In a land of opportunity there is typically lots of distraction, oddly enough those distractions are usually other opportunities. How many times have you:
- Stared at a domain you wanted to buy, but didn't pull the trigger
- Stared at a domain you bought, but left it parked for another year
- Negotiated down to what you wanted to pay for a site or domain, yet didn't move forward due to (fill in the blank)
Typical reasons surrounding procrastination tend to be "not enough time" or "this will never work". Well, how many of your "can't miss" ideas missed and how many of your "probably will miss" ideas actually hit?
Win More, Lose Less
In my experience as long as you win more than you lose you're doing ok. This sounds a bit easier than it is though. In many professions, take sports for an example, success (worth millions in contracts) can be had for "succeeding" less than 50% of the time. A couple of examples:
- Hitters in baseball strive to get a .300 average, which is failing 7 times out of 10
- Basketball players are considered great shooters if they are successful making 45%-48% of their shots
Imagine if you succeeded at those clips? If so, you better hope ones that you hit on were big money makers and the ones you lost on required minimal investment amounts. If you take a similar approach to finding and operating in new markets most of the initial costs are fairly similar. Basic costs like:
- Site Promotion
- PPC Testing
tend to be somewhat similar on your average new site, perhaps if you are purchasing a domain or site it can skew the numbers a bit but overall these things tend to average out. So at the very least if you are succeeding 6 out of 10 times and you don't get carried away on a new site launch you should be doing pretty well. They more you do the better your ratio gets, the better your long term profits are, and you should expect to raise that ratio a bit as you start to gain more and more experience in researching + launching new ventures.
Most of us have a fear of failure and some of us have a fear of success. A fear that if we become successful it might alienate some of our closest friends and family members, it might turn us into workaholics working day and night to sustain that success and lifestyle, and so on. Fear of failure is something I think even the most successful entrepreneur's face from time to time.
Of course, we all know the old basketball saying: "You miss 100% of the shots you don't take".
Fear of failing and succeeding is something one has to overcome on their own but it terms of trying to overcome procrastination it is usually advisable to set less rigid and more reasonable deadlines for yourself and your work as outlined in this post over at harvard.edu http://www.iq.harvard.edu/blog/sss/archives/2006/10/procrastination.shtml (which references a study co-authored by Dan Ariely, who wrote the must read "Predictably Irrational").
Psychology Today has a research piece on the fear of failure here .
The Cost of No Action
It's kind of difficult to lay out pretty graphs and charts showing what the "cost of procrastination" really is. We can assign some arbitrary number to whatever benchmark profit exists per site in an imaginary portfolio. However, I think it's best if you play with your own numbers a bit and figure you what the cost of doing nothing is to you.
Factor in the hours you might be doing things like checking your email every 5 minutes, cluttering up Facebook with Farmville posts and annoying your friends with suggestions, wondering if this latest SEO tool suite will be the answer to your prayers, and last but not least wondering if your idea will work. There are more variables of course, but I just outlined some of things that might be commonplace.
Dealing with Competitors
The bottom line is that the web gets more and more competitive everyday and if you are just sitting on the sidelines waiting and waiting and waiting then your competition is going to sprint by you on their way to the end zone, over and over again.
Even if you don't have any fears of failure or success, or maybe you are extremely self-confident in your abilities, you should consider getting a bit more into the game if you want to make any significant headway in your efforts for world domination. You want to try and avoid doing a bunch of things "average". Try and nail down an effective process which you can replicate somewhat, site to site.
It's Up to You
Project management is an essential skill you'll need if you want to run multiple sites, create multiple products, or if you are running a web business with any scale. I like to work in different markets so I can a sense of what others are doing to be successful, more consumer data to evaluate, the ability to establish connections with people I otherwise would have never been able to establish a business relationship with, and so on. Keeping track of the different things I'm doing can be a chore. Enter.....the cloud.
With so many moving parts to a site these days (SEO, PPC, social media, monetization, domain buying, market research) you'll find yourself with quite a list of to-do's and contacts piling up all over the place. One thing that has helped me tremendously is being able to put most of my business in the cloud with services like:
- Google Docs
- Wordtracker's KW Project Manager
Being pretty much 100% mobile really has its advantages. I like a change of scenery every once and awhile so having all my stuff readily accessible at a moment's notice is fantastic.
So take advantage of the opportunities out there, don't over-extend yourself, and establish flexible (yet reasonable) due dates and goals for you and your business. In the end, I think you'll thank yourself for it.
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