Oooooh, sooooo pretty! So sparkly and full of promise…
Don’t get sucked in!
The entrepreneurial journey has many ups and downs, and many distractions. We might not realize in the beginning that distractions are just that. But over time the sparkle can take you far away from where you initially planned to be in your business.
I want to share one of the biggest pitfalls in being a digital entrepreneur these days. And what you can do to stop being a victim of
Shiny Object Syndrome.
Shiny Object Syndrome (SOS) is the tendency to get easily distracted, and constantly chase after the latest trends, tools, or opportunities without fully committing or following through on existing strategies or projects. While it may seem exciting and promising at first, this syndrome can be a big negative—detrimental to long-term success and business growth.
One of the primary reasons entrepreneurs fall into the trap of SOS is the fear of missing out (FOMO).
In today's fast-paced digital world, there is a constant influx of new ideas, technologies, and business opportunities. Driven by ambition, and desire for success, we often feel compelled to explore each new trend or opportunity, fearing we might be left behind if we don't jump on the bandwagon.
However, instead of being a solution or benefit, FOMO can be the biggest and costliest wolf in sheep’s clothing—that can result in a loss of focus on the core strategies, hindering progress and spreading resources very thin. And
FOMO can dent your bank account pretty quick.
FOMO is like a drug. It’s one reason why a lot of people with a lack of integrity like to use this strategy when selling. Their latest and greatest X will make you money big time. You get sucked in but they are off on their next sales pitch promoting another shiny object before you have had time to work with what they just sold you! Rinse and repeat and you end up with very little progress toward your end goal—and a lot less money.
New ideas or tools often come with a sense of excitement and the promise of potential breakthroughs. Just look at AI! With a creative spirit and desire for innovation, we can easily be captivated by the novelty factor and lose sight of the practicality and feasibility of implementing these ideas within our existing business framework. AI can make us feel like we are kids in a virtual candy store.
Let’s look at four big reasons to steer clear of shiny objects—
Lack of Focus: Constantly chasing after new opportunities can lead to a lack of focus on core strategies and goals. When attention and resources are spread too thin, it becomes challenging to make significant progress in any particular area. Without a clear focus, it's easy to struggle to establish a strong foundation, or build momentum for sustainable growth.
In his best selling book, The One Thing, Gary Keller states:
"Extraordinary results are directly determined by how narrow you can make your focus.”
Loss of Productivity: Engaging with numerous new ideas or projects can disrupt workflow and productivity. Each new pursuit requires time and effort to explore, implement, and evaluate, which takes away from valuable resources that could be dedicated to refining existing strategies or scaling current operations. This can result in a cycle of unfinished projects and missed opportunities.
Inconsistent Results: Failing to commit to a well-defined strategy or plan often leads to inconsistent results. Constantly shifting gears and changing directions prevents entrepreneurs from gaining the necessary traction and refining their approach for optimal outcomes.
This inconsistency can also affect customer trust and confidence in the brand or business.
Financial Implications: Shiny Object Syndrome can have financial implications, especially if entrepreneurs invest substantial resources in pursuing new ventures without thoroughly assessing the potential return on investment. Unchecked pursuit of every new opportunity may strain financial resources, and the ability to invest in essential areas that contribute to long-term growth and stability.
Game plan time. Let’s look at what to do now, before you are enticed by something so cool and new, promising great returns on your investment, the benefits of being an early adopter, or some other mesmerizing reason.
Because it will happen!
Clarify Goals and Priorities
Clearly define your business goals and prioritize them based on their alignment with your vision and long-term objectives. This will help you filter out distractions and focus on strategies that have the greatest potential for success.
Evaluate Opportunities
Before pursuing new ideas or ventures, critically assess their relevance, feasibility, and potential impact on your business. Conduct thorough research, gather data, and weigh the pros and cons to make informed decisions about which opportunities are worth pursuing.
Practice Strategic Patience
Develop the discipline to stay committed to your core strategies and give them the time and attention they deserve. Success often requires consistent effort and perseverance. Avoid prematurely abandoning initiatives before they have had a chance to yield results.
Delegate and Outsource
Rather than attempting to do everything yourself, consider delegating or outsourcing tasks that are not aligned with your core competencies. This allows you to focus on high-value activities that contribute directly to your business's growth and success. In "Essentialism: The Disciplined Pursuit of Less" by Greg McKeown, Greg says "Only once you give yourself permission to stop trying to do it all, to stop saying yes to everyone, can you make your highest contribution towards the things that really matter.”
Stay Educated
Continuously invest in your own knowledge and skills. By staying informed about industry trends and developments, you can make informed decisions about which opportunities are worth exploring and which may be distractions.
And I will close with the importance of staying in integrity. To what you have said you will do in and with your business. Nir Eyal, the author of "Indistractable: How to Control Your Attention and Choose Your Life" reminds us, "The ability to do what you say you will do, when you say you will do it, is the foundation of integrity.”
Shiny Object Syndrome can easily keep us out of integrity with our goals and mission.
When I think of SOS, it immediately brings to mind needing to be saved. This visual might help you stop and evaluate the marketing and sales pitches you hear around you all the time. Some are awesome and in alignment with your business plan, so don’t miss out—but know your goals and priorities so that you don't veer off but stay on track, stay focused, and finish the race.