One of the hardest things about the world of entrepreneurship is that you look out at the world and see opportunities all around you; you get excited about little stuff, big stuff, and all the different ways to make money. A lot of people don’t know what to pick, so they never move.
Analysis paralysis is the act of overanalyzing to the point of taking no action at all for long points of time. People can get ready and aim, but they never end up taking a shot. They’re met with the fear of failure and anxiety, and it’s the main reason people never start building the business and life that they want. There are a few key reasons behind this:
- Opportunities are endless
- The grass always looks greener, and there are a ton of great companies that you can have success with.
- Resources for analysis are endless
- Information is incredible but can easily lead to information overload.
- There’s tons of great content open for binging, but the podcasts, self-help books, and online courses are useless if you don’t apply the lessons.
- Markets are endless
- You can always find more competitors and cities to analyze, consistently looking for the sweet spot.
- Things can move really slowly
- It takes a while to build momentum, build a website, and get your business going. You may labor away for a year or longer.
- Seth Godin talks about this in his book The Dip.
- Taking a different path is uncomfortable
- You don’t need to comply with what most people do, you need to chase what will give you the lifestyle you want.
- Take advice from everybody in your circles, but only act on what is relevant to you and your goals.
You need to combat analysis paralysis, you need to aim and fire. Most resources will be forgotten if you’re not applying them to your life and your situation. Time, not money, is your most valuable asset, and every day that you waste doing research should be viewed as lost earning potential.
Consider setting up multiple businesses–it’s quick, cheap, and you can let them sit and see what plays out best for you. Get a Google My Business location, a website, used equipment, and some basic tools, and you’ll have what you need for day one.
Don’t fear competition. Just because there’s a good competitor in the market doesn’t mean you can’t carve out your piece of the pie. You will never find a no-risk amazing business off the bat. Competitors are good, they prove that the business is in demand.
Work quickly and efficiently. You can do a quick market analysis for a low-risk, low barrier to entry business in a day or two After that, commit to acting and learning on the fly. Continue to consume material, but spend time applying it.
Finally, set goals. Give them a timeline and a measure for success. See if you’re working towards them over time or if it’s time to close down shop. If it’s working, get serious about buckling down and working on something that takes time to develop. It won’t be fun all the time, you won’t get paid right away, but you’re operating on a 3-5 year plan. Take shots, build momentum, and get things going.
Three Key Takeaways
- An overwhelming amount of opportunities and resources can drive analysis paralysis, causing entrepreneurs to put off taking their shots.
- Consuming podcasts, books, and articles is only valuable if you go out and apply the learnings to your current situation.
- Time is your most valuable resource; get moving and take shots.
Check the show notes here: https://sweatystartup.com/the-sweaty-startup/
Join our Real Estate community: https://sweatystartup.com/rec
Special thanks to the sponsor: https://supportshepherd.com
We have a reddit community: https://www.reddit.com/r/sweatystartup/
Twitter Growth Mastery Course: https://sweatystartup.com/twitter
Want to hire me as a consultant? Click here: https://sweatystartup.com/storage