Article Tags : DIVERSIFICATION VS. FOCUS . e-myth . Entrepreneurs . focusing . magnificent obsession . objective
Diversity. You hear a lot about diversity
If you trace most people who became successful, contrary to what may have been said, they bet most of their resources on one business, one specific career, one type of investment. They sink or swim initially on a singular proposition, service, product, etc. After they made their initial success, then they diversify. There are few people who initially diversified and became very wealthy. The bet everything on a singular vision. This is high-risk, high-reward strategy. Even top investors of fund managers diversify portfolios may outperform others because they adhere to certain investment criteria or formulas. But, often, losers negate winners. (The TAO of Warren Buffet).
Somebody has to be obsessed with what they’re going to succeed in today
It’s been termed “the magnificent obsession.” If a person is obsessed, you want the obsession so unrealistic that the person will promise anything, project unrealistic numbers, or even “cook the books.” Driven people can become dangerous. They’ll invent numbers because it must be successful even if their plan, business, etc. is not working in the real world. (Store: The Magnificent Obsession).
The magnificent obsession is really a conviction or unshakable belief. The concept of belief is the bedrock of “success.” People can achieve with negative or positive beliefs – negative beliefs denied as beliefs directed toward negative results. (Book: Think Big).
If you had the quintessential balance of the 2, what would that be?
Focus. Most people are not focused on what their real objective is and the innumerable steps necessary to accomplish their undertaking
Many people are impatient. They need stimulation in the form of instant gratification. They want to be Time – Warner, Amazon, Microsoft, Dell overnight. One step needs to lead to another step and son on. They want to go from step 1 to immediate success. You say, “Wait a minute, how are you going to get there?” They waste much money because they lack direction and the proper people to execute a step-by-step strategy and plan. If you can demonstrate that you can implement your objective, have integrity, and have solid management, mostly you can attract money. If you are executing your plan, the money will be offered to you. (The importance of strategy and process).
Too many people, in all areas of their lives, are distracted. They cannot direct and focus their energies on the steps to evolve themselves, their career, business, investments, etc.
The Entrepreneur often has difficulty focusing on one idea and seeing it accomplished before starting another idea
Entrepreneurs are visionaries but they can have too many visions. Often, they spread their resources too thin and do not lead their people in a clear direction. Entrepreneurs need managers and technicians so resources can be focused and the products/services produced properly and with the expected quality. (The E-Myth).
When looking at businesses, careers or people’s personal lives, you can often tell whether they are focused, organized: relate to people: are overly impatient, intolerant, grandiose, expansive or limited. The key is that you should evaluate your own strengths and weaknesses. Evaluate the same criteria in others.
What clues do they give verbally or non verbally that signal trustworthiness, competence resourcefulness.
1. Do they take on too much?
2. Are they racing after too many rainbows?
3. Are they realistic as to their strengths and weaknesses?
4. Do they have successes in life?
5. Do they have success skills – vision, tenacity, perseverance, enthusiasm, definable goals, desire to go the extra mile, a pleasing personality, a positive attitude, open to collaboration, flexibility.