Status Labs CEO, Darius Fisher, was recently interviewed on the DreamCast podcast. He discussed many aspects of his business during the interview, but one of the more interesting topics he touched on was how entrepreneurs are often well served by simply doing something. Taking some action is ultimately better than taking no action, Fisher contends. This is a sentiment widely expressed by many of the most successful people in business.
Avoiding analysis paralysis is more important than making mistakes
Fisher is a firm believer in mistakes. Not making them for their own sake, he says that they should be avoided wherever possible. But he believes that it is primarily through mistakes that lessons are learned and the chance to grow as an entrepreneur is achieved.
Fisher, however, sees one mistake as being so great that it can be difficult to overcome. That is the mistake of total inaction. Fisher believes that too many entrepreneurs with great potential get bogged down by either analysis paralysis, getting being mired in thought to the point where they no longer take actions or by having too many ideas and not being able to sufficiently focus on any one. Fisher believes that for people who fit this description, it is far better to simply focus on doing something then carry that task through to completion.
According to The Daily Beast, Fisher also believes strongly in the wisdom of diversification, not just of investments or products but in terms of nearly every aspect of a business. For example, he attributes the continued success of Status Labs largely to having such a well-diversified client list. While it is often a major disappointment to lose a major client with whom employees have worked extensively on projects, Status Labs is mostly shielded from the effects of losing any one, or even any ten clients at once. This is because they have such a deep, healthy client list that they can easily stay afloat, should a few things go wrong over the near term. Such a diversified client model also gives the employees the ability to select the projects for which their talents are best suited.