I was going through my Google Alerts for Entrepreneur and Entrepreneurship the other day and came across an interesting article on Entrepreneur. It was an article that talked about the 4 Strategies John Lee Dumas used to build a $250k a month podcast. If you are not familiar with John Lee Dumas, he is the founder of Entrepreneur On Fire, which is a great podcast for entrepreneurs to have on their list of podcast.
But back to the interesting part that I am sure you want to learn more about.
Not $250K in a year.
$250k per month!
That is what you call success and something I’m sure you want to learn to accomplish yourself. I know I surely want this elite level of success myself!
As stated, there were 4 strategies John utilized to accomplish this success with Entrepreneur On Fire. You can read about the first 3 strategies in the article link provided. I want to speak about one strategy I found to be the most important of them all.
John has an acronym for what he describes as FOCUS.
F.O.C.U.S. = Follow One Course Until Successful
I know, I know. You are an entrepreneur with many ideas and so many passions you want to pursue. You want to explore them all, creating businesses out of all of them, and most importantly getting paid good money while doing so. That is what entrepreneurship is about right?
Yes and no.
Entrepreneurship is about seeing and opportunity and giving it your all (strategically) in order to come out successful. And many times those opportunities you pursue revolve around something you are passionate about. But you cannot effectively create and develop 5 new businesses at the same time. It’s impossible to do so as a one person team and a waste of your time and creative energy.
Spreading yourself thin means that you are not giving 100% effort in any of your endeavors. When this occurs, your businesses suffer and you are left burnt out and feeling upset about what occurred. You believe that it was a competitive marketplace or lack of consumer understanding that led to your multiple failures. But in actuality it was your inability to F.O.C.U.S.
Put your all into one business idea. Build that business up. Develop a team and systems within that business in order to keep it running effectively without you needing to be a constant presence. And move on to the next endeavor once that business is an actual self-sustaining business.
Many entrepreneurs fail because they are not patient; not taking the time to really develop their initial business before moving on to a new idea. Create your first success so that you understand the process of what it takes to create a successful business.
Utilize F.O.C.U.S. my fellow entrepreneurs.