 The one big mistake to avoid when trying to be rich When I was around 14 years for whatsoever reason, I don't know I started writing I would leave my parents noisy room to a lonely secluded environment and I would start writing Looking back now. I can't tell what I was writing. I was just writing. I grew up to love writing and by the year 2014 I got to understand how blogging works through a friend who is a blogger Since I am a writer. It's just natural that I love to start a blog and that's what I did But there was a problem a big problem and I'll soon share some details about that with you very soon So I'll try to use this story to show you the one big mistake You have to avoid when trying to build a business if you're new here Consider subscribing so you won't miss other interesting videos like this Now back to my story. I started my first functioning blog in December 2014 And my objective was to build a reasonable blog and make money from it Since I love writing this should be pretty easy, right? Not necessarily So it happened that almost immediately when I started blogging I started seeing a million other online opportunities To make this matter worse many of these so-called opportunities will be introduced to you by your close friends Some asked me to try affiliate marketing Some wanted me to do email marketing while some wanted you to do social media marketing and a million other things One big mistake most young entrepreneurs make is to jump from pillar to pole moving from one business to another In search of the so-called opportunities This is a big mistake because except you can focus on a single thing for a decade You can't build a million-dollar company 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 five months after they read about a new shining object and jump again That's not how to build a business Jeff Bezos focused on e-commerce for 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 don't have distractions They have other shining objects inviting them. They only learn to say no Steve Jobs is one of the most respected entrepreneurs ever in the world Job said I make it one of my mantra focus and simplicity focus and simplicity These two things are very important because of the way our brain works Your brain can only do its best job if it's focused on a single thing for a long period That's why multitasking is anti productivity Your brain cannot just do the best job by moving from a to w2k Why I said no to Bitcoin Sometimes last year one of my childhood friends came to my office and spent several hours to explain to me how cryptocurrency works I believed him and I trust his judgment, but there was a problem I was building a young company that needs 1,000 percent of my attention To get into cryptocurrency means that I had to take time out to study and use my resources to invest The problem with this is that my young company needs my 24 hours attention plus every dollar I have if I want to make it a great success. I Said no to cryptocurrency even though I didn't have anything against it Today my company makes me more money than most people can make from Bitcoin And that's because I said no to the shining object Andrew Kennedy 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 Why concentration matters For many years Henry Ford was competing with other automobile companies He studied his industry and always learned how to improve the production process He bought every car his competitors made to study them and know 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 vehicle and that changed the entire game At a point in his career almost 50% of all the automobile in America were made by Ford But give the credit to his raw materials discovery Now here's the thing Concentration 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 product and the best way to serve the market a lot of studies A lot of sleepless nights a lot of trying and errors That's 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 pole or do many things at the beginning is that They are not able to learn enough Try enough things and make enough mistakes on anything because they are not able to do enough studies or make enough mistakes They are not able to discover what the competitors can't 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 thing Dreams every night about such thing Reads everything about such thing knows everything about such thing and because he has become addicted to such a thing It's easier to know what no one knows and when you know what no one knows about a business or an industry Your kingship is sure Why Robert doesn't invest in the stock Robert Kiyosaki is an entrepreneur and investor, but he never invest in the stock market Contrary to this is Warren Buffett. He made his billions by investing in the stock What is the difference between these two people? interest Buffett started investing as early as 11 because he loves investing in stock He has read far more than any living being about the stock market and this makes him know more than anyone When you know more than anyone in a given field you become a king Robert at the other hand doesn't love the stock market. So he couldn't invest in it What makes you a human is when you know who you are This is very basic because until you know who you are you can't know what to say no to 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 confuses young entrepreneurs is that they see many rich persons having 10 or 20 companies Now this is it. Google has more than a hundred products Facebook has Instagram WhatsApp and many other investments And Jeff Bezos owns Washington Post and other businesses What we have to understand here is that none of these guys owned two businesses when they started Now 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 100 companies because the brains you buy can wake up each morning to study the new market Read about what's going on in the industry Take important decisions for the company and make the company succeed This is very different from someone who just started business last year And starting another one today or jumping to a new thing today When to throw in the towel Yes, there are times when the smartest thing to do is to quit Or 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 data shows you that you can't make it what you want Not because bitcoin is better than what you're doing Here's my 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 this venture, keep your faith alive Wake up every morning into it Read every day about your industry make your night dreams about your business Be obsessed about it and say no to every other shining object Concentration Focus concentration Focus those two words are very important Don't ever make the mistake of running from pillar to pole Thank you very much for watching our videos. Are you between the ages of 15 and 40? Then we invite you to join our new channel Which was specially created to share with you inspiration and life's lessons to succeed in life We call it under 40 TV kindly look at the description box to join the under 40 TV We love you