I feel the need...the need to do everything

The drive to build, achieve, deliver and often prove something is a heady mix. Often, the entrepreneur is faced with the problem of plenty. As an example, a technology might have multiple uses in different industries with differing business and revenue models. Or a product could be developed for different sets of customer bases - such as commercial or consumer. Or a website which could do multiple things for every kind of customer and offer them every kind of widget. It is very attractive to think and say that "I can do everything. Bring it on.". The truth of the matter that in most cases, deciding to do multiple things at the same time is not the most feasible option.

Lets examine in detail why I suggest this crazy-sounding option by using this example. John is an entrepreneur and he has recently been contacted by an inventor named Steve. Steve has a patent on a technology which he wants to have commercialized and thus needs someone like John to help him with it. John agrees to work with Steve to do a feasibility analysis and they realize that this unique technology can be applied to at least four different industries: aviation, entertainment, fitness and utilities. They are very excited at the opportunities in front of them.

Here are some of the challenges ahead of them:
-- Will they be launching one business or four different businesses
-- They need to raise capital from private sources (angels, VC's etc) and realize that private investors in most cases have some specialty and like to see focus
-- How would they build a team for such an endeavor?
-- How would they explain to everyone what they are doing in order to get the message across in a succint manner
-- As a start-up, how do they not get confused with their customer bases in different industries?
-- Do they want to dedicate their life to business? or have some time to spend with family too?

At this point of time, it is very important for John and Steve to understand that even though there is a lot of potential to succeed, it all will come down to execution and getting to your milestones (successes). Execution becomes simpler when the goal and the plan is clear. Also, minor victories are a very important part of the process and so is the ability to convince others of your vision and have them buy in to it in order have them contribute to it. Victories lead to buiding of credibility and track record as well as building of your own methodologies which can be applied to other projects and businesses.

John and Steve realize that given the nature of the economic climate, available resources and private investment mood, it might be easiest to just commercialize their technology into the renewable energy industry for now and dedicate themselves to avhieving their immediate goals in that industry.

I want to hear your thoughts and opinions on how you have dealt with such situations.

We all want to take over the world....but it becomes easier if we do it one step at a time...

Fight ON!
NRJ
12/XXVII/2009