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Why You Should Put All Your Eggs In One Basket

By Edited May 29, 2015 9 19

There is a saying out there that I am sure all of you are familiar with. It goes like this:

"You should never put all of your eggs in one basket".

These so-called words of wisdom have led many of us, including myself, to believe that you should: 

  1. Always have a back up plan.

  2. Multi-task.

  3. Work on multiple projects.

Believe it or not having several eggs in different baskets is most likely the main reason why people can't get anything done or become successful in any business venture they start. 

How A Back Up Plan Can Hurt You

Back Up Plan
Credit: Let's Graph

The one quality that you will find in highly successful individuals is focus. This is especially true when they are first starting out. If you take a look at all of the great inventors, businessmen, athletes, and entertainers you will clearly see that they had one goal and they were going to do everything in their power to accomplish that goal. The other thing that you will notice is that there was no back up or contingency plan because failure was not an option.

When you have a back up plan you are planting that seed of failure. Having a second option can psychological kill your potential success before you even get started. If you have a back up or contingency plan, then how much effort will you really put into your initial plan.

How much effort and focus would put into a business or project if you knew that you had no other options? You would do whatever you have to do to make it happen, right? Why? Because in this case failure is not an option.  

You will notice that many successful entrepreneurs were essentially on their last leg before their businesses started making money. You will hear that a lot of entrepreneurs say, when they talk about their successes, that their business had to succeed or else. 

The Alternative To Back Up And Contingency Plans

Basically you need to develop a "failure is not an option" attitude. If you don't have a second option or contingency plan, then you are most likely going to focus more on making your business or venture work because there is no other option. Ultimately, you are forced to think about success instead of potential failure. 

Will Smith Says, "Plan B Distracts From Plan A."

Fast Forward To Minute 2:51 Or Listen To Entire Video

Can You Really Multi-Task?

Multitasking

Have you ever tried to text and drive? Ladies have you ever tried to put on make-up while you are driving on the highway? Chances are that if you text or put on make up while you drive, then you have nearly had a wreck at one or another. It is obvious that trying to multi-task while driving on a highway can possibly lead to loss of your life or another.

How has multi-tasking worked out on your job? Unless you are working around heavy machinery or hazardous chemicals, then chances are you will not lose your life if you try to do too many things at once. Nevertheless, when you try to take on too many tasks at one time you run the risk of producing low quality work or not completing any tasks at all.

What usually happened with me when I tried to multi-task was that I would start several different tasks and all of the tasks that I started were not completed. Basically, it was a complete disaster or what some may call a cluster "f-bomb".

How Many Multiple Projects Have You Started And Completed?

Multiple Projects

Personally, I have launched four different websites. Of the four websites, two are about 50% done, while the other two are at about 10%, if that much. So basically I have 4 projects and none of them completed.

How many major projects have you started? How many business start-ups do you have? Are the projects that you started complete? Are your businesses established and generating sales?

If you have multiple projects started and not complete, then there is a problem. If you have several businesses started and all of the businesses are not established, then, obviously, there is a problem.

The Alternative To Multi-Tasking And Multiple Projects

As opposed to multi-tasking and having multiple projects you need to focus on one thing at a time. Once that project or task is complete, then, and only then, should you move on to the next project or task.

You Can't Dig 100 Holes 1 Foot Deep To Strike Oil

A couple of weeks back I was listening to a podcast by Natalie Sisson of the Suitcase Entrepreneur. She was interviewing Derek Halpern of Social Triggers. During the interview she asked Derek why is he so successful online. Derek said that the reason why he is so successful is because he focuses on one thing at a time.

Derek brilliantly used the idea of drilling for oil as an analogy for becoming successful. He says, "You can't dig 100 holes 1 foot deep to strike oil, you have to dig 1 hole 100 feet deep." He goes on to mention that the primary reason why so  many people are failing to make money online and offline is because they are digging too many holes 1 foot deep. Derek contends that in order for you to be successful you should dig one hole 100 feet deep, then you can move on to the next hole.

If you cannot make sense of the analogy "You can't dig 100 holes 1 foot deep to strike oil, you have to dig 1 hole 100 feet deep" here is what the key words or expressions dig, hole, 1 foot deep, 100 feet deep mean.

  • Dig = Start
  • Hole(s) = Project(s)
  • 1 Foot Deep = Not Complete or Not Finished 
  • 100 Feet Deep = Complete or Finished
  • Strike Oil = To be successful

What Do You Think?

What are your thoughts on mult-tasking, tackling multiple projects, and having a back up plan? Also what type of solutions or tools do you use to manage multiple tasks and assignments?

Leave your suggestions and thoughts in the comments section below.

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Comments

May 28, 2013 6:04pm
LPerry
I agree with this 100%. Your article describes my online habits to the letter. I know it's time to throw out a few of my baskets. :)...and the eggs too!
May 29, 2013 5:38am
utgllc
Hey L its very hard to focus on one thing at a time. I struggle with it myself. At least we have an idea of why we may not have accomplished as much as we might have wanted to. Good luck on throwing out those basket along with the with the eggs and best wishes. Lastly, thanks for commenting.
May 28, 2013 6:38pm
KimChaos
Thank you for this article. It's what I needed to hear!
May 29, 2013 5:39am
utgllc
Thanks for commenting Kim and it was my pleasure.
May 28, 2013 7:17pm
curiosity44
Omar, I like the way your title challenges "conventional wisdom." I agree with you about focusing on one thing instead of several. In other words, you are more likely to succeed by putting 100% into one goal. If you have a backup plan, then maybe you are not as confident as you should be with Plan A. I do believe that some people are good at multi-tasking, but most are not. Thank you for this thought-provoking article!
May 29, 2013 5:53am
utgllc
Thanks for commenting Curiousity. I have to stand by my argument that no one is good at multi-tasking simply because it is impossible to focus 100% of your effort "doing" multiple things. On the other hand, if you had people "doing" the tasks for you and you are simply managing those people then you are essentially getting multiple tasks done without multi-tasking. So I definitely think people have the ability to get multiple things done at once, but you can't be doing everything by yourself. Once again thanks for taking the time to comment and appreciate your insight.
May 29, 2013 12:48am
chopsooy
Nice article, I can't keep up with it all at the moment...I think we easily get pulled off our original plans when we listen to too many people. Great work!
May 29, 2013 5:57am
utgllc
Thanks for commenting Chopsooy. And you are right, "Information Overload" is a productivity and goal achieving killer.
May 29, 2013 9:14am
IndianSummerLife
Great article. You've a new follower. Oh, and Will Smith is one of my heros. :)
May 29, 2013 10:22am
utgllc
Appreciate the love IndianSummerLife. I will be following you as well since it seems like we share some of the same interests. People seem to overlook what it takes for guys like Will Smith to become super successful. He is definitely someone that I refer to for inspiration and motivation when I need it.

Thanks for commenting and best wishes.
May 29, 2013 11:10am
SocialGenius
This article describes my life at the moment. I'm working on 8 projects at the moment and it really does feel like i rarely make any progress. I had seen the video with Will Smith before and it did inspire me to have more faith in my plan but after reading this, I'm going all in; no more plan B or "what if i fail?"
It's done.
Thanks
May 29, 2013 11:26am
utgllc
Thanks for commenting SocialGenius. Keep in mind that "going all in" is what Bill Gates, Mark Zuckerberg, Steve Jobs, Henry Ford, Thomas Edison and John D. Rockfeller did....So you are in good company. Best wishes on whatever you are trying to accomplish.
May 30, 2013 2:35am
chbamey
Very wise and thought-provoking article. I have striven, and failed, to be a better multitasker, simply because there's so much I want to do. This was a good reminder that it's counterproductive!
May 30, 2013 10:00am
utgllc
I am right there with you. It takes a lot of discipline to focus on one thing at a time. I think that many of us, including myself, have Adult Attention Deficit Disorder that has gone undiagnosed lol. In my opinion the best solution to a person who wants to do so much is to outsource people to do some of the work for you.

Thanks for commenting Chbamey and best wishes.
Jun 1, 2013 12:20pm
DollProject
Yes. It is horrid when you feel like you are pedaling, pedaling, pedaling and going nowhere. At some point you just need to pick a path and go down it--add the forks later when the main path is clear.
Jun 1, 2013 11:22pm
utgllc
Thanks for commenting Doll. Love your "add the forks later when the main path is clear" analogy." Best wishes.
Jun 4, 2013 2:16pm
dlpoisson
I just read your article today, but what is funny, I told myself the same things a few days ago. I have been jumping between InfoBarrel, Bubblews, my blog and learning a million other things that I often feel that I'm not getting anywhere. I know a little bit of everything, but I'm not an expert on anything. I think if I just spent more time on one subject until I learned it well before I moved on to the next, I would be better off in the long run.
Jun 4, 2013 3:21pm
utgllc
Hi Dlpoisson thanks for commenting. I have literally went on strike against buying anymore information products lol....I am a self-professed serial learner or information junkie which works as a disadvantage in my case. If you really need certain things done that can't wait hire some experts (outsource)....It may come out cheaper than trying to learn and do everything yourself.

Thanks for sharing your thoughts and hope that you will be able to navigate your way through this online thing.
Oct 6, 2013 11:59pm
thegmc
This article just made me stop and think about what I'm currently doing. Thanks for that!
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Bibliography

  1. "The Psychology Of Online Marketing And Kicking Ass With Derek Halpern." Suitcase Entreprenuer. 22/04/2013 <Web >

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