As an entrepreneur I continually look for ways to improve my current life, my current process, my current project and even look for new projects to take on. I also find myself surrounding myself with like-mined people (specifically the entrepreneurially-minded people out there) and have noticed that there are two main schools of thought out there. Which one works? Is one best for a particular time? Or a particular personality type? How about a particular industry? Honestly, I don’t know. I just know I’ve fallen into both categories at different times and I’ve seen my peers do the same. Let us ponder and discuss both.
1) Have An Idea And Put Your All Into It – This school of thought is just like it sounds. You have an idea. This is your baby. Your drop everything else and you work on it. You eat, breathe, sleep to this thing. You ignore other opportunities as you work on this. Your entire life is dedicated to getting this idea off the ground and you won’t rest until you do so. The pros to such is that you won’t distract yourself with other ideas. You won’t spread yourself too thin…especially if another project you are working on develops a problem. You know you’re doing all you can for this idea. There can be cons though…if you go into this with the blinders on and focus solely on this you may miss a great opportunity simply because you’re working on this. You could also burn yourself out. And if this one fails, then what?
2) Work On Many Ideas At Once – Again…it’s just as it sounds. You’ve got a couple great ideas and you work on each one. They can be similar ideas or completely different. They may complement each other or they could be totally separate from each other. You find yourself spending your days working on everything and anything that pops up. The cons to this are immediately apparent. You could quite easily stretch yourself too thin and end up neglecting one (or more) idea(s) if you end up working on one (no matter if it’s filled with fires you’re trying to put out or if it suddenly gains momentum and your time/energy). It could sap your financial coffers as you work on them all. Then again, the pros are there too. If one fails, you’ve got the others to work on. Perhaps one will take longer to incubate while others offer a faster return. You can work on one idea if you get burned out on another on any given day.
As I stated earlier, I’ve been in both situations. I’ve seen others in one situation, the other…or both.
Which one works for you? Thoughts on such?