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How to Overcome Entrepreneur “Shiny Object Syndrome” In 4 Simple Steps
In Alice in Wonderland, Alice tells the Queen, “One can’t believe impossible things” and the Queen confidently replies, “I daresay you haven’t had much practice. When I was younger, I always did it for half an hour a day. Why, sometimes I’ve believed as many as six impossible things before breakfast.”
Without a doubt, the Queen must be an entrepreneur.
Entrepreneurs are like idea machines. Churning out ideas like candy coming from the Willy Wonka factory. We are creators. Innovators. But there’s a problem that most entrepreneurs face somewhere down the line—having too many ideas.
At first, it seems like having a constant influx of great ideas isn’t a terrible thing, but when you have tons of new ideas flooding into your brain day after day, you can run into two problems:
1. You become stalled. You never take action on any of your ideas because you don’t know how to get started or even what to start.
2. You get easily side-tracked. You’re always chasing the white rabbit. You start project after project and you’re always onto the next thing before you’ve even completed the first.
The latter is what I like to call “Entrepreneur Shiny Object Syndrome”—always chasing that next “shiny” idea. Many of the entrepreneurs that I know (including myself) suffer from this “disorder”. If you’re one of these people, sometimes having only 6 impossible ideas would feel like a relief.
The issue with having Shiny Object Syndrome is that you run the risk of not using your time wisely and not being able to operate your business efficiently. Since your time and energy is money (especially if you’re a solopreneur who’s in charge of everything), your business’s bottom line will undoubtedly suffer if you can’t stay focused.
As a business owner, you need to get really good, really fast, at effectively filtering through your fishing net of ideas and only selecting the right ones to work on.
Below is a helpful 4-step process that you can use to get a handle on this “disorder” and continue to stay on track and focused every time a new idea arises…
Step 1: Create a running list of all your ideas
Write down every business/marketing/blogging/etc idea that you have throughout the day by keeping a running list in a journal or on your Smartphone. When something new pops into your head, jot it down and then immediately go back to whatever you were doing.
Keep in mind that just because this certain idea magically occurred to you in the moment does not mean that…
1. It is top priority
2. It needs your full attention
3. It needs to be implemented straight away
When you write everything down, you can come back and build on an idea later without worrying about forgetting it. Try scheduling 30 minutes a day for “idea time” to think through some of your recent ideas. This way, you won’t get distracted from your current tasks, but you’ll still give the necessary attention to your innovative thoughts.
Step 2: Pause before you start anything
This is a lesson that I find myself having to learn over and over again. When you have a new idea, take a pause. Don’t execute it right away. It doesn’t matter if it’s a small idea like “I should send a Twitter message to so-and-so” or a big idea like “I need to do a complete overhaul on my business website”—both ideas can wait.
Decide on a specific delay time between your idea conception and execution. For example, every time a “big idea” for my business occurs to me, I let it sit and think about it for 7 days before giving myself permission to consider implementing it. If in 1 week, I’m still excited about the idea and certain that it will help my business, I will make a plan to execute it. If not, then the idea falls onto the backburner and I don’t have to worry about it.
Find delay times that work best for you and do your best to stick with them.
Step 3: View your new ideas through the lens of your long-term goal(s)
After you’ve written all your ideas down and given them a little space, it’s time to figure out if a specific idea is worth implementing.
To do this, you have to look at your new ideas through the lens of your long-term goals. With every idea, ask yourself the question: “Does this idea take me closer to reaching my ultimate business goals?” If it does, go for it. If it doesn’t, let it sit on your idea list a little longer.
Some ideas might need to stay on your business’s backburner until you get more important things accomplished. In the meantime, if something does seem urgent (maybe you really really hate your website design), try outsourcing the task and continue to spend your time working towards your ultimate goals.
Step 4: Don’t make crucial business decisions every day
If you attempt to make important decisions about the long-term objectives of your business on a daily basis, you run the risk of falling off track every time you have a new killer idea (or something bad happens like a revenue dip or you receive negative feedback). Instead of making these important decisions on the fly, have a 6-month or yearly plan that spells out the direction that you want to take your business.
Think about it this way—say, for instance, you want to drive away from Los Angeles and be on the road for 2 days. Well, you have two options:
1. You could choose which way to turn each time you encountered a stop light, on-ramp or fork in the road
2. You could choose your destination to be New York City in advance which would influence every directional decision you make along the way
With the first option, you could end up anywhere in the country, or even back where you started. When you make business decisions based on the specific circumstances that you face each day—this is unlikely to lead you to your final (desired) destination. With the second option, you will arrive at your destination in 1 day and 16 hours and find yourself exactly where you want to be.
Writing out the overall plans and ultimate goals for your business will help you stay steadfast and focused in the long-term.
In the end, in order to overcome Entrepreneur Shiny Object Syndrome, you should always be filtering your ideas through these 4 steps to keep yourself and your business moving towards your ultimate goals and on target for success.