James Schramko here. And one thing I see entrepreneurs doing a lot is, they move from new thing to new thing to new thing to new thing to new thing and forget the core, forget the very thing that was successful in the first place.
So if that’s you, stop for a minute and just think about a different way of approaching this. I would suggest if you have new projects, allocate a portion of your time or one day a week or an hour a day, so that you’re not spending all of your time obsessing about it. Probably the most classic example I saw a year or so ago was, so many people in my market got absolutely obsessed with cryptocurrency. And I actually made a blog post warning about this, this obsession, this blind crazy drive towards cryptocurrency and people cashing in on it.
It meant they left their core business. They literally abandoned it. They move from one established business community that they’d set up and went off in search of something bigger and greater and better. But when they got there, they found it was worthless and by the time they went back to their core business it was run-down. So don’t fall for that trap. If you want to go and pursue something new, make it a percentage of your portfolio not the whole thing until you’re absolutely certain this new thing is the thing. And this replays out over and over and over again in history.
Especially entrepreneurs are prone to this because they’re opportunistic. We can see the good in everything. We can see the opportunity, the value in these new exciting things. On my to-do list, I’ve still got innovations that others would have considered, you know, much earlier than I have. They’ve rolled out and got all invested in it, but they’ve sort of missed the plot. And I’m watching now, some of the things that I’ve been doing for 10 years long like recurring subscription memberships, podcasting, making videos, for example, those won’t go out of style. But a lot of the other stuff will.
You’ll see a little bit deflection from chatbots and automation back to human interaction. I think that will be a big one and you’ll see other things like that. In fact, Facebook is less than popular right now. And as people start to switch off from overcooking their social media, they’ll go back to a more roots-based model that values human interaction, that people who have built on their own platforms like I have will be in a very strong position. People who are all in, whose entire business model is fueled by just running Facebook Ads, they’re going to be all out, so be careful.
There you go. Today’s tip is, allocate just a small percentage of your portfolio towards new activities, the bright shiny objects, and stick to your knitting, stay in your lane and keep your core strong. I’m James Schramko. I help business owners at superfastbusiness.com with personal private coaching, a real human interaction. If you would like me to help you with your business, join SuperFastBusiness Membership. I’ll be there waiting to coach you.
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