Trying to start a small business online? Don't do what I did and many, many others did too ... and even after reading this I am sure YOU will still make the same mistake!
I started my first business online, a blog, back in 2011 and my objective was to start a small business online and make money from it. Since I love writing, this should have been pretty easy, right? Not necessarily.
So it happened that almost immediately I started blogging, I started seeing a million other online opportunities. To make this matter worse, many of these so-called opportunities would be introduced to me by my close friends.
One big mistake most young entrepreneurs make when trying to start there own online business is that they tend to jump from pillar to pole, moving from one business to another, in search of the so-called 'opportunity'.
DON'T! This is a big mistake!
Many people start one business and just three months after, their friends tell them about another business that makes fast money. They dump that business they just started for the new shiny object and just 5 months after, they read about a new shining object and jump again.
That’s not how to build a business.
Jeff Bezos (Amazon founder and CEO) focused on E-commerce for over two decades before he became the world’s richest man, Bill Gates focused on computer Software, Zuckerberg focused on social media.
Don’t make the mistake of thinking that these people didn't have distractions, and indeed, still do now. They also have other shining objects enticing them. The main difference between them and many failing online entrepreneurs trying to start a small business online is that they learnt to say NO.
Steve Jobs was one of the most respected entrepreneurs ever in the world. Jobs said,
“I make it one of my mantras - focus, and simplicity”
Focus and simplicity. Those two things are very important because of the way our brains work. Your brain can only do its best job if it’s focused on a single thing for a long period.
That’s why multi-tasking is anti-productive.
Your brain cannot just do the best job by moving from A to W and back to K.
Andrew Carnegie, a well known Scottish-American industrialist, said,
“Concentration is my motto – first honesty, then industry, then concentration.”
To be successful as an entrepreneur, you must be willing to concentrate all your time, energy and resources on a single thing for at least a decade.
For many years, Henry Ford was competing with other automobile companies. He studied his industry and always learned how to improve the production processes.
He bought every car his competitors made to study them and to find out what they were doing better.
He had failed and got rejected by many of his investors but he wouldn’t give up.
One day, Ford discovered the source of better raw materials for his vehicles and that changed the entire game.
At a point in his career, almost 50% of all the automobiles in American were made by Ford, a credit given to his raw material’s discovery.
Now here is the thing. Concentration and thinking is very important because it takes a whole lot of time to beat everyone. In fact, it takes a whole lot of time to know your market, your best products and the best way to serve the market. A lot of studying, a lot of sleepless nights, a lot of trial and errors.
This is what it takes to build a business and you can’t do that when you move from one pillar to another pole.
What happens when entrepreneurs jump from pillars to poles or try to do too many things at the start is that they are not able to learn enough, try enough and make enough mistakes.
Because they are not able to learn enough or make enough mistakes and learn by them, they are not able to discover what the competitors can do and when your competitors know many important things you don’t know, you’re dead!
A man who concentrates on a single thing wakes up every day to such things, dreams every night about such things, reads everything about such things, knows everything about such things and because he has become addicted to such things, it’s easier to know what no one else knows and when you know what no one else knows about a business or an industry, your success is all the more likely.
You have to know what you’re passionate about and focus on that more than anyone else. But what about the rich who have a hundred business?
One other thing that confusses young entrepreneurs is that they see many rich people having 10 or 20 companies.
Google has more than a hundred products, Facebook has Instagram, WhatsApp, and many other investments and Jeff Bezos owns Washington Post and many other businesses.
What we have to understand here is that none of these guys owned two businesses when they started.
This is the 'game'; when you build a company that makes you a million dollars every month, you can buy the best brains in the world. If you can buy the best brains in the world, you can start a hundred companies because the brains you buy can wake up each morning to study the new market, read about what is going on in the industry, take important decisions for the company and make the company succeed.
This is very different from someone who has just started a business in the last year and is now looking to starting another one today or jumping to a new thing today.
When to throw in the towl?
Yes, there are times when the smartest thing to do is to quit.
But you have to be sure that you’re not quitting because there’s another shining object you want to run after.
You can only quit a business when every source of data shows you that you can’t make it be what you want, not because you think Bitcoin, as an example, is better than what you’re doing.
The grass isn't always greener on the other side!
Here’s my tip and encouragement for every entrepreneur out there.
It’s a long journey. It’s a marathon. Don’t ever give up because things are not working the way you want them to work right now. As long as you believe in your venture, keep your faith alive.
Wake up every morning into it. Read every day about your industry.
So ... if you're trying to start your own small business online? Make your night dreams about your business. Be obsessed about it and say NO to every other shining object.
CONCENTRATION and FOCUS.
Those two words are very important. Don’t ever make the mistake of running from pillar to pole.