Monday, April 18, 2011

The Need for Focus

As my regular readers (all 3 of them) know, I have a few businesses. Over the past 6 months, since opening Zeus Digital Theaters, I have been working crazy hours. My day starts around 8 or 9 and I get home sometimes after midnight. Most of that time is spent in the theater working on details, details, details. When I opened Zeus last October, I had Hayes Investments, DeWitt Crossing, BlackBear Title and on my plate.

In November, I shuttered BlackBear Title since I knew I wouldn't be able to "push a rope uphill" in the current housing market. Just last week I sold, a company I started 13 years ago. RentQuick needs a full time owner and I could not longer spend proper amount of time on it.

So as of right now, I have Zeus, Hayes Investments and DeWitt Crossing left. This feels about right.

Once you start one business, you find it easy to start another. Some businesses grow by expanding their market. However, as an entrepreneur, there is an urge to create new businesses to diversify the income streams. So after a few years, many active entrepreneurs end up with a group of small businesses. I am here to tell you that, for me, is the wrong approach.

To be successful, you must have focus. With multiple businesses, you cannot be focussed. There just aren't enough hours in the day. Also, as we age, we lose some of the vigor we all have when we are young. I don't consider this slowing down. Instead, I see it as expanding in a single direction.