Entrepreneurs suffer from a curse.
Not just any curse—one born from good intentions that dooms you to failure.
As entrepreneurs, we're extremely optimistic people. It's a survival tactic when you spend most of your day dealing with rejection and failure.
The problem is this - our optimism creates distraction. I've been guilty of this curse countless times. Here's how it plays out:
- I get super stoked about an idea and work day & night to get it off the ground - great
- At some point in the early building days (i.e. eating glass and pretending it tastes good), my mind starts to wander into the 'grass is always greener' phase. The phase when you start thinking everyone else's idea sounds great. Next, the wheels fall off.
- You start launching new 'partnerships' or maybe even a 'side hustle' to help make some money to 'take some stress off the main business'
- The problem? Your days are now stretched beyond belief as you're juggling way too many things at once. Your main business starts to suffer, your side hustle doesn't get the attention it deserves, and you start spinning your wheels (with neither business progressing forward) and do a tailspin into burnout.
- Before the inevitable implosion - you do some self-talk and convince yourself, 'you just need to double down' and 'working harder and longer' will fix the problem. Where do the hours come from? A nice little cocktail of less sleep and skipping workouts. Burnout starts accelerating at a crazy fast rate and your health goes out the window.
- You burn out.
This wasn't all that optimistic, eh? Okay, here's how to avoid this death spiral:
- Become intentional with your time. Cut out anything that doesn't move the needle in your business.
- Ask yourself this question when faced with a new opportunity (side hustle, business idea, etc.) - would you quit your current business to pursue this new opportunity full-time? If the answer is NO - don't do it.
- Short-term sacrifices are hard to break. For example, it's harder to get into an exercise routine than stay in one. This compounds over time. So skipping a few workouts may not seem like a big deal - but can quickly unravel all the progress you've made. The same is true with sleep.
My last note - a lot of entrepreneurs (especially today) think they need to become the next Elon Musk and build a big holding company of 10 different things. I'm not saying you can't, however, just remember the most successful entrepreneurs had ruthless focus on a single business for decades before they started launching or buying new companies. There is no need to reinvent the wheel of success.
Focus is your superpower - protect it at all costs.
idea of the week ??
- Problem: People are having to donate 2 kidneys (you do the math) to pay for wedding photography these days.
- Idea: create a ‘disposable photo’ app for smartphone (here me out). The idea is simple - you create a camera app that has zero previews and only gives your wedding guests a limited number of photos. When a photo is taken - it is automatically sent to the bride & groom via the app.
- How it makes money: Sell the app on a one-time payment. Either price it based on usage (40 people actually used the app so $2 x 40 = $80) OR a flat fee per event. If you’re thinking, “who the hell is going to pay for this?” answer: gen x women - that’s who. They are already spending hundreds (yes hundreds) on giving out 10 to 20 disposable cameras (at $20/piece) to guests at weddings for the ‘nostalgia’.
- Why it might fail: Lack of adoption. You have to make it super easy for the wedding guests to download + send the photos - no account set-up required. Some brides may not want a way to encourage people to get on their phones.
*important note: there is a high likelihood this app already exists BUT i’ve never heard of one = opportunity to build a micro app.
friday fitness
at-home workout:
- 30 mountain climbers
- 15 pushups
- 20 bodyweight squats
- 30-second wall sit
gym workout:
- Deadlifts: 4x8 (heavy but not "calling your chiropractor" heavy)
- Pull-ups: 3x failure (sub strict pull-ups for assisted pull-ups as needed)
- Dumbbell shoulder press: 3x12
- Face pulls: 3x15
outdoor workout:
- Find a hill and sprint up it 6 times
- Walk down
- 100 air squats
- Finish with a 5-minute plank challenge (just kidding, that's insane - do 1 minute)
tweet of the week
My back hurts from how much I just patted myself on the back (see green highlight below).
Below is a tweet from one of my favourite newsletters - 5 Tweet Tuesday by Shaan Puri.
This week he mentions how judgement (i.e. taste) is the apex skill in business. Sounds a lot like last week’s newsletter ??
my plugs
Co-founder of Enrollment Resources Inc, Climate Change Activist Intention for my clients? 20 to 22 percent lift while lowering expenses 3 to 5 percent
2 周I had my nephew do i phone at my wedding. Given hes a carnivore,got him 100gc at the key...the app idea...have to calculate sales and marketing per new customer then multiply by 5 to establish price
Helping agency principals increase the value of their firms and exit successfully.
2 周So true. Beware shiny objects steering you astray.