Comments on: Why Entrepreneurs Fail (Will You Avoid These Three Traps?)

By: Allyson Summers

Allyson Summers — Thu, 27 Aug 2009 03:30:46 +0000

Great advice, I’ve realized that I would fall under the “Bright Shiny Object” syndrome. As someone who is new to the business world, I find myself distracted by the amount of information that I can easily access through social networking sites. Finding a balance between doing research and putting it into practice is something that successful business learn how to do!

By: mihai

mihai — Sat, 01 Aug 2009 23:20:36 +0000

Erica,

You recommend the following:

Recommended Reading: * 20 Ways to Make $100 A Day Online. You CAN make money online without being a geek! …………… Well worth the price.

Are you making this money after reading it ?

By: Lisa Morosky

Lisa Morosky — Mon, 27 Jul 2009 18:26:15 +0000

I’m so guilty of number one. I have a dozen “brilliant” ideas swirling around in my head at any given moment that it takes a lot of self-control to be able to say, “No, right now you need to focus on what you already started”.

You’re totally right though. In the end, if you put your all into one idea, instead of a little bit of effort into a lot of ideas, you have a far higher chance of succeeding.

By: Lynda Williams

Lynda Williams — Mon, 20 Jul 2009 22:22:01 +0000

After a few years of trying, and failing miserably, to start up a web-centric freelance business, a friend and I have come up with what we believe is a fabulous web portal idea. This time, we want to do everything right from the get-go. Another friend sent me a link to your blog today, timed perfectly for the ground floor of our portal! I imagine I’ll be using your blogs and publications quite a bit over the next couple of months. Using this one entry, I’ve already defined my target audience of both advertisers and users! No more “Everyone who…” targets for me! Thanks, Erica!

By: jason

jason — Fri, 17 Jul 2009 13:34:38 +0000

Ideas, ideas, ideas…one after another is what kept me from succeeding and actually selling any of my businesses yet.

Thanks for these.

By: Anne

Anne — Tue, 14 Jul 2009 17:56:07 +0000

Great post, Erica. I’ve begun recognizing my Bright Shiny Object syndrome – the first step to recovery, I hope! It’s so tempting to keep collecting more information, but it takes much more discipline to focus and thoroughly absorb and use it. A well timed reminder for me. Thanks.

By: Kenneth

Kenneth — Tue, 14 Jul 2009 07:54:17 +0000

Thank you for the post. It’s been a headache in my business recently because there is so much things to do. You just cleared my mind

By: Darin

Darin — Tue, 14 Jul 2009 05:56:23 +0000

The reason 98% of the ideas have gone no where in 5 years is because 98% of ideas suck, no matter how much the entrepreneur thinks they are awesome. Entrepreneurs think all of their ideas are awesome. Until they get a better one, then the last one sucked, but this one, this one is the ticket, it rocks …. rinse and repeat.

Execution can certainly be a major issue for entrepreneurs but the idea entrepreneurs (never met one who wasn’t an idea machine) biggest problem is sorting through the ideas to get the one that is truly good. A truly good idea is not that common. The big one that can build you a business that actually pays you more than a “real job” without working the hours of 2 “real jobs” only comes along once or twice for most people (except for some rather exceptional entrepreneurs, but its silly to pretend everyone is exceptional, it defies the defition).

So how does one truly assess the quality of their ideas and throw away the dozens of them that they think are awesome that actually suck. Thats the trick. Most people just spin their wheels on ideas that aren’t going to go anywhere because there is no where to go and they think they just need to figure out how to implement it or run their business different or market it, or whatever. They need to figure out if its any good first and most entrepreneurs actually suck at that because the natural optimism that is necessary to succeed in the face of so many set backs blinds them to the fact that alot of their ideas suck.

By: Martin

Martin — Mon, 13 Jul 2009 16:24:38 +0000

Target market focus… You brought me back to track! I remember your article about visualizing the customer up to the eye color, but I have somehow forgotten to actually impement it…

Thank you, Erica, brilliant article!

By: Andee Sellman, One Sherpa

Andee Sellman, One Sherpa — Sun, 12 Jul 2009 20:35:04 +0000

Great post Erica,
I’m also guilty of not focusing as well as I should have early on in my business. When you believe your idea can help everyone in the world it’s so easy to run in a thousand directions at once and never finish anything. Thanks so much for the reminder that focusing on less and finishing will always make for a better business