What is the one secret to becoming successful that most never figure out? What is that small pitfall that traps most of us in a world of mediocrity, frustration, and uncertainty?
Warren Buffett is currently the wealthiest investor & business owner in the world (depending on the value of his and Bill Gates’ companies). One of our mentors, Rick Sapio, interviewed Mr. Buffett for 40 minutes. There was statement made that stuck with Rick to this day. It is one of the biggest reasons why most never achieve financial freedom, greater health, or fulfilling relationships. It keeps us busy, but never attaining the results that we really want. In fact, by just implementing this one idea in your business, your money, and your life, it would transform the results you have seen up until this point!
Warren Buffett said this….
“The difference between those that are successful and those that are ultra-successful is that extremely successful people say ‘No’ to almost everything.”
Just saying “No” applies to a lot more than just drugs! Think about it. Have you ever over-committed to something? Have you ever said “yes” to too many things? Have you ever felt like you are running around with your head cut off? Sure, we all have! This is why Warren Buffett tells you that diversification is for those who don’t know what they are doing.
Focus is the key to seeing extraordinary results. This is why multi-tasking really doesn’t beat out focusing on one project at a time. Many go bankrupt or severely in debt because they tried to take on too many investments or projects. Those that try to implement a business idea, and then jump to another because they haven’t seen any results in a month or two, usually will never see results no matter what they do. You may know some of these people, and they drive you nuts! Well, let’s make sure we’re not one of them.
Here are some questions that will help you say “No” to the many wrong opportunities and “Yes” to the few right ones.
- Do I have sufficient knowledge or expertise about this investment or business?
- If money were no longer an issue for me, would I still do it?
- What other reasons, other than rate of return, would I invest in this?
- Would this distract me from being successful with my other investments or businesses?
Use these questions to guide your decision making and ensure you focus your energies towards the right activities to being “ultra-successful.” For further discussion on this, comment on your experiences with this and listen to our previous podcast, “The Power to Say NO.”