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WJK

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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:

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.
 

SteveO

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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:

Thanks.

I feel that the concept is very simple. The difficulty comes in when you have that shiny object syndrome.

Finding the initial path is the hard part. It will be different for everyone. Some people already possess skills in an area that they want to focus on. Others need to develop them.

I did not have much for skills in the path that I chose. I put a lot of effort into learning. Jumping in with both feet was scary at first but I got over that.
 

sonny_1080

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Thanks.

I feel that the concept is very simple. The difficulty comes in when you have that shiny object syndrome.

Finding the initial path is the hard part. It will be different for everyone. Some people already possess skills in an area that they want to focus on. Others need to develop them.

I did not have much for skills in the path that I chose. I put a lot of effort into learning. Jumping in with both feet was scary at first but I got over that.
Me too. I’m pivoting into incorporating what I learned with what I already know.
 

WJK

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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.
 

MTF

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Bump for 2021.

This is super important to understand if you're prone to going into too many directions:

When I went back to refining the original plan, the speed picked back up.
 

HabitsCampaigner

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Wow! I am so grateful to have found this thread today. Thanks SteveO and the many who have contributed.

I love realizing that after 25 years online, I'm not starting from scratch; I'm putting my skills (creative exploring/inventing, backend programming and web dev, email marketing, etc.) to a new use.

What a long and useful contribution!

I am inspired by these ideas. Today's the day to decide and focus.
 

Antifragile

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Awesome thread @SteveO

here is a book I liked a lot that’s saying the same thing - exactly. Interesting fact, author made it big in RE.

 

SteveO

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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..."
 

Antifragile

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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..."
There is now Jarvis.ai that can write for you. Just get @MTF to help ;)

Your wife can just collect royalties! Haha
 

Antifragile

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I have a question, which may seen dump, but ask it though.


I got in that thread by looking for ideas for a focus, as I have several directions, in which I look. To many.

So I have a question: I want to get the path of sourcing and selling something in a bigger style.

Is trading in general a narrow path? Or only focus on one thing to trade with?

In special : I m looking for good with a big margin. When I have one and start trading it, should I focus on getting the next thing and so on or focus on trading that single thing?
What exactly does it mean th focus on one thing?

Is „one thing“ the trading itself or trading a special thing?

btw. A great thread!
@Ing any update on your decisions after this post?
I am curious to hear your perspective as some time has now passed.

@WJK we are often taught not to put all the eggs in one basket, to diversify etc. And I think that's applicable when you have a certain net worth and only to the extent that you are "taking money off the table" as insurance for the future. When you are in startup and have nothing, I'd argue go all in on whatever you do. Get good on the "one thing", then get great at it and keep going.

@SteveO took a global perspective in this thread, as in "stick to one business and don't jump at every new shiny rock", and I'd like to add that same logic applies on a daily basis:
- When you start a task, finish it. Get the one thing done and only then move on.
- Know your priorities, there is never enough time to do everything but there is always plenty of time to do the most important thing (one!). What is it for you?
- Skills or lack of much needed skills can be developed the same way. Focus on the one thing you need most and get to "usable level of skills" quickly. Do you suck at accounting? Great, go take a course and focus, get the basics done. Marketing is new? Great, finish accounting course before you take the marketing one. Take notes, apply immediately and then revisit the notes one week, again one months from the date of finish. Don't know how to read legal documents or structure GP/LP partnerships? Well don't learn 15% of accounting, 20% of marketing and 5% of legal. At these levels knowledge is not applicable yet and useless. Back to "one thing" - get one done and move on to the next. Apply what you learned right away in your business.
- Workouts, meditation, food choices - this same principle applies.

To summarize:
  1. Never multitask. This kills the ability to do good quality work and takes 4x longer than if you focus on one task alone.
  2. Eat that frog
    :frog:
    . Some say that if you had to eat a frog (disgusting, I know) then it’s best to do it first thing and get it over with, the rest of the day will go better! Similarly, pick the task that is the nastiest and needs doing and get it done first thing in the morning.
  3. There is no such thing as “priorities”, plural implies that there can be a few or many. If you have more than one priority, you are multitasking. Each day you should have just THE ONE THING that must get done. And then a ranking list of things that you wish/should get done. The 1st thing is a priority, the rest is not. Pick your priority.
 

WJK

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@Ing any update on your decisions after this post?
I am curious to hear your perspective as some time has now passed.

@WJK we are often taught not to put all the eggs in one basket, to diversify etc. And I think that's applicable when you have a certain net worth and only to the extent that you are "taking money off the table" as insurance for the future. When you are in startup and have nothing, I'd argue go all in on whatever you do. Get good on the "one thing", then get great at it and keep going.

@SteveO took a global perspective in this thread, as in "stick to one business and don't jump at every new shiny rock", and I'd like to add that same logic applies on a daily basis:
- When you start a task, finish it. Get the one thing done and only then move on.
- Know your priorities, there is never enough time to do everything but there is always plenty of time to do the most important thing (one!). What is it for you?
- Skills or lack of much needed skills can be developed the same way. Focus on the one thing you need most and get to "usable level of skills" quickly. Do you suck at accounting? Great, go take a course and focus, get the basics done. Marketing is new? Great, finish accounting course before you take the marketing one. Take notes, apply immediately and then revisit the notes one week, again one months from the date of finish. Don't know how to read legal documents or structure GP/LP partnerships? Well don't learn 15% of accounting, 20% of marketing and 5% of legal. At these levels knowledge is not applicable yet and useless. Back to "one thing" - get one done and move on to the next. Apply what you learned right away in your business.
- Workouts, meditation, food choices - this same principle applies.

To summarize:
  1. Never multitask. This kills the ability to do good quality work and takes 4x longer than if you focus on one task alone.
  2. Eat that frog
    :frog:
    . Some say that if you had to eat a frog (disgusting, I know) then it’s best to do it first thing and get it over with, the rest of the day will go better! Similarly, pick the task that is the nastiest and needs doing and get it done first thing in the morning.
  3. There is no such thing as “priorities”, plural implies that there can be a few or many. If you have more than one priority, you are multitasking. Each day you should have just THE ONE THING that must get done. And then a ranking list of things that you wish/should get done. The 1st thing is a priority, the rest is not. Pick your priority.
You're right. My core business is doing fine. I have built a Productocity. I can only try some other stuff because of that base. I look for things that take very limited up-front cash and have a huge up-side. And they can't take up too much time front my core business. Yes, most of them violate the "control" rule, since I'm limiting my financial and time exposure. I know that these investments are always a long shot. A lot of times, if I'm being an angel investor, I can add some mentoring -- which adds some more control to the situation. I use to being the boss, so it pretty hair raising for me to NOT be in charge.
 

HabitsCampaigner

Jim Miotke
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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. :)
@SteveO You are an excellent communicator!

But I recall some guy once advised to watch out for distractions and only do that next thing if it's an extension of your same business and skills. :)

No you are a GREAT communicator... and humble too.
 

Ing

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@Ing any update on your decisions after this post?
I am curious to hear your perspective as some time
@Ing any update on your decisions after this post?
I am curious to hear your perspective as some time has now passed.

@WJK we are often taught not to put all the eggs in one basket, to diversify etc. And I think that's applicable when you have a certain net worth and only to the extent that you are "taking money off the table" as insurance for the future. When you are in startup and have nothing, I'd argue go all in on whatever you do. Get good on the "one thing", then get great at it and keep going.

@SteveO took a global perspective in this thread, as in "stick to one business and don't jump at every new shiny rock", and I'd like to add that same logic applies on a daily basis:
- When you start a task, finish it. Get the one thing done and only then move on.
- Know your priorities, there is never enough time to do everything but there is always plenty of time to do the most important thing (one!). What is it for you?
- Skills or lack of much needed skills can be developed the same way. Focus on the one thing you need most and get to "usable level of skills" quickly. Do you suck at accounting? Great, go take a course and focus, get the basics done. Marketing is new? Great, finish accounting course before you take the marketing one. Take notes, apply immediately and then revisit the notes one week, again one months from the date of finish. Don't know how to read legal documents or structure GP/LP partnerships? Well don't learn 15% of accounting, 20% of marketing and 5% of legal. At these levels knowledge is not applicable yet and useless. Back to "one thing" - get one done and move on to the next. Apply what you learned right away in your business.
- Workouts, meditation, food choices - this same principle applies.

To summarize:
  1. Never multitask. This kills the ability to do good quality work and takes 4x longer than if you focus on one task alone.
  2. Eat that frog
    :frog:
    . Some say that if you had to eat a frog (disgusting, I know) then it’s best to do it first thing and get it over with, the rest of the day will go better! Similarly, pick the task that is the nastiest and needs doing and get it done first thing in the morning.
  3. There is no such thing as “priorities”, plural implies that there can be a few or many. If you have more than one priority, you are multitasking. Each day you should have just THE ONE THING that must get done. And then a ranking list of things that you wish/should get done. The 1st thing is a priority, the rest is not. Pick your priority.
I recogniced trading is not my thing at the moment.
to be honest, I dont know „my“ thing yet.
My opinion is, that trading in every facettes can be the one pony to go.
 

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