Why Entrepreneurs Should Focus on One Idea | #AskJackD 113

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getting eyes Logan episode 1 1/3 of our

strategy today I take your question is

should we focus on building one great

product or five good products and my

answer speaks to the very heart of what

I think the most important ingredient is

for any early-stage or high growth

business and it is the exact same

principle that is the number one killer

and barrier to growth for early-stage

and high growth businesses throughout

Australia and that is focus the

importance of it how challenging it is

to adopt but what happens when you

finally reach a point where you do adopt

the absolute principle of focus episode

1 1/3 of our study today we take you

questions from you Jose Bolton's from

Twitter I'm guessing Twitter who asked

jack always wondering is a better have

one great product or five average ones

hash asked Jack D or hashtag ask Jack D

depending on which way you look at it

there's a couple of components this

question Charlie I think the first thing

is there is an absolute truth across

business that suggests that focus is

always a very important and effective

thing for any great business you know

when Jobs came back into Apple after was

gone from 85 to 97 he said the product

lines were just so vast and so

significant he couldn't even keep up

with what the product lines were let

alone expecting the consumer to keep up

with the poet lines were so he got rid

of about 70% of the project plans that

were in the works at the time right so

it is also true for start-up and

early-stage businesses that you you know

the number one barrier to growth for

early-stage businesses in Australia is a

lack of focus we try to do too many

things and try to become everything to

everybody and in doing so we end up

being nothing to nobody

as entrepreneurs our biggest strength is

that we love to pursue opportunity as

entrepreneurs our biggest weakness is

that we love to pursue opportunity so in

doing that we always just try and do too

much too many

things at once right in your early any

stage of business but particularly early

stage there all is this pick one thing

and try and become the best in the world

at it the absolute truth across any

business at any stage is focusing on

doing things great is far more effective

than doing several things good right

think about when the iPhone came out in

2007 and they had one phone but their

one phone was better than all of Rheims

phones or they're doing the blackberries

it was better than all of Nokia's phones

they had hundreds of different phones

Apple came out with one and in the

beginning the iPhone if you remember

back to two thousand similar wasn't even

that great when it came out added

several iterations and refinements and

needed to go through before it became a

great phone but they had one right so

the principle is build one great product

the the sort of to round that out and to

provide the kv2 that is this once you've

done and built one great product and

that's successful and it's sustaining

and its profitable you've then given

yourself permission to go and do it

again right and that's also true of

business I think that sometimes

entrepreneurs try and start like three

businesses at once and I've never known

anybody to start successfully three

businesses at once even musk throughout

you know the two thousands when he was

doing Tesla SpaceX you always running

both companies he didn't he wasn't

starting both companies at once both

companies were already you know within

their growth phase I'm never and even

then mask doesn't you know he blatantly

says don't run two companies at what

maximum run one company when two jobs

was the same when he was running fix our

and Apple he said I'd get home and I

literally couldn't speak I couldn't

speak to my children I couldn't speak to

my wife he said don't run two companies

at once right so what early-stage

entrepreneurs are often guilty of is

trying to run different businesses on

don't do that build one great company

then that gives you permission to go and

build another great company build one

great product and that gives you

permission to go and build another great

product don't try and do both at once we

are so guilty of trying to do too much

you know every time we were coming up to

New Year's so everyone goes are you I

want to do more next year my advice is

don't try and do more next year try and


next year think it when you when looking

2016 ask yourself this question what

could I not do next year what am I

currently doing that I could carve off

next year I have every year for last 10

years I have done less in terms of

breath and every time I carve off more

and look at life and business and

entrepreneurship with a more laser-like

focus the less I do in terms of breath

the more I do in terms of deaths so

focus is an absolute principle apply it

to product apply it to people apply to

number of businesses that you run apply

it to looking at your year in 2016 and

just focus on one thing and try and

become the best in the world

which should I dreamed as a kid