As entrepreneurs, we’re faced with a problem I was long ago warned about but never really considered it until recently, as I sat staring it in the face.
Seems as though, the more successful we become in our chosen endeavors – whether they be advertising, practicing dentistry, real estate or whatever – the more two things happen: 1) the next big shiny object threatens to derail us; and 2) we lose sight of our original goals, intentions and so on by the prospect of a new opportunity now available to us that was not before.
You’ve undoubtedly heard the saying: The grass is always greener. You know, the other guy’s deal always looks more appealing – that is, until you begin to unravel and peel back the surface and expose the deep scar tissue and horrid undercurrents. Then, frankly, your “deal” looks as good if not better.
Regarding the “other guy’s” green pasture: If it looks that good, DO go spend some time and investigate it. You may quickly find and be reassured he or she has the same kinds of problems you do in your field. Those problems, without fail are: bureaucracy, bad employees, and so on. You know, because you’ve already had them, or, will have them in your current situation.
Staying focused and looking at the “cost” of being distracted is critical to long-term wealth building.
I once visited the Trump Plaza in Atlantic City for a mastermind meeting with some other like-minded entrepreneurs led by Dan Kennedy. At the meeting, we shared some of the projects outside of our normal scope of business that we are using to build long-term wealth and security.
I was taken back somewhat when the guy sitting next to me, whose net worth is close to $4 million or so, tossed aside an opportunity I thought was rather lucrative and further, somewhat exciting that another member brought to the table.
His reasons/answer to questions for dismissing it were: 1) would it pay at least what he was earning now doing what he knew, was good at and understood to the nth degree; 2) would the potential for payoff be GREATER down the road than his current endeavor; 3) would it require travel?; and 4) would the liability of such endeavor threaten his existing financial security in such a way that he would end up going backwards.
So, before you launch off into a new venture, please do yourself a favor and consider heavily those questions above.
I know from a personal standpoint, having had the above conversation with my friend sitting next to me would have saved me a cool hundred grand and headaches like you wouldn’t believe. But then again, life’s a process and if I hadn’t learned the lesson now, it could have been worse later and cost me maybe a cool million instead! So, with that said, I guess I’ll just be glad I learned it when I did!