Principles of Entrepreneurship Preparation

Principle of Focus Effort

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 Wisdom to Take Away

 A mistake entrepreneur commonly make is to try to do too many things at the same time. I term this tendency "opportunity fatigue." The problem is that the entrepreneur spreads himself too thin and ends up doing most things in a mediocre fashion. Since the majority of minority and female-owned businesses are undercapitalized, there is a natural tendency to take any business that comes their way, even when the new opportunity does not match their core strengths. Taking on more work than you can handle, especially work that is outside your area of expertise, can be deceiving and treacherous.

 

  • Minority and female entrepreneurs also expend resources combating racism and sexism. Many of them can probably recite a list of experiences when they were disregarded, disrespected, or overlooked because of their ethnicity or gender. The reality is that most of us do not have the resources to fight every perceived wrong inflicted upon us. Therefore, we must become proficient at knowing when to "pick our fights" and focus on the things that matter.

  • The principle of focused effort suggests that it is better to concentrate on a few tasks and spend the time and resources to do these tasks exceptionally well. This focus on specialized areas will let you become expert at providing those services. Get your core skills solidified and your key opportunities achieved before expanding into new endeavors.

Wallace, R. (2000), Soul Food 52 Principles for Black Entrepreneurial Success, New York: Perseus Publishing    

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