Is your next idea sabotaging your best idea?
The Six Percent Entrepreneur
Is your next idea sabotaging your best idea?
May 27, 2021
In this episode, we talk about how founders a lot of times get the shiny-object syndrome.
One of the most common mistakes that I see founders make all the time is that their next idea will sabotage their best idea. So what I mean by this is a lot of times founders get shiny-object syndrome, they start chasing different avenues and start chasing different strategies without an actual cohesive plan to bring it all together. And what ends up happening is with the shiny object syndrome, founders might say, oh, I need to work on this part of the business and to start running Facebook ads or I need to have a website or I need to do my Instagram strategy. 

Then they start splitting their focus among all these different areas and they're not doing any of them correctly. And what's more is even if this person, let's say that they get a coach on just how to do the Instagram part. Well, that's only helping for the Instagram part. There still is no cohesive way to tie it all together. And what ends up happening is people start stitching together different parts of the business and as they stitch this together without a cohesive plan, they end up building a Frankenstein, a monster, by just stitching together all these different parts. And we all know what happened with Frankenstein, he falls apart and he will ruin your life. 

So what we're trying to avoid is avoiding to grow that monster and instead the real way to do it is to have someone on your team that's done this before that can walk you through each step of the process. Step by step. This is actually one of the things that we do in the Vertical Lift-Off program. Shameless plug. I'm going to plug it because I'm super in love with this program because I really do believe that this is a cohesive plan that will literally hold your hand and take you from step by step, from being able to get something on paper that actually makes sense and then executing on that vision in a way where you don't feel like you are chasing after different business and instead you're actually attracting. 

So one of the mistakes that I was doing personally was with my app Coinfeed. I mean I was amazing at driving traffic to this website. We were driving 10,000 unique visitors to that website each day, but that was a lot of wasted time and effort because I didn't have a cohesive plan to be able to attract, capture, nurture, and convert all of these people that I was sending over to my website. And this is one of the mistakes that I fixed with the accelerated program that I helped start is we are looking to completely avoid investor funding. 

The philosophy is 100% equity because if you don't have 100% equity, you're not a boss. We established founder market fit first, so we know this is not going to be something that you're going to get bored of later and we'll just end up quitting. And finally, the emphasis is on profit and happiness. So all these other different programs that you might see out there, they are focused on profitability, investors are focused on profitability and yes, profit is awesome. We should get the most profit that we can, we should have money. 

However, it's not just about profitability, it's also about happiness, it's about sustainability, it's about putting ourselves into a business that we are actually going to enjoy in the long run. And one of the best ways to do this is to connect with someone that's actually been where you want to go and have them show you the ropes. Because this is going to shortcut your time. Instead of spending 3-4 months on playing guessing games, you can spend just a couple of weeks on building something that you know will absolutely work. 

So the lesson here is stop getting the shiny-object syndrome, come up with an entirely cohesive plan to where you know that you are no longer chasing people, chasing opportunities, and instead, they are coming to you and you are starting to attract people and its least, it's low friction and least amount of effort. Hope that helps. This is Robin Copernicus. Boom. Bam, I'm out. 

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