Being Too Macro-Focused

Think about it for a minute. Being too macro-focused. As cliche as it sounds, too many entrepreneurs do it. They just want it all. There is absolutely nothing wrong with 'wanting it all,' but when it gets in the way of getting even something small, it is a problem.

If you look at an average entrepreneur starting a company, they have serious plans and plan to dip their hands into just about everything from the start. This ends up leading the person to tap only partially into their skills and not achieving each task to their full potential. Just like with anything in life, it is usually better to have four of the same size tires for your car at regular price, than 50% off, four different size tires.

Even if you look at developed companies or companies that have been around for awhile, you may find prime examples of factors that set them back. Usually companies that are around in times like today (a recession), and are doing okay, have some product or service that they excel at, otherwise it would be very tough to survive. That said, those very companies & their owners, have to keep offering that product or service at a premium level; otherwise they will see their customer count shrink. But due to the recession, business owners or management in companies feel like they have to be "innovative" and come up with new products. This is a great thing- as long as they don't try to create a product that caters to the need of customers five needs- only partially.

If none of the above made sense, excuse me; but I will explain it right here. The problem with many entrepreneurs or just people who manage businesses in general is that they create something that isn't truly worth it. Lets take "Sam's plumbing company" for example. Sam is the owner of the company and he plans to create a product "agent Y" -which is a cleaning product to "clear all drains from backup" -to bring in more revenue to their company than just what product "X" brings. But while he is innovating this product, he also thinks about having the cleaning product be used to "germ proof" drains. This requires him to spend countless dollars in research and the end result is that it cannot be done. Because "Sam" was too Macro-Focused, he wasted time, money, and loss revenue by the delay of "agent Y" being launched.

So the bottom line is, if an entrepreneur creates something, it better be GREAT AND SIMPLE. Trying to have something fulfill 10 jobs, might not be the right thing, even if it is possible to create such a product. Being the best known for 1 thing is far better than being known as an average Joe for five things.