How to avoid shiny object syndrome!
Are you struggling to stay focused?
Has something entered your world and you find that your now spending time pursuing that opportunity departing the road you were on?
Great – You have Shiny Object Syndrome (SOS)!
My last bout with SOS
Land Investing has been huge for me. In the last 17 months, I have been able to generate $7,200 (actually it’s $11,400, however, $4,200 will go away in 3 months) of monthly passive income, however about 2 months into my land investing career, something bad happened, I developed shiny object syndrome.
If you aren’t aware, shiny object syndrome is where you allow something to grab your attention and then you start chasing that. While I should had been focus on my land investing, I allowed myself to lose focus and start researching other business models.
Here’s what happened.
I was listening to a podcast and the guest was a guy who was promoting his course on how to make big money flipping businesses.
Yep, flipping businesses.
He was promoting how you could buy businesses with little to no money down, improve them and then sell it in a few years for big gains.
The business model was very interesting to me, because, at my core, I’m a businessman.
I begain to read everything I could on the subject, attended his webinar, made plans to attend his weekend bootcamp. I ordered books on buying businesses and valuing businesses and spent time building spreadsheets, thinking about how to raise capital and to finance the deal.
I spend time envisioning buying a company I used to work for, I created marketing plans, thought of ways to improve profitability. I literally wasted about 6 weeks chasing this rabbit.
Then one day, I was looking at small and almost neglected land investments and I realize that I was staring the best business model right in the eyes!
Like the snap of a wet towel, I was shaken out of my shiny object syndrome and I declared from that point one that I would no longer get sucked into the shiny business models. I was going all in on one strategy, land investing.
It’s easy to get drawn into all types of business opportunities, I still deal with it today, I see opportunity all around me and I want to grab them all, but, what I have proven (to myself least and hopefully to you) is that a valuable key to success is being laser focused.
Be a Diamond
“Diamonds are chunks of coal that stuck to their job.” -B.C. Forbes
When things are new, it’s easy to spend all your waking moments thinking about this new and exciting opportunity, this is called the honeymoon period.
I’m sure you have heard about that, but soon, the grind of the daily work appears and as they say, the honeymoon is over and the reality of the world sets in. In business, it’s not uncommon to get shiny object syndrome when the honeymoon is over.
However, you will not be success if you start down these paths only to change tracks when times get hard and your faced with challenges.
When you are faced with a wall, it’s easy to look around and see new paths to success, but if you stay committed, you will soon scale these initial walls and the path to success will come quickly.
Next time you find that you are losing interest in your current business model and you find yourself looking at something new, ask, why?
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Can’t I do both things?
If you have the first project humming and you have it completely maximized, then it might be time to consider adding something else, but it must be closely aligned with the first project.
Let’s take Telsa for example.
Telsa has been building electric cars since 2010 and they have been working to prefect that business model. They have been very focused on one project, electric cars. They have been very slow to add new models to their line. In 2015, Telsa announced their new project, the Powerwall, which is an energy storage system (battery) for the home.
Notice how this new project is closely aligned with Telsa’s main project. The Powerwall is almost a natural extension of their core business and it’s the ideal upsell for their current customer base.
If you are focusing on Real Estate Investing and decide to go into the ATM business, that is a bad decision. This same thinking exist in large businesses as well, just look at Yahoo’s recent announcement to sell non-core assets.
Yahoo is actually looking to sell Billions of patents, land, property and “non-core units or businesses.”
So the answer is, yes you can do multiple projects, but only if they are closely aligned AND will help you grow your revenue organically.
However, if you haven’t maximized profits of your first project, you should stay committed that project.
As you know I suffered from SOS and it’s not easy to overcome, but here are 3 things you can do to help you.
- Admit you SOS – it’s okay, you can keep it to yourself, but admitting you have it is the first step.
- Pick your horse – decide right now which horse your sticking with and take massive action into that business. Don’t stick with a dead horse, if you can’t make it work move on. But pick the one you like and commit to it for 18 months BEFORE you look at something else.
- Write down your goals everyday! Not the task that you want to complete but the BHAG’S (Big Hairy Audacious Goals). Have one or more of those BHAG’s tied to the horse your sticking with. Here are the goals I write down every day!
- Sell 700 properties and create $50,000 monthly in passive income from land investing.
- Have a network of $10,000,000
- Own a beachfront home
- Spend 2 weeks in Hawaii in a beachfront home
- Weight 170 lbs
Notice how the first goal is tied directly to my horse.
By committing and staying laser focus and keeping your blinders on you can find the success that you desire.
It’s not always going to be easy, you will have to fight your SOS, but in the end you overcome it.
Question: What actions do you take to overcome your SOS?