Top 10 Business Planning Mistakes #5: Doing It All

(Note: this is the sixth of a 10-part series listing my revised top 10 business planning mistakes. The list goes from 10, the least important, to 1, the most important.)

Let me start this with one of my favorite quotes:

“I don’t know the secret to success; but the secret to failure is trying to please everybody.” Amen to that. In fact, you can package that up and call it small business strategy 101.

And I’ve written about the displacement principle in small business:

In a business, everything you do rules out something else that you can’t do.

And this fits very well with what I call strategy:

Strategy is focus. It’s as much what you aren’t doing as it is what you’re doing.

One of the most common worries I get as I sit as a judge in business plan contests, or more recently in a group of angel investors as a member, is the problem of too many moving parts. That comes back to you can’t do everything.

Trying to do everything usually leads to doing nothing very well.

(Image: istockphoto.com)

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