Among other things, consistent focus is essential for business success. Many entrepreneurial journeys derail because of a loss of focus along the way.
Why do entrepreneurs lose focus?
A hugely successful business leader explained it very well.
Focus is lost when there are no constraints. Constraints create discipline. They act as guard rails preventing derailment. They force focus.
Focus may be lost in two scenarios.
One scenario is incumbent success. Success in one thing may breed a belief that one can do anything. Overconfidence and complacency may set in. One may become reckless by throwing caution aside and making riskier choices. We see successful entrepreneurs diversifying into unrelated sectors and destroying all success achieved earlier.
The second possibility of losing focus is when easy money is available. When one gets too much investor money easily, one may be tempted to do many things simultaneously and that may lead to loss of focus.
When there is an abundance, when a lot of capital is available, accountability may go down. One may avoid making tough decisions.
There are examples when a younger generation gets a large sum of money by selling businesses built by their previous generation and losing everything by venturing into too many unfocused directions.
Focus and discipline are difficult. Only those who can exercise them, can be successful and win.
-Sanjay Shah
SME Business Coach