If we can do many things well, we should be able to see profits. “Diversify, diversify, diversify”. Yet for whatever reason, sprawling out into multiple markets doesn’t necessarily mean success.
It’s only being the best at one thing and refining it daily that wins in the long run.
Chipotle has centered around the the simple premise that they were going to serve a very limited menu, without extra things like plates, appetizers, or deserts. Just burritos, tacos and salads with all the same (limited) ingredients. Experts believed that the limited selection would turn customers away. Oops.
Ever seen Instapaper? This simple application does one thing: saves online pages for later viewing. Even the site’s design is dead simple. Yet people love it because it only does one thing exceptionally well.
Lots of Mediocre
Successful companies figure out that they can’t compete at everything. They can only compete at a few things. It’s when they move away from the core product that they start losing market share.
Instead of focusing on being the best in the world at one tiny thing, they try to be “pretty good” at a lot of things. The only problem is that it doesn’t scale.
Not being the best causes you to loose morale. It makes it harder to get up in the morning and harder to stay motivated. It’s only those who have figured out a true niche that dominate over a long period of time.
I’m trying to find ways to free up time and energy for the things I love. It’s incredibly hard, probably because it goes against every fiber of my “I gotta be perfect at everything” mentality I’ve developed over the years. But it doesn’t scale. Trying to be the best at everything waters down what I’m best at.
But it’s still freakin’ hard. In fact, it’s totally against my nature as an entrepreneur.
So what can you quit? What can you drop that will free you up for those one or two things that you’re best at?
Photo by animakitty
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