From the course: Small Business Secrets

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Avoiding opportunity traps

Avoiding opportunity traps

From the course: Small Business Secrets

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Avoiding opportunity traps

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- Opportunity for business owners can be a double-edged sword. What that means is, it can be good for you, and it can also be horrible for you. Part of what makes you great as an entrepreneur is your ability to see opportunity, perhaps where others do not, and that's what gave you the courage to leap out and start your own business. But, on the other side, if you pursue too many opportunities, or too many of the wrong opportunities, that can be the death of your business. Part of this comes back to the principle of switching cost. Now, when you switch from one thing to something else, there's always a cost involved in it. It's why I preach against multitasking. Well, when you're a business owner, and you're switching from one business to another, or one product line to another, you're getting macro switching cost, and macro multitasking, something to avoid, which is why I recommend that entrepreneurs start with one, and only one, business. You can branch out, but only when certain…

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