Diversify, then focus.

Try multiple ideas first, before you focus on one.

Mar 1, 2024

5 min

Becoming a successful digital entrepreneur in the online space is not easy. Just starting something and failing is easy. But being successful is not. Why is this? Most founders have an idea and just go all into it. Sometimes if they are “lucky”, the idea works out. But in 99% of cases, it does not. This is why you need to try multiple ideas, execute fast on them, and see what sticks. Here’s a simple analogy: Cast a wide net to identify what truly sticks. Like in fishing. In the end, something will stick if you try enough.

Embracing Experimentation

Start exploring various business ideas and experiment with them by executing them in an early-stage venture. Keep it very simple here. We want to see what sticks. Perfectionism is wrong here. Get rid of that if you are someone who always wants to be perfect. Build your ideas, test them with real people, and release them to your audience.

Analyzing and Iterating

Once you have a few ideas turned into simple endeavors, it’s time to start analyzing in what areas you can improve them, and once you know how to improve them, start iterating into these areas of improvement. Here are a few tools and methods I use to check what works and what not (with a focus on digital businesses):

  • User Feedback

  • Analytics

  • Sales Data

  • Engagement Metrics

  • Product Market Fit

Taking action on iteration is refining your offerings based on your initial explorations. Simple pivots or improvements can direct your ideas into way more profitable stages.

Identifying Your Winning Venture

As soon as you run multiple businesses at the same time you will see very quickly if one is doing better than the others. However, don’t just select this venture by shiny profit numbers. Make sure you are also analyzing its market demand, personal passion, and profitability. This helps you to keep that thing up for the long run. Think 5-10 years plus.

Doubling Down on Success

Now it’s time to go all in. Invest in marketing, optimize product development, and enhance the customer experience of your product. Balance deep focus with staying open to future diversification as markets evolve. If something works right now it doesn’t mean it will work forever.

Wrap-Up

In summary, achieving success in the digital entrepreneurship realm is a blend of strategic experimentation, insightful analysis, and targeted iteration. The journey begins with casting a wide net—exploring multiple ideas to discover what truly resonates. This process is not about seeking perfection from the start but about rapid testing and learning from real-world feedback.

As certain ventures begin to show promise, a deeper dive into their viability, driven by user feedback, market demand, and personal passion, guides the focus toward the most sustainable options. The final step is to wholeheartedly commit to these selected ventures, continuously refining and scaling them, while remaining adaptable to market shifts. Success in this dynamic space is less about a single, initial great idea and more about the agile pursuit of multiple opportunities, followed by a focused effort on what genuinely works. This methodical yet flexible approach ensures not just immediate wins but paves the way for long-term growth and sustainability in the digital marketplace.

Diversify first → focus second.

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