In one of the comments from my Hive goals post from yesterday, I was asked: "What's the trick?". Meaning how do I progress so fast with my Hive goals?
I gave a short, and I believe to-the-point answer to the question, but I think a more ample answer may be useful for anyone interested.
If you check any beginner investor's guide, one of the rules that are almost omnipresent is "Diversify! Diversify! Diversify!". Usually said three times to make sure everyone understands it's important.
What does diversification achieve? When done properly, it reduces risk. Not everything goes down at the same time or at the same speed. The reverse is not everything goes up at the same time and speed either. Business cycles for businesses in different sectors of the economy are different.
Diversification introduces another factor. The time needed to understand and keep track of each business in detail. Even more time is necessary if businesses are from unrelated domains, which is one of the rules of thumb in diversification.
I've talked more than once about over-diversification. That's what happens when diversification is badly understood. Going in all directions, jumping from platform to platform and into every project and product. Spreading yourself too thin is also called. But that doesn't apply only to funds, it applies to time too, and your capacity to follow every one of these directions without neglecting others.
When I replied with "Focus and consolidation! As opposed to diversification.", I didn't mean consolidation good, diversification bad.
What I meant was choosing a couple of projects/assets that you want to build on, and consolidate into them. You become more focused if you have certain goals to focus upon. That's from my experience.
Let's take Splinterlands, for instance. This is one of the directions I focus upon and will remain so for some time, most likely.
Splinterlands itself started to grow in multiple directions. So, what do you do when you have limited resources and time? Follow all directions or pick the ones you decide upon and ignore the rest? I chose the latter.
In my Hive goals, for Splinterlands I had two goals:
In the meantime, licenses have been sold, we had the Waka promo card, the Riftwatchers sale started, TD packs are being sold, Runi whitelists were sold and the Runi promo cards themselves will be minted soon. And Splinterfest was in Vegas too.
If I had participated in all of these launches/events, I would have kissed both my Splinterlands goals goodbye. Here's where the focus came in. I've stuck to my goals.
Maybe from a point forward, it's stubbornness. But using this strategy it is more likely than not that I will achieve ALL my Hive goals this year (except HBD, dropped intentionally), where at mid-year 2 of them seemed almost impossible to reach. So, it's not like I'll probably reach them because they were easy targets. Because they weren't. Not at all.
Keeping the number of goals limited, focusing on them, and often consolidating other assets/rewards into the ones that are my goals. That's my trick!
