What is Shiny Object Syndrome? How to Beat It?
Do you ever get bogged down by Shiny Object Syndrome?
Being an entrepreneur means you’re quite different from other people: you’re willing to separate yourself from “the norm” and take risks that would freeze others on their tracks just to accomplish your goals.
However, that doesn’t mean you’re immune to other people’s pitfalls. In fact, entrepreneurs add a few obstacles for themselves, and shiny object syndrome is one of them.
In case you don’t know, shiny object syndrome is basically a consequence of always being on the lookout for business opportunities. If you’re the first one to jump on trends, you can make a lot more money than people who do the same when the trend is dying.
The issue comes when you overhype when new products come up; this makes it a lot more difficult to study the opportunity realistically, and you’re likely to find yourself wasting money on products just because they “might be successful.”
Is it a real problem?
The short answer is “yes.” We all get a bit too excited for certain products, and throwing away a few bucks now and then won’t kill your business, but these expenses add-up very quickly, specially since these products can be very expensive.
Marketing products in particular are rarely cheap, and if you keep switching them—failure after failure—you’ll start burning a hole in your wallet.
Even if we focus solely on products you want to sell, you’ll still waste money on ads. You’ll also leave an increasing history of projects you’ve given up, and every time you give up on a product, you lose money.
The worst thing about losing money by giving up is that you won’t even learn enough to justify the money lost. If you just skip from product to product, you’re not likely to stop and think what really went wrong.
All of this translates into the same outcome: losing a lot more money and time than you should, and most of it being completely avoidable.
How to overcome it
Now, you can control this mindset, but lots of people simply won’t be able to truly “kill” these thoughts. That’s because new products are always fascinating, especially since being an entrepreneur means always being on the lookout for these opportunities.
The key lies in how you analyze these “shiny products” after they come out. The initial reaction—excitement, intrigue—is normal, but how you act is fully dependent on you, so let’s take a look at a few things you can do to keep your impulses at bay.
Don’t rush your product research
The main reason why people fall for the shiny object syndrome is that they don’t really care about researching their niche and products. Doing your homework for every product you think of is the best way to find a good product.
If you have a good product to begin with, it’ll be harder to convince yourself to give it up for something new.
Regardless of whether you’re attracted to an affiliate program, a dropshipping winner product, or a marketing tool, make sure to look up reviews and test it out before you pull the trigger.
Prepare yourself for hard work
Making on the internet money is great, and it can be very comfortable to work from home. That doesn’t mean you won’t have to work hard; in fact, chances are it’ll be a lot more difficult than getting a full-time job while you build your business.
If you’ve researched your product, and you’re convinced it’s the right one, then you should think twice before giving up on it. Look up new strategies or tutorials if you feel it’s not working like you expected—even try a completely new marketing approach.
You should only give up when you’re completely certain that nothing else can be done.
Reduce your exposure to new products
This might sound contradictory, but being bombarded with enticing offers is the best way to feel confused and start throwing money away. Email marketing is very effective, and that’s why almost everyone does it.
If you find yourself subscribed from too many mailing lists, make sure you unsubscribe. It’ll even keep your inbox organized. Even I rarely subscribe to mailing lists, and even when I do, I don’t stay for long.
Be thorough when planning
Now, it’s easy to plan your business venture: find a product, build a site, promote it, scale. However, that’s not the entire process:
- What platform will you use for your site?
- What marketing channels will you use?
- How will your website look?
- How many hours per week will you spend on your business?
- What are your milestones for profits?
Every long-term goal is made up by several short-term ones, and setting them correctly will help you focus on accomplishing everything you can before giving up.
Shiny object syndrome doesn’t really have a solution since it’s an emotional response. What you can solve is whether or not you let it control you, and luckily, that’s not as difficult as it sounds.