When I started online business, I use to jump from one idea to the next. I’ve found many new entrepreneurs fall in to the same trap. Although it’s good to have lots of ideas, unfortunately many ideas are wasted because there’s no way they can be successfully acted on.
#1 business secret
The biggest business secret I’ve ever learned is to first decide on something you know you can be the best in the world at. If you can’t be the best in the world at what you are doing, then it just isn’t worth devoting time to. Choose something else and focus all your creative ideas into that one thing. Lets take my friend Robbie who want to start a website about all kinds of cars. Robbie wants to sell advertising on his website.
Can he be the best in the world a building a website about cars? Possibly, but not likely, unless he have the cash to compete against the worlds giant media corporations, many of whom have well established car portals. So what does he do? He needs to decide what he can be the best in the world at. I suggested to Robbie he could perhaps try starting the best website in the world on one of the following:
- Vintage cars
- cars with custom paint jobs
- fast cars
- V8 Fords
- V8 Fords with superchargers
- Australian V8 Fords with superchargers
Robbie (being Australian) then got excited because he knows a lot about V8 fords and decided to create a website about Aussie V8 fords. This will be Robbie’s Niche and with little effort, he can then become the best in the world at his niche. From there, he can then expand gradually, using he leverage of being the best Aussie V8 Ford to expand include American V8 fords also or expand to include car insurance advertising for ford V8’s.
Now what? Focus your ideas.
Now that Robbie has decided his niche and start posting photos of people doing burnouts in V8 Fords, he needs to channels his brilliant ideas. Every idea he gets, he needs to ask himself “will this idea help me be the best V8 Ford website in Australia” if his answer is “no” then he needs to get back on target.
But isn’t it a beneficial to be good at everything?
It sure is. Being multi-talented can be a great asset in getting ahead, but it needs to be controlled. Even an existing successful business that diversifies from their core goals too much is potentially in very dangerous waters.
“Think of an achievable niche that you can be the best in the world at.”
“Ensure ideas contribute to you being the best at one thing at a time, not many things.”