Tag Archives: multiple ventures

Entrepreneur or dabbler?

14 Dec

One of the most common mistakes entrepreneurs make is taking on too much at once. Or I should say, taking on too much before you’re successful at one thing. This is understandable because, after all, the DNA of entrepreneurs compels us to start stuff. The problem, though, is the confusing message it often sends out to the world, as well as the dissipation of energy and attention.

I met a woman a few years ago who was selling custom scarves online, writing a book, looking to start a cafe, and getting her real estate license. I forget what else she mentioned. While I commend her Renaissance spirit, purely from a business standpoint (and she did say she wanted to be financially successful, not just have fun) she was making it harder on herself. My guess is, few people at the party where I met her walked away with a clear idea of what this woman’s about, other than being a dabbler.

If her pursuits where all under one brand umbrella, then it might be different. Conceivably, she could tie two of those ventures together, like selling custom scarves and opening a cafe, but that’s about it. The book could tie in, if the intended reader were very much within her target audience for the cafe and scarves — but that would still be pushing it.

The point is, 99% of the time, success comes to those who focus on a very singular pursuit to the exclusion of other opportunities or interests. I think this is a major, unspoken challenge for many budding entrepreneurs. We tend to think that if we throw enough stuff against the wall, something will stick. But look at the stories of successful entrepreneurs (and rock stars), and you’ll see this is not their story. Mark Zuckerberg was very singularly focused on making Facebook a success, as was Gene Simmons with KISS. Jeff Bezos started Amazon as an online retailer only selling books, while Bono helped start U2 to only make great, socially conscious music.

The good news is, you can keep your additional interests and dreams close to your heart, because success in one area will open doors later in others. Amazon now sells everything. Bono promotes and participates in many ventures. Gene Simmons has a TV show. And Mark Zuckerberg is trying to tackle problems in the U.S. education system. Not likely, however, that any of them could’ve achieved their additional (and possibly more meaningful) successes without having focused on making their first venture successful.

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