Being an entrepreneur or marketer can be a challenging task because it involves thinking or devising new ideas or plans that can cater to a lot of people. You have to introduce a new product or a new innovative idea to a marketable group. By using strategies that can be on par with your other competitors.
What is the Shiny Object Syndrome
Entrepreneurs or business enthusiasts tend to think or start new ideas or potential projects for their business. They can become enthusiastic at the very start. However, a lot of new projects tend to lead to some problems along the way. A phenomenon where this can be attributed is called the shiny-object syndrome. As with other business ideas, you are encouraged to think outside the box. However, starting any new business or prospect on a whim can become a downfall to some.
When a person gets excited or fixated on a new prospect, other problems that can arise from it can be overlooked. Same goes for people who keep jumping from one project to another. One risk on devoting oneself upon pursuing an idea after another is the loss of concentration on the start-up business. This means that entrepreneurs who are highly motivated to innovate a project are more likely to juggle everything at once. This could lead to a loss of focus or worse, unfinished business.
Ways to Avoid the SOS
- In order to avoid such events from happening, it is salient to hire or look for business analysts. Someone who can give concrete or rational advice to your new found projects. The business analyst can be very useful for suggesting well-researched ideas that can help you focus more.
- Entrepreneurs can also overcome the shiny-object syndrome by consulting with their staff or team first. By means of getting some valuable ideas from your loyal staff, you can think more about your priorities. This is also important for gaining their trust because it means that you trust your employees to hear their thoughts.
Venturing into a new business is never an easy matter. It involves spending a lot of investments and most importantly, time. This is why thinking about your projects beforehand is vital. You can do this by consulting relevant people that can contribute to you. Aside from this, setting realistic goals and devising a concrete and achievable plan on how to attain it is also effective in any business venture.