Why New Opportunities Keep You Poor…
Summary
- You're not making as much money because you're working on the wrong things.
- Focus on solving problems that threaten your business's future, like customer complaints, processor issues, or dropping sales conversions.
- Missed opportunities are activities that could grow your business but aren't currently being done.
- Entrepreneurs often confuse problems and missed opportunities, cluttering their to-do lists.
- Resources are limited, while the list of potential opportunities is unlimited, leading to overwhelm.
- Missed opportunities are often more exciting but solving problems yields more reliable growth.
- Solving business problems before chasing new opportunities is crucial as problems grow with business scaling.
- Allocating resources means prioritizing problem-solving, ensuring your business doesn’t get overwhelmed as it grows.
- I’ve experienced this firsthand by neglecting content creation for a big future project, impacting current business needs.
- To manage resources effectively, tackle problems first before pursuing opportunities.
- Clear and actionable data is essential; only track metrics that directly influence business decisions and behaviors.
- Use a hypothesis-driven approach to problem-solving: define the issue, propose an action, track implementation, and evaluate results.
- Experience shows solving smaller problems is easier and more effective than tackling big ones.
- Many ideas and opportunities seem less valuable over time, so delay implementing them to see if they still hold importance later.
- Overexciting new ideas can mislead and distract from vital problem-solving tasks.
- Prioritize immediate problems, solve them, then revisit the opportunity list for high-impact actions.
- This method has not only helped me but can significantly improve the strategic direction and execution in any business.
- Confront problems today, solve them, and only then pursue big opportunities for the highest return on investment.
Video
How To Take Action
I would suggest implementing some key strategies to get more out of your time and resources, especially if you're a small business owner or entrepreneur. Here's how you can do it:
Prioritize Problems Over Opportunities
First, identify and solve immediate problems that threaten your business's future. For example, if you have customer complaints or declining sales conversions, address those issues first. Solving problems will stabilize your business, making it more robust.
Limit Your Focus
Separate your list into two categories: problems and missed opportunities. Focus on the urgent problems first and put the opportunities aside for later. This prevents overwhelm and ensures that you are tackling the most critical tasks.
Efficient Use of Data
Track only the most actionable data. If a piece of data doesn't lead to a change in behavior or impact your business decisions, then it's just noise. Concentrate on metrics that directly affect your business.
Hypothesis-Driven Approach
Use a simple, four-step framework to solve problems:
- Define the problem.
- Propose an actionable solution.
- Implement and monitor the action.
- Evaluate the results.
Small Problems First
Solve smaller problems since they are easier and can yield quick wins. This not only boosts morale but also clears the way for bigger challenges.
Avoid Distractions
New ideas can be tempting but often distract from essential tasks. Write down these ideas in a "Big Money-Making Idea List" and revisit them only when all current problems are solved.
Balanced Resource Allocation
Strike a balance between working on current issues and planning for the future. Allocate a portion of your time and resources to immediate needs and the rest to long-term strategies.
By following these steps, you’ll focus on what truly matters, solve immediate issues, and set the foundation for future growth. This method has worked for me and can significantly improve your strategic execution.
Quotes
"You're not making as much money as you want because you're working on the wrong stuff"
– Alex Hormozi
"Missed opportunities are typically more fun, they're exciting, they're new things, they're shiny"
– Alex Hormozi
"When you solve your problems, guess what else also happens—you grow"
– Alex Hormozi
"If you present me a piece of data and a change in that data does not result in a change in behavior, it is a waste of time"
– Alex Hormozi
"In business, every once in a while, when you step up to the plate, you can score a thousand runs"
– Alex Hormozi
