Shiny object syndrome affects even the most focused entrepreneurs, but here's how you can avoid it.
According to the stereotype, when a child sees a shiny object, he'll drop whatever he's doing to chase and acquire that shiny object. It immediately takes precedence over his current focus because it's new and, hypothetically, valuable in some way.
We would criticize children engaging in this behavior as being easily distracted, but the reality is, as entrepreneurs, we're often afflicted by the same distractions on a grander scale.
What Is Shiny Object Syndrome?
Shiny object syndrome (SOS) is the common term for an entrepreneur's proclivity for being distracted by unnecessary, often new, considerations. For example, you may find yourself getting fixated on whatever new marketing strategy you've heard about, instantly forgetting about the last one you've already invested in. You may leave projects half-finished in favor of focusing on new ones, or you may overwhelm your team with new ideas and new directions forward.
While it pays to be on the forefront of new developments, this is not a good way to do business. Constantly chasing after the new means you don't think through your decisions enough, and you don't follow through on your past decisions. It leads to a disjointed, confused business (not to mention an exhausted team).
How to Prevent It
So how can you prevent yourself from succumbing to shiny object syndrome? First, whenever you have a new idea, hold onto it. Instead of starting work on it immediately and dumping resources into it, set it to the side and revisit it in two weeks. If your interest was temporary, you'll no longer want to pursue it. Next, set timetables and commit to finish what you start. If your new plan requires six weeks of effort, don't bail out after three in favor of some new direction. It's good to cut your losses if things go downhill, but not just because something newer has come along.
Self-awareness is the best tool you have to combat shiny object syndrome, so use it wisely.