like that again. But I do a small investment in 3 oil wells that are going to be drilled soon...

I made jewelry in my espresso bar/office for a few years. I've quit that. It was a fun idea, but it was too labor-intensive and not very profitable. I'll use that creativity for my other business ventures.

I was going to start a used car lot. I funded buying a few vehicles. My partner, the auto mechanic, and the son of a close friend, got a wide hair. He suddenly moved to Arizona. This happened early this spring before the virus really reared its nasty head. I was glad that he ran off before I invested more money. I got a nice pickup out of it and there's still a box truck out in my yard that I need to sell... We would have made a lot of money between our to skill sets. Oh well. Next.

I wrote and illustrated some kids' books. That's a brutal business. But, I had fun doing it. I love the idea that authors can now self-publish so they can make money at it. The gatekeepers have been retired.

And that's just a few of the ideas I've tried out. Each time I have learned a bunch of stuff from every venture. A lot of the learned skills can be used for the next business. Right now, I'm using a business plan and techniques for some investments. It has the same elements as I used 40+ years ago when I was a young pup. Yes, it still works. Amazing. Education is never wasted! I can think of piles of new business ideas. My challenge is to vet them to make sure they will fit into the time and money slots I have available. Oh, and they must have the right upside IF they're successful.

In the meantime, I'm taking care of my core businesses and investments every day.

 

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[SteveO]

Plus, you need to grow net worth. THEN concentrate on passive income.

We certainly agree Dianne. Passive income is much easier once the net worth is there.

 

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[SteveO]

The path I'm taking it may take several years to become a millionaire, yet I'm essentially guaranteed to become a millionaire in several years. However, if I altered my path a bit to try some other things out the potential is definitely higher, but there's obviously a learning curve. If I learned quick I could see making a million quickly. If not, maybe I slowed up my path, but I don't know if I consider the path I'm on the fastlane for what my goals are.

If you ARE guaranteed to become a millionaire in a few years, I don't see why it isn't fastlane. I don't know enough about your specifics to answer fully. I also know that your path is one that is much different than mine and would make me unqualified to give you an answer.

Some people work and save their entire lives to become a millionaire. That is slowlane.

The bigger question may be around what you will do with this money that you make.

 

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[MTF]

Thank you, @SteveO. I have to admit I was VERY tempted to go into an entirely different market, but after taking a longer break I decided against it. Your thread only confirmed that it was the right decision.

 

[SteveO]

Thank you, @SteveO. I have to admit I was VERY tempted to go into an entirely different market, but after taking a longer break I decided against it. Your thread only confirmed that it was the right decision.

Sometimes it makes sense to change. Your avatar says it best though!

 

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[MTF]

Bump for all the restless entrepreneurs tempted to jump from one thing to another only to realize their original plan was the best.

 

[Imgal]

But I want to do EEEEEEEEEVERRRRRRRRRRRRRRRYTHING.

That's basically what's in my head a lot of the time... and I've tried it. It is a awesome way to fail spectacularly. The truth is I can do everything and if I really want it I can achieve it. I don't though really want something if I'm trying to do 15 other things all the just in case one of them doesn't work.

On another subject have I mentioned how much I adore the wisdom of @SteveO recently... because I do!

 

[Greg R]

2017 Bump to focusing on ONE THING. +REP

 

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[MTF]

This single idea alone has changed my life. It needs another bump.

 

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[Ernman]

@SteveO am I reading the dates correctly, you started this thread in 2007? And it remains just as relevant and worthy of discussion. Awesome!

I agree with your thread and like how MJ puts it, be monogamous to your business until you're successful enough to take on other risks. (hope I paraphrased that properly) My biggest challenge at this point is finding that business to be monogamous with. I know I'll figure it out and hope to God I'm smart enough to recognize it when I do.

 

[SteveO]

I've threatened to write a book. Don't feel that I would be able to sit and focus though. Besides the fact that I am a poor communicator.

My wife has a joke that she pulls out now and then. When I'm having difficulty getting my point across she will chime in with "let me translate... I speak Steve..."

 

[WJK]

Glad I found this thread! Haven't seen many about the importance of planning yet, thanks @SteveO

(anyone can answer this btw, not only a question for Steve)

It took me 2 years to realize the importance of making a plan before doing something because I thought it was all about taking action immediately, some of the most frustrating times of my life.. wasted SO much time it's unbelievable. Still not perfect to this day..

I have a few questions about creating plans that actually make stuff happen:

1. When you get a new concept for something that is just an idea, how much of it should you write out so that there is actually a clear path to execution? One problem I've had with plans is that I go on hour long typing-sprees, feeling great about all of this amazingness pouring out of my finger-tips.. But all of a sudden when I finish, it's almost like I don't know where to start when it all seemed so doable while I was writing the plan, and it ends up never happening.

2. Should you have a plan before you do anything related to business? I'm asking because some of the days where I feel stuck in the desert of desertion seem to have no plan of action and it feels like the world is crashing down.

3. I've heard that a strategy is more important than a plan. What's the difference and why?

Thanks!

You must just plan the first tiny step. Nothing more nor nothing less. When you get that one little milestone done, look up, adjust your glasses, and plan the second step. Long journeys are completed one baby step at a time. And each of these tiny achievements takes a lot of adjustments, thinking, and a sense of wonder. Things are NEVER going to work out the way you planned them. You don't know what you are going to need until you confront the real situation. You don't know how you will feel until you are actually standing there in that moment. You have no idea what monsters and problems you will face out there. Commit to the journey and then take your first step into that trek. Just relentlessly continue to move forward one inch at a time. Remember the story of the tortoise and the hare? That arrogant hare ran a fool's race. His hubris nature made him fail. The tortoise just kept going and he won in the end. But, don't be surprised when you end up miles from where you thought you would be. Many of us never dreamed of where our baby steps would take us.

 

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[rzach41]

Once you decide on your own "One Trick Pony" it makes life much simpler, at least for myself. Now I am not tempted to pursue many of the other ideas I get that aren't as lucrative as my precious One Trick Pony. In the past? I'd be all over every idea. Now its focus focus focus.

Bump for the One Trick Pony...

 

[MTF]

A bump is overdue.

 

[MTF]

A bump because of this recent thread: Featured User - SteveO: From Employee to RE Investor to Golf Course Owner...

 

[WJK]

Found this thread at the perfect time.

The ideas found in this thread hit me differently. I recently (within the last few months) learned a new skill. It’s been proven successful. I’m confident I can continue to build revenue if I focus on getting it in front of the right people.

It’s still early on in my business. I’m thinking about pivoting it a little differently to help people with a very specific problem.

Part of me wants to stick with what’s proven to work. The other part wants to dedicate some time to this new pivot.

What I’ve gleaned from your post is what you said to MTF a couple years ago:

“No!!!! That is the right thing to do. Build off of what you know.

You would still be working within your field of expertise.

I should clarify as well that there is nothing wrong with making changes and adjustments. Especially early on while trying to find a niche

If you are going to sell information, then understand the market and go after it”

You also said:

“My contention is not to stick with an unsuccessful path. It is to find one with potential, build your skills, and capitalize on it.”

Thank you for clarifying this point.

This helps:

HelpMyDecision.com - Decision Matrix - Part 1

You must have a solid base -- financial/business -- BEFORE you diversify. And then you must take good care of that base while you dally with other ideas and business pursuits.

Many people shoot themselves in the foot by diluting their resources and efforts by chasing other ideas and side issues too early in the process. Creating a business takes everything a person has to give. It's a 24/7 quest.

Or they become a success and feel that they no longer need to take care of their businesses. They are too busy spending the money and showing off. That's when they throw away their spouse and marry the office bimbo. Or buy a huge boat or a plane. I've watched a bunch of them lose everything and go broke. Then it's start-over time.

 

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[SteveO]

Thank you.

The thing I get so caught up in is the big picture. I end up wondering how the hell I'm going to conquer that big picture, and a lot of times I forget to zoom out and see what the next step is.

The Big picture is a concept. The obstacles and challenges along the way are learning points. This is where experience builds.

As you move along and conquer one step at a time, you begin to realize what needs to be done.

I don't believe there are too many people that simply decide a path and finish it without an incredible amount of thrashing. Unless they have experience...

 

[emorgan]

Amazing timing on this post Steve O- how funny. This has been my experience- not sticking with what I know and love, but instead trying to do what others have had success with. Now, at thirty, I'm hoping to learn this and refocus on my original goals and finally get where I want to be!

 

[S928]

Jack of all trades, master of ONE - makes perfect sense to me!

In order to be a high achiever on the fastlane, finding one's forte is extremely crucial. Some people will have a natural knack for RE, the markets, sales, internet, etc.. Find a niche, narrow down the possibilities and focus on making the dough.

Bottom line: find focus and get to work.

 

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[TaxGuy]

Thanks for bumping this often referenced thread that doesn't seem to generate the amount of discussion as it should!

If there's one thing that a lot of us have in common, whether we're in the "just starting" phase or even the "I've hit a snag" phase is that we're chasing rainbows or looking for that flavor of the month.

What this leads to is "analysis-paralysis", i.e. I have about 900 thread subscriptions now with about 60% that I have posted on and about 20% that I haven't even looked it, just saw the title and a little blurb and decided "hmm, this'll be worth looking back over" and it adds to the "analysis-paralysis" of trying to organize and figure out which threads contain the information relevant to what "I" want to do.

So with that in mind, to add to the "one-trick pony" taking all that I have learned from these threads it really takes answering one question to find the solution:

"What am I passionate about that other people want and are willing to pay for?"

Much like how MJ stated if you can find 1million people willing to pay $1/ea for your service, that's a $1million idea, but you have to have the passion to follow through on it and the customer's have to show a willingness to pay prior in the form of purchase order agreements or other types of pre-orders prior to investing an onerous amount of cash :smxB:

 

[SteveO]

This post is over 9 years old. Lots has happened during that time. The Unscripted life is like a rodeo...

 

[SteveO]

Ok I get being focused and pushing through barriers etc...but when do you realize you are at the end and you simply have to close up shop and re-start? It's great being persistent but when does that become deluded? It can be a fine line?

Yes, and I stated that as well. The writing is usually on the wall. The intent here is to get good at something and stay focused. That can be a challenge for many.

 

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[MTF]

Bump for 2019.

 

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[Ved Vardhan]

Few beautiful quotes on this topic:

"Concentrate your energy, thought and capital exclusively upon the business in which you are engaged... 'Don't put all your eggs in one basket' is all wrong. I tell you 'put all your eggs in one basket, and then watch that basket.'" ~ Andrew Carnegie

"Diversification is something that stock brokers came up with to protect themselves, so they wouldn't get sued for making bad investment choices for clients. Henry Ford never diversified, Bill Gates didn't diversify. The way to get rich is to put your eggs in one basket, but watch that basket very carefully. And make sure you have the right basket." ~ Jim Rogers

"Behold, the fool saith, "Put not all thine eggs in the one basket" - which is but a matter of saying, "Scatter your money and your attention"; but the wise man saith, "Pull all your eggs in the one basket and - WATCH THAT BASKET." - Pudd'nhead Wilson's Calendar" ~ Mark Twain

"A question that often comes up at times of strategic transformation is, should you pursue a highly focused approach, betting everything on one strategic goal, or should you hedge? ... Mark Twain hit it on the head when he said, Put all of your eggs in one basket and WATCH THAT BASKET." ~ Andy Grove

"Conventional wisdom is not to put all of your eggs in one basket. 80/20 wisdom is to choose a basket carefully, load all your eggs into it, and then watch it like a hawk." ~ Richard Koch

 

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[Angler]

I remember reading this thread a few months back Steve, and I was reminded of this thread again today. This passage from a book reminded me of you:

"You can’t throw 15 things at a wall and hope one sticks, you throw one thing at the wall as
many times as you need until it sticks. Entrepreneurship requires focus, focus can only be
achieved on one thing at a given time. It’s not even worth trying to multi-task until you are
earning dough from your one thing."

Thank You Steve, your thread, THIS THREAD, inspires me. The fact that this thread is the first thing that came to mind when I read the except from somewhere else says it all. A few months back, your writing made me ask a lot of questions about myself, what I wanted, and how I should go about doing things if I want to speed my process. Or at least not do the same things expecting different results. These inspired questions helped me hone in my focus, which in turn helped me get closer to knowing myself. Your writing has become a piece of me and inspire change, and to that thank you Steve. I know it will to anyone reading this thread too.

 

[mikecarlooch]

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 apartments. I focused all my effort and research on defining how I could maximize my returns and continued to refine this process as I went along.

Where I ran into difficulties was when I thought the grass might be greener and went in different directions. The problem was not that there was no money in the other options, it was just a distraction that took me away from my original plan.

I tried my hand at development a few years ago. Property was purchased across the street from a site where a new hospital was going to be developed. It was zoned for medical office (and general as well). I teamed up with a CCIM from the area and we worked with a builder on the project. We thought we could finish the buildings in 4 months and lease them up. It took 1.5 years with delays from the city all along the way. I had to carry the loan during the entire process.

Money was still made on this deal but the amount of time and other resources that went into this were a major distraction for me.

I also thought that rehabbing apartments might be a good thing to try. There were some rundown units in Palm Springs, CA. that were in the foreclosure process. They had many violations on them that were in need of correction. Again, money was made but the amount of time that was absorbed by this was unreal. I could not afford to pay contractor prices so my partners and I did most of the work. Pouring concrete diveways in 105 degrees was not fun either. :smxD:

If I had stayed on this path, I would have had to drop down to a slower lane. :fastlane:

Fortunately, these just solidified the fact that my original plan was working. When I went back to refining the original plan, the speed picked back up. :driving:

My point is that finding a workable plan to move ahead at a fast rate of speed is important. Development and Rehab are both very lucrative. I am not suggesting that there is less money in doing either one of those. The problem was with the distractions and chasing something without a fully understood plan of attack. Had I initially targeted development, the effort that I had put into it would have been different and the amount of time and path forward would have been very different.

Make your plans to move forward based on a carefully thought out plan that will take you where you want to go. If it isn't working... adjust... If it works... refine and move forward.

Glad I found this thread! Haven't seen many about the importance of planning yet, thanks @SteveO

(anyone can answer this btw, not only a question for Steve)

It took me 2 years to realize the importance of making a plan before doing something because I thought it was all about taking action immediately, some of the most frustrating times of my life.. wasted SO much time it's unbelievable. Still not perfect to this day..

I have a few questions about creating plans that actually make stuff happen:

1. When you get a new concept for something that is just an idea, how much of it should you write out so that there is actually a clear path to execution? One problem I've had with plans is that I go on hour long typing-sprees, feeling great about all of this amazingness pouring out of my finger-tips.. But all of a sudden when I finish, it's almost like I don't know where to start when it all seemed so doable while I was writing the plan, and it ends up never happening.

2. Should you have a plan before you do anything related to business? I'm asking because some of the days where I feel stuck in the desert of desertion seem to have no plan of action and it feels like the world is crashing down.

3. I've heard that a strategy is more important than a plan. What's the difference and why?

Thanks!

 

[WJK]

Thank you.

The thing I get so caught up in is the big picture. I end up wondering how the hell I'm going to conquer that big picture, and a lot of times I forget to zoom out and see what the next step is.

You don't have to "conquer" the big picture. Break it down into baby steps. This is my question I ask myself continuously as I go, "What can do at this moment to move toward my goal of _______?" Sometimes there is a concrete action I can take. Other times it is simply to think through my next step. I make benchmarks along the way. There are a lot of minor accomplishments within those big goals. The big ones tend to be overwhelming and make us freeze like deer caught in the headlights. Where do you start? How can you feel any sense of forwarding motion when there is so far to go? But, I can take a baby step and celebrate when it is completed.

Here's another thought for you. I finished a goal a couple of years ago that I had at the top of my to-do list for 35 years. I thought balloons were going to fall on me from the ceiling. I thought everyone was going to throw confetti on me as I walked by. Do you know what happened? Nothing. I got up every morning and went to work at my office and my businesses. Life went on as it always had. It was a totally flat experience. BUT, the last 6 months have been stellar for me. It took two years for me to see the differences that completing the goal has made in my life.

 

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