The B.S. Business Advice You Should Forget [DO THIS INSTEAD]

The average millionaire has seven streams of income

It's probably something that you've heard a million times, and I've heard as I was trying to become successful or even start my own business

And one of the reasons why my restaurant business even failed was because, you know, I was trying to do a lot of things

A lot. I was trying to add all these different menu items. I was trying to add all these different things simply because every time I wanted to do business

every time I want to do something, people would tell me that I needed to have all these different things

because I needed to generate multiple streams and I needed to diversify. But I'm here to tell you that that is absolute bullshit

You see, about three years ago, my mentor, Sam Ovens, showed me this drawing

And as you can see, it's got one energy source where everything is put into one energy source or one channel

And it's just going as high as possible where, you know, the same source of energy is being put into 6, 7, 8, 9, 10, 15 different channels

This is why a lot of people that start a lot of businesses fail. And here is an incredible and just an insane stat

over 80% of American businesses fail in the first five years. Now, why is that even important for you to know? Because a lot of times, these small business owners are being told and they're being, you know, brainwashed by society and by mainstream media and social media that you need to do all these different things. And this is why you'll hear people talk about how, you know, they want to build well. So they're going to invest in this thing and invest in that stock and invest in this other thing. And then put their money in crypto, put their money here, put their money there. Over the last seven years, literally all I have done was focus

on one thing. And that is building my wealth through Amazon FBA. And the reason why I did that

because I started the business I tried other things and they failed I tried to do multiple things all at the same time and they failed And then when I started Amazon I even tried to do that with Amazon I launched multiple products

I still remember sitting in front of my computer and being super frustrated because I launched

the product and it succeeded. I launched a second product and it succeeded. And then I went on this like rant of wanting to launch more products

But every time I tried to launch another product, my success wasn't as proportionate as the

other products. If I was able to generate, say, $1,000 a day in the first month with my fourth or

fifth product, that would take three or four months. The reason being it's because of the energy

that's being put into every single avenue is just simply not the same as if it's being put in

one thing. Now, some of you might be arguing with me and saying, well, what about Elon Musk? You look at

Elon Musk and he's got seven or eight different companies. He's investing in all these different

companies, yes. But also, don't compare your chapter one with someone else's chapter 75

Elon Musk is worth over $200 billion and he can do that. And he's got teams of thousands of

people under him. Now look at Elon Musk when he first started. Elon Musk started with literally

one company. He had a partner. He built a team. He grew it, sold it, exited, took his money

invested in two companies. And then grew those, took the profits invested in other companies and so on

If you have a job and then you're trying to start a side hustle. Maybe it's selling on Amazon

on maybe it's something else. And then also your sister-in-law said how this stock that she invested grew by 200

and then you want to take money and put it there. But then your friend is saying how this one crypto went from 40 cents to 85 cents in literally two days and you want to put money there But then also your uncle financial advisor is telling him how he should invest his money in the stock market or in real estate

And your uncle was over your house and he was telling you how that's how he's going to be building his wealth

And now you're interested in also investing your money in real estate. Now you're still the same person that has a 9 to 5 job, you know, has a few thousand dollars

that is trying to start a side hustle. But you also are invested in real estate

You're also now invested in crypto, invested in stocks. invested in all these things. How exactly are you going to be able to focus on all these things

grow all these things, and be able to grow them to a level of mastery? Only when you get to a level

of mastery is really when you are able to find true success in life. Anything below that, you're just

simply not being fair for yourself because you are not really utilizing any one thing to its max

potential. And that's really what you want to do. This is why for me personally, every time I try to do

anything new, I always ask myself this following question. Is what I'm doing right now scalable

If I put in more effort, if I invest more money, if I invest more time, can I keep scaling

If the answer is yes, then simply keep doing the same of what you're doing right now

If and when the answer is no, I would challenge that answer. Because sometimes when the

answer is no, it's not that the vehicle cannot scale. It's that you have a limiting belief that

this vehicle cannot scale. And so I would start with your job before you even start a business

And I would say, I'm making $56,000 a year. Can I go to $65,000 a year

Is that possible? Has someone else in my job done it? If they haven done it before go to your boss and say hey boss I make 56 and I want to make 75 How can I add another of value to you so you can pay me How can I add another in value to the business so that way you can pay me an extra

Because if you add another $20,000 to the business, he's not going to pay you $20,000

You need to add at least three, four times the value of what you're trying to get compensated

If that's possible, great. Then do that. If that's not possible, maybe you just have the wrong job

If it's head of ceiling and it's not possible and your boss doesn't even see it and you've

tried everything, then that's when you want to start a business. And then once you start a business, you want to focus all of your energy into it because

maybe you've got kids. Maybe you have two different jobs. Maybe you're just getting married

Maybe you have elderly parents you want to take care of. Maybe you're also still going to school because like myself, my mom wanted me to become a doctor

and you still want to prove to your parents that, you know what? This other option is better

And so meanwhile, I'm still going to go to school. You know, the one irreplaceable resource that we have is our time, our energy, our attention

These are the only irreplaceable resources that we have. And so you want to dedicate them all into one place because, again, you already have so much going on

Your day-to-day life already has so much. There's only 24 hours in a day

You sleep eight, you work eight. There's eight left. You're probably, you know, working with your kids or your parents or friends or whatever

And then you're eating. You're showering. There's maybe four to six hours

left. Where are you going to dedicate those four to six hours? Are you going to be dedicated them to

five different things? Do you think that is the right way of doing it? Or do you think that

dedicating them to one thing and taking that thing to the max, do you think that will be a better

way? Outside of that, I'll see you in the next video. Take care