There are few things more exciting than starting a business and getting things rolling. The fear, the adrenalin, the excitement, the hope that every entrepreneur feels, are all intoxicating. In fact, very often they are TOO intoxicating. Very often, along with some success comes the feeling of invincibility. I have been in situations where I have told myself that Im smart, I know what Im doing, that I will figure things out as I go, so it’s OK to take on this new opportunity.

Few businesses only have one opportunity. Every entrepreneur’s mind goes crazy with the new and exciting things they can do beyond the new and exciting things they are already doing. The risk is that you can drown in all these opportunities. Far too often when an entrepreneur hits a rough patch or competitive challenge, the temptation is too “turn on the thinking cap” and find something new for the company to do.

Don’t fall to the temptation.

As an entrepreneur you have to know what the core competencies of your business are and make sure that your company focuses on being the absolutely best it can be at executing them. Bottom line is this. If you are adding new things when your core businesses are struggling rather than facing the challenge, you are either running away or giving up. Rarely is either good for a business. In fact, by chasing these opportunities, you may be assuring that you drown in them.

Those were usually the times I made mistakes. In a lifetime of running businesses I have developed a lot of rules that have been almost infallible, here are a couple of them that I use religiously to this day.

Win the battles you are in before you take on new battles.

There is one battle in your business that you are not winning, or are battling to stay in front.

If you are the main engine behind your company, taking on new challenges will only dilute your ability to win the wars you are in and of course increase the risk of injuring your primary business or core competencies.

It’s a huge lesson for entrepreneurs. Win the battles you are in first, then worry about expansion internationally or into new businesses. You do not have unlimited time and/or attention. You may work 24 hours a day, but those 24 hours spent winning your core business will pay offer far more. It might cost you some longer term upside, but it will allow you to be the best business you can be.

To use a sports metaphor, get the fundamentals right and then add to your fundamental skills before you try to take on the trick shots.

From: Mark Cuban in Success & Motivation