In the modern era there is an epidemic of distracted people. People want to do whatever the hottest fad is, and will constantly chase the after new ideas. The cause of this issue is comparison, beginners are always looking at other gurus and entrepreneurs and trying to do what they do. Instead of starting a real business and trying to grow their revenue they are looking at social media or Youtube videos.
When you expose yourself to all the ideas of the world you can make your own ideas seem too small. You see someone making 5 or 6 figures per month, and now you want to go into their industry. This is the disease of distraction – shiny object syndrome.
Shiny object syndrome arises because people feel their own ventures are somehow inadequate. In reality their ventures are simply too new and small to generate serious revenue. The solution to this issue is not to change the project they are working on, but instead to focus and work harder.
The Power Of Focus
There are two types of focus you need to develop. There is the short-term focus that allows you to work undistracted for hours on end (deep work). This allows you to be efficient and achieve your daily goals. The second type of focus in long-term focus, which is much more difficult. Long-term focus requires you to design a lifestyle that is conductive to helping you achieve your ideal life.
For example if you are trying to scale a business from profits of $1,000/month to $10,000/month you need to adjust your priorities. If you volunteer, train competitively for a sport, have a girlfriend, and party twice a week you will not have the time to reach your income goals. To achieve your goals there are point in life when you need to put on your blinders. Delete your social media, start keeping your phone on silent and make your business goals your only goals for months and months at a time.
This is the sacrifice you need to make to become exceptionally successful.
Economies of Scale
A business never grows in a linear manner – this is a myth beginners need to forget.
To understand how businesses grow you need to understand economies of scale.
economies of scale are the cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output decreasing with increasing scale.
Once you have an established operation it’s much easier to grow it. Think about a manufacturing company that grows and makes acquisitions of the companies that supply it with wholesale products. They can achieve vertical integration (the supply chain is owned by the same company) so the cost of producing a product is much much lower.