Jack Of All Trades Is Master Of None

The title of this post is a saying that I have often repeated to myself. This is a challenge for any motivated entrepreneur; when do I say no? Many entrepreneurs simply do not know how to say no to a deal. Maybe that is why some find success the way that they do – the law of averages. However, I think that the Warren Buffett method of entrepreneurship is the one I like to subscribe to – stick with what you are good at. You can still have a lot of different deals, companies and opportunities in your “wheel house”, but I really don’t think you should over burden yourself with deals outside of your particular expertise. Reading is a great tool that I use to learn about other industries and opportunities. There was a time, not too long ago, when reading was actually a huge catalyst for me to try and build opportunities off of. However, about two years ago, I realized that although I had some decent ideas and was working on some reasonably interesting projects, I still was making money from my core set of skills. All of the other stuff was just busy work meant to stimulate opportunity, but not necessarily to profit from it in terms of dollars.  Learning in and of itself has value of course, but for the purposes of this post, I am talking about making money as the ultimate goal when looking and learning about new opportunities.

Clearly there is a time in one’s life when not everything you do in your career should be based on whether or not you can profit from it. I am not saying you shouldn’t have hobbies. Nor am I saying it is a bad idea to broaden your interests and improve your abilities in a variety of areas. What I am saying is this; find out what you like and what you are good at and focus your time and efforts (company after company, deal after deal) in that arena. Ultimately you will find enough success (and cash) that you can pursue your other quirky interests and hobbies. In the meantime, I have decided I am good at operating franchise businesses, retail companies and small real estate transactions. I am a decent investor in other peoples businesses, as long as I understand them or at the very least, have an extremely high level of confidence in those that do. These are the things I am going to stay focused on so I don’t get spread too thin.

It isn’t a groundbreaking message to say “find what you are passionate about, and good at, and do it”. But it is harder than it sounds. So many people are attracted to the short term financial gains that they can achieve in markets that don’t require as much long term dedication. Case in point. I have a friend who decided he wanted to be an investment banker. He worked hard in school, got two great degrees, and worked his way into a high paying job at a relatively young age. He is making great money. So now what? He talks to me all the time about what he “really” wants to be doing. His passions are nowhere near the investment banking industry. In fact, he really has some great entrepreneurial ideas. Unfortunately, he is trapped. He is married with two children and has a lifestyle, and a mortgage, that must continue to be supported by the job that he has.

I have not told him this because I don’t want to make him feel bad. But……….I know that with the talents he possesses, had he chosen to follow his passions and his talents more closely, although it would have taken him longer to get to where he is now financially (maybe), he would eventually have gotten there. I am sure that his life would have been much more enjoyable from that moment on. Maybe he will start the company he wants to when he makes so much money that he can’t “lose”.  I ask him sometimes how much that amount needs to be and each time the number gets a little higher. I hope he makes the leap before it is too late! In the meantime, he is just another one of the millions of frustrated entrepreneurs trapped in corporate America.

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