When we went camping as kids, one of the first things we packed were our trusty swiss army knives.
It seemed to have everything we would ever need for those days in the forest.
Open cans, bottles, cut our nails, cut the food… you name it.
A good swiss army knife can be a life saver when camping.
Being a swiss army entrerpreneur on the other hand can be a disaster.
You know what I’m talking about.
“What do you do?”
“I own my own business?”
“Interesting.. what do you sell?”
“Everything…”
“And how’s that going…”
Rarely does the truth come out.
Just a whole bunch of verbal drivel..
I’ve seen the same a couple of times in my networking meetings.
I remember a 25 year old woman confidently telling me she does all marketing and business strategy and her target market are fortune 500 CEOs.
So what was she doing networking in a room with SME business owners?
Jamie Dimon is across town.
Another entrepreneur reached out to me.
He was nervous about the pitch to his investors.
He had a prototype that was actually performing really well in terms of downloads and daily use.
Especially in a certain ethnic demographic here in Dubai.
But for his pitch he wanted his market to be everyone.
And I mean that…. Everyone.
“I can’t niche.. they will think I’m not ambitious and the market is only 100,000 instead of the 10 million if I include everyone.”
“But your niche target markt of 100,000 actively pursue what your app provides while the 9.9 million you would love to target could mostly care less.”
The riches are in the niches as the cliché goes.
A specialist heart surgeon is paid more than a general family doctor.
Is the surgeon smarter? – No.
He’s specialised and so can command what the family doctor could only dream to charge.
And there is a lesson for all of us.
FOMO – or Fear of Missing Out is a nasty Son of a ****. It grabs us and leads us down expensive and risky paths we don’t need to follow.
You don’t need to be a swiss army entrepreneur trying to be all things to every person.
Specialise and be the best.. and the money will take care of itself.
Don’t believe me? Please go to the best steakhouse in your town and tell me what knives they provide with your steak?
I can guarantee it won’t be a swiss army knife.
Thinking About Selling Your Business
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