James Schramko here with some general ideas on how to decide if you should take on another project.
We’re entrepreneurs, we get busy and there is a thing called The Entrepreneur’s Paradox. And that is because we get good at delegating and outsourcing things, we end up freeing up our workflow and then we quickly want to fill it with the next project. This is what we do.
Now, I’ve filled some of my calendar with surfing and riding a mountain bike and other activities – reading, time with family. And I don’t want to just spend all my time working because I think grinding is for baristas. So if you are tempted to take on another project, here a couple of general things you might want to consider.
Think about if you spent more time on the thing that you’re currently doing, would you actually be able to get a significantly better result or would it just be a diminishing return? Have you kind of matured and maxed it out? Because at one stage in my business, I had about 11 different profit centers and what I found is when I brought that back down to three or four, I was able to really deepen it, increase conversions, get better at it, move more towards mastery and become an authority with it. So, generally, less gives you a deeper impact.
However, maybe you’re just not satiated anymore. Maybe you are not excited or interested in what you’re doing so that might be a reason why you’re considering another project. Remember to do all the research phases that I’ve spoken about before because those research phases will save you from making a huge mistake.
We’ve heard the expression “Burn your ships behind you”. Well, make sure you don’t get on the Titanic. You really want to do your due diligence before you take on a new project and be realistic about how much bandwidth and energy and resource it will take because it will. And just make sure you’re not doing it because you love starting things but you never finish things. If this is you, you need to hire a team of people who finish things or sell your projects and move the whole thing off and put everything into the new business with nice reserves and a good stable foundation. Don’t do it in a desperate manner. For example, when you’re swinging from one vine to another like Tarzan, don’t let go of the vine and fly through the air. Get a good grip on the new vine and then let go of the old vine just like a good trapeze artist would.
I’m James Schramko. I hope you’ve enjoyed this. If you need help with any of these topics, it’s exactly what I do inside SuperFastBusiness Membership and SilverCircle.com so check it out. I look forward to working with you soon.
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