Amy K. interviews me on San Diego Living.
We discuss a few lessons learned through my experience as an Entrepreneur. You can see the video on her site http://bit.ly/ll1ag (along with a bunch of other great Entrepreneurial videos) or just watch it above.
Shouldn’t entrepreneurs try many different opportunities so if one fails the other ones might make it? No… and yes. NO, meaning an entrepreneur should never try more than one opportunity at a time. Yes, meaning if the opportunity doesn’t pan out quickly move on to the next. Most of the time diversification is good, like when investing or dating, but the word diversification for entrepreneurs, especially in start-up situations, is deadly.
Here’s why diversification will kill a start-up
Focusing on more than one thing guarantees mediocrity
- It’s hard enough to build one really good widget (website, product, content etc.) but try building two at the same time and those widgets are going to be half as good as they would have been if you just picked one.
Your competition already knows not to diversify
- The competition is smart, someone over there already knows this lesson to stay focused and has all their resources focused on one widget, and it’s going to be amazing. You can’t afford to have your competition be focused and you be spread out.
You can see trends for posts, followers and friends (following).
Our company is using Yammer (it’s like a private twitter/facebook for your office) for real-time collaboration but the unexpected benefit came from the real-time banter that has the office booming with laughter. Instant culture booster.