Shiny Object Syndrome

Intelligent people make decisions based on opportunity costs.

Author

Paul Serra
April 03, 2023

Intelligent people make decisions based on opportunity costs.

Charlie Munger

The enemies of the beginner and the established entrepreneur are often the same.

One such adversary is known as Shiny Object Syndrome.

In essence, it means you are overwhelmed by opportunities – there’s always something new and enticing that you feel compelled to pursue.

Although this may be exciting initially, it has led many of us astray.

The syndrome causes a loss of focus on our original goals, resulting in the depletion of resources and, in some cases, a significant financial loss.

This can trigger intense anxiety and FOMO (Fear of Missing Out).

Fortunately, there is a solution to this issue.Joel having a panic attack (HBO: The Last of Us)

  1. Define Your North Star: Establish a clear vision and set specific goals for your business. Your North Star is a guiding light to align you with your long-term objectives.

  2. Prioritize Ruthlessly: Evaluate each new “shiny object” against your established goals. Ask yourself if it aligns with your vision and moves you closer to your objectives. If not, put it aside.

  3. Create an Opportunity Log: Keep a running list of intriguing ideas and opportunities that catch your attention. Instead of acting impulsively, revisit the log during dedicated review sessions to assess their potential.

  4. Embrace Focused Execution: Stay committed to executing your current plans and avoid the temptation to change course too often. Consistent action is key to achieving meaningful progress.

  5. Celebrate Milestones: Recognize and celebrate your achievements along the way. It reinforces your commitment to your path and mitigates the allure of distractions.

Remember, success comes from focus and perseverance.

It’s about mastering your craft and seeing your vision through to fruition.

Resist the distractions and stay true to your mission.

Building a company is hard. You (and your employees) are going to need help.

I recommend you hire a remote assistant to stay organized and maximize your potential.

It’s not easy to find a good remote executive assistant. It took me over six months to find mine. For this reason, I’ve created LoftyHire to help you save time in your EA search.

Learn about my projects at PaulSerra.com