I’ve been observing and contemplating about how we get attached to “things”, even in business. I call it Business Hoarding, where you can’t let go of ideas of concepts – even though you know that they aren’t going anywhere. You try to start too many things without doing your due diligence, and your too slow to “cut bait” on those projects which aren’t a right fit – for one reason or another. Just because you have 10 projects doesn’t mean that you’re successful. I’d much rather have one killer project. Well, maybe two. And that’s just how easy it is to become a Business Hoarder.
Now just to be crystal clear, this is different than persistence. There is nothing wrong with pushing through with something in spite of everyone else telling you that you’re crazy, wrong, and just insane. Of course you want to carefully consider alternative positions. If your (business) theory is true it should stand the test of criticism. Assuming that it does, why wouldn’t you do what everyone else says you shouldn’t?
I’ve been working on a short litmus test to help entrepreneurs easily figure out whether to keep moving forward with a project, or to cut bait.
1. Is it unique?
Can you dominate the market, easily?
2. Is it marketable?
Are there people to sell to ? Will they purchase?
3. Is it profitable?
Can you make money from it?
4. Is it fun?
At the end of the day, you have to love what you’re doing. if not, why do it ??
This is just my initial list. I want to keep it short and sweet – but if you have something meaningful to contribute then by all means comment below!