WHY ENTREPRENEURS NEED TO KEEP THEIR BUSINESS FOCUSED
Every new business or product owner wants to attract the broadest possible audience, so they are prone to adding more features, multiple sales channels and appealing to every demographic. Unfortunately, often the result is potential customers who are confused and the limited resources of your business are spread too thin. This causes customers and investors look elsewhere for a better fit.
One of my key messages to entrepreneurs, as a business advisor and angel investor, is “focus.” It’s better to be known for doing one thing extremely well, rather than doing many things poorly. For example, it’s all too common for a technology entrepreneur to highlight a new battery technology as the ultimate power for smartphones, medical heart pacemakers, and home lighting.
These are three different worlds from a business perspective. Focus simply means launching your first and most memorable initiative where you see a unique skill and experience fit. It’s your best competitive positioning with the least risk and the greatest potential return. People still remember Google for Internet search, Amazon for books, and Facebook for talking to friends.
Now, they all do much more, but those things came later. In the beginning, like them, make sure you are focused on the following set of principles:
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