If you’ve been a part of the small business community for very long, you’ve heard the term “bright shiny object syndrome.” People who own their own business tend to have BSOS – which means we flit from new idea to new idea, never really stopping to fully let any one idea mature into a money maker. This happens for a few reasons:
- We are curious.
- We are creative.
- We tend to be impatient, wanting quick success.
- We doubt ourselves easily, so when a product or service we’ve thought of doesn’t work out right away we start thinking it isn’t a good idea and look for something else to take its place.
- We get excited easily about new ideas.
- We often need help to look at our ideas through the lens of how to develop it, let it mature, and monetize it.
- We tend to lack self-discipline.
On the other hand, successful small business owners know that their willingness to try new things is what will eventually bring them multiple streams of income. They will let an idea that didn’t work very well the first time around mature into something that is a money maker. So, how do we balance the courage to change things around with the desire to stay away from bright shiny object syndrome?
Steve Martin is a great example of someone who has tried new things but not fallen into BSOS. Orginally the comedian we all have come to know and love, Martin built upon his celebrity success by expanding into new things he wanted to learn. Besides great success as a comedian, he is an actor, an author, and now a bluegrass musician with several albums to his name. Does he suffer from BSOS? Let’s see….
- He is curious.
- He is definitely creative!
But here’s where Martin deviates from BSOS.
- He studies each new craft before he puts it out into the marketplace – he isn’t impatient with it.
- He doesn’t doubt that he can do it – he disciplines himself to work at it until he gets it right, allowing his new ideas to mature.
- He knows how to use his success and status in one area (comedian, actor, author) to build his multiple streams of income into new areas (musician.)
- He also knows the value of getting help (his newest bluegrass album is with Edie Brickell, a singer-songwriter who happens to be Paul Simon’s wife).
And one last thing – all of Martin’s endeavors still fall into the broad category of entertainment. He stays true to what he is, and he pushes himself to learn new things that interest him within that entertainment category. He doesn’t flit from entertainment to medicine to surfing.
If you are a small business owner who always wonders whether your new ideas are worthy or just BSOS, ask yourself a few key questions.
- Is this new idea something that fits into my existing broad category of business?
- Am I willing to discipline myself to learn about this thoroughly and stick with it until it matures and can monetize?
- Am I willing to get the help I need to flesh it out?
- Can I see a path toward making money with it?
- Does it detract or add to my core business?
You can get help from me by browsing over to my Money Maturity program, which helps you get clear about your “broad category” and how to create a business model that supports the life you want. Check it out here: http://bit.ly/myownmoney. Be like Steve Martin – wildly successful, creative, and money savvy.