Entrepreneurs are an amazing breed. There is nothing like the thrill of launching a new product, service, and or business that perfectly solves a market need. Entrepreneurs are wired differently. It’s as if we have radar for problems and an inner passion to connect and solve them…we can’t turn it off. I share this in my recent pod cast on the struggling entrepreneur.(Episode 101A)
Market leading entrepreneurs understand how to harness and focus this gift, this blessing.
As the biblical prophet Jimmy Buffet says…” a blessing becomes a curse if you keep it to yourself”. So it literally drives us nuts to see problems and solutions so crystal clear that it interrupts our drives home at night, our work outs at the gym, and worst of all time with our loved ones. We just can’t seem to shake it.
However this blessing left unchecked can also become a curse with out a filter. Since entrepreneurs see market needs and create solutions, they often can not turn off the opportunity identification gene. At a recent Tie meeting the entrepreneur who had the vision and launched Kaboodle, said it best;
“One area entrepreneurs must learn to manage is YAFO’S”.
One way entrepreneurs can build that ever so needed filter is ;” Buy a Map” as I discussed in a previous post. When you create your road map, or your “flight plan” as I have always called it, it helps you identify opportunities that are along your flight plan and accelerate your sales velocity to your desired destination. Your flight plan also helps you see that the YAFO you have just identified is too far off the current flight plan (would delay your arrival at your goal location) and helps pull your focus back to the current opportunity.
So what do you do with YAFO’s?
- learn to dismiss them…quickly
- create a new company to serve the opportunity if its large enough
- Distribute (sell) your idea to a current leader in that space and get back to your flight plan quickly.
As I said, entrepreneurs are wired, deep in our DNA, differently. We see problems and opportunities everywhere we go. We just can’t help it. For example my wife and I were out on date night and we went to see a great date night movie; The Ugly Truth. As we were driving home, and having many discussions about the movie, it hit me; someone ought to share the “Ugly Truths “about starting and owning your own business.
Far too often the people that come to me have been sold a false, get rich quick, a four hour work week , expectation. Some accomplish this but for most of the entrepreneurs I have worked with over the past 25 years it is hard work and long hours. So I wrote the eBook you can download on my blog; 50 Ugly Truths About Owning and Running Your Own Business, and why you should do it anyway. (I literally could not sleep until I set this idea free)
Market leading Entrepreneurs implement clear flight plans, and they quickly identify YAFO’s for what they are.
How about your organization…..
Do you need a filter? Are you chasing multiple opportunities and not getting anywhere fast?
Are your efforts building sales velocity? Or chasing YAFO’s that are taking you off course?
What do you do when you find a YAFO?
A blessing can become a curse if we keep it to ourselves. However we must develop a filter, a flight plan that helps us quickly dismiss or distribute opportunities that are not in alignment with our flight plan.
A lack of focus stalls or decimates sales velocity….if you let it.
Not dealing with YAFO’s correctly delays and often derails your flight plan to your goal.