How FOCUS Beats Diversification | Success Formula

If you want to have success as an entrepreneur, stay focused. Don't get distracted. It's too easy to look at all the shiny objects around us and jump onto another opportunity because we think it's going to be exciting. You feel the momentum, but you have to stay focused on what you're doing. Tap into something that you passionately believe in and stay focused on achieving that goal until you go out and actually get it done. I got a question from one of my YouTube viewers who challenged me on the Stay Focused theme. His name was John. Great question, wrote in saying, "I don't know if I should focus or diversify. I look at guys like Richard Branson who've had a lot of success in diversification and wonder if that's the right path for me." So here's the thing, John, that's a great point. Okay? I love modeling success. It's a great idea. It gives you motivation and gives you strategies on what to do for your business. It's great to look up to guys like Richard Branson. Whoever inspires you, whoever you want to be like, learn as much as you can from them. If you love Richard Branson, it's great to look at where he is now— owner and part owner of tons of businesses. If you want to replicate his success, look at how he got started. Look at what he was doing at the very early days of building a business, because when he started, he was focused on on one business. He built up that business before expanding into other areas. He became great at what he did by focusing in on the one thing that he was really good at. His first attempts at diversification actually didn't go so well. In his first company, he noticed that everybody at the company was going to eat at this restaurant for lunch, for dinner, so he decided, why not buy the restaurant? So he bought the restaurant and it didn't go well for him. Whatever, he was trying, he was diversifying. It didn't work, he learned from it and was able to build up from there. But his first business, he focused like crazy on it. He built it up to the point where he not only was able to survive off of it— that's your first challenge, making enough money to pay your bills and feed yourself— but to grow a huge empire from one business. And then focused on going after other companies. So we're both right. You can be like Richard Branson. You can diversify. You can have investments in tons of different companies. But start with one thing and focus on it and make it awesome before you open up your bandwidth. Because if you do it too soon, you're not going to have success. And too many entrepreneurs try. It's so tempting. It's so tempting to jump on something new because it's exciting and you feel you can contribute. And at the beginning stages of the company, there's so much passion and energy into it, and you'll find that you just keep doing that. You get to a certain point, then you flatline until you jump to something else. You start over, flatline, start over, flatline, and you never build anything of value. So start off by focusing on one thing, make it amazing, make it awesome, pour yourself into it, and then focus on doing other things that you want to do. Believe. For those of you watching, please give this video a thumbs up if you liked it. I love seeing those come in, and I want to hear from you. If you have a comment about this video or question for your own company, leave it in the comment section below. I always read those, and I'll make a video response for you. Thank you guys. I'll see you soon.