True entrepreneurs have the gift of seeing opportunities everywhere. True entrepreneurs have the curse of seeing opportunities everywhere. The very trait that allows them to envision the possible, allows them to get distracted from achieving the possible.
I recently had lunch with a client, two co-founders of an up-and-coming consulting firm. Having helped them narrow and redefine their focus, and reformulate their positioning, they’re now excited about the possibility of pursuing multiple new verticals and even international work.
Stop. Take what you’ve proven in one vertical and successfully extend it into a ripe-for-adoption second vertical. And defer the complexities of doing business internationally – cultural differences, staffing, regulations, and so on – until that second vertical is proven. Then you’ll have a vertical-independent platform from which to grow your business and expand in the direction you choose.
Many growing businesses lose focus and spread themselves too thin. As a result, they outstrip their infrastructure and ability to deliver. And they implode.
There will always be more opportunities than you can exploit. Always. Narrow your focus. Intensify your commitment. And rigorously execute.