Questions

Is it ok to validate more than 1 idea at one time? Or should you only focus on 1 business idea at a time?

My question is around finding focus in entrepreneurship.

3answers

Hello!! That's a very good question you asked. Having been a entrepreneur for more than 7 years now, I understand how entrepreneurs are often serial thinkers and the rate of idea generation is definitely greater than that of execution.

Focussing your thoughts and actions on more than one business idea at a time could be labelled a tough task, but surely not an impossible or unadvisable one.

At the start of my career, I was trying to launch a fashion retail business and an IT consulting firm, two business niches completely apart from one another. I was able to shape both of these into successful businesses while working on them simultaneously.

The key is to learn how to shift your focus and yet retain it for the right things at the right time. It's pretty much like setting out meeting times for the coming week in your calendar. When you're in one meeting, there's no talking about your other appointments. so while you're working on one of your ideas at some point in your day, THAT idea should have your complete attention like there's nothing else in the world. Day after day, you will see your ideas progressing simultaneously.

Please feel free to request a call for detailed understanding of how you could put this into practice


Answered 4 years ago

Here are a few questions you should consider:

1: Is one idea closer to "market ready" than another? If you're debating launching two products, for instance, is one easier to manufacture and ship? Is development of one concept at 80% and another at 60%? Even if the less-complete concept is your true goal or your greatest potential for profit and growth, starting with the more accessible concept can help start revenue flowing while you flush out the details of the other concept.

2: What do your customers want and what are they willing to pay for? Start asking potential customers about each concept. Their reactions and questions will be very helpful in guiding you to the right answer.

3: Which concept is most novel, disruptive or innovative? People love new and shiny things. If one concept is already readily available on the market, consider whether you have the reach and influence to tap into existing customers of your competitors. If you've really got something unique, and you know that it works, people will pay for it and you'll turn a profit, you're probably on the right track!

Call me and we can discuss your specific questions. I can help you prioritize what to do next and find the focus you need. Thanks!


Answered 4 years ago

The only correct answer to your question is "it depends." In the past two years, I've started three consumer products companies. During this time, I've always worked on at least two simultaneously. Meanwhile, I'm also currently writing a book and sitting on the board of a new non-profit organization. All in all, I've never been one to go by the rules of focusing on one business idea at a time. You can argue adamantly for both sides of this. Personally, I go by the theory of "don't put your eggs in one basket." But honestly, it really depends on what type of business(es) you're starting up.

Throughout my time as an entrepreneur, I've learned a ton of lessons on which tactic works best, which business ideas to pursue, and how to validate your idea before putting all (or even some) of your energy into it. I'd be happy to evaluate your business ideas and lifestyle to determine what approach might work best for you. Would you like to do a call sometime?


Answered 4 years ago

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