I was just watching a special on Warren Buffett on CNBC and it showed him driving around Omaha Nebraska where he lives. I was shocked when the reporter asked him why he didn't live in New York where Wall Street is and he had a simple answer. When he said it it hit me like a ton of bricks. He said he doesn't live in New York because when he is in New York he gets 500 tips about companies to buy before noon whenever he is there.
He went on to explain that he has to do his own thinking and not rely on what others thought. He said he only needed one idea a year to make money and having too many ideas all at once would make anyone lose focus. It was then that I realized why I didn't make money on the internet when I first started out with affiliate marketing.
I was trying to be everything to everyone so to speak. I found out that car parts were sold online so I started a car parts site. Sounds like a good idea doesn't it? Yes it did until I didn't sell anything. The reason I didn't sell car parts was I got the idea from someone else and I didn't know the first thing about car parts. There was a few other reasons but that was the main one.
While I had about 25 pages up selling car parts someone said to me that since I liked boats I should start a site about selling boat motor parts. Next thing I knew I had a boat motor parts website. This kept happening over and over until I reached about 30 sites that had no focus at all. No focus = no money!
When asked why he didn't lose money in the tech stock bubble Warren had a simple answer. “Stick to what you know and what you like doing”. Sounds really simple but he didn't know anything about tech stocks so he stayed away from them. Sounds great in hindsight but he lived it and he went on to make money during the bubble bust.
When I am online I am constantly distracted by email and instant messenger and visiting forums. This time could be spent improving on what I know and what I like doing. Not spent on making another site about something I knew nothing about.
When IPods first came out I wanted an IPod website but I held myself back. I already had two websites about cell phones and I hated making pages on the latest cell phones since that took a lot of work to research and there was a lot of competition. I practically had to sit on my hands not to register an IPod site url but I didn't do it. Everyday I am happy that I didn't as the site would just sit and spin as I call it and get no traffic. Why is that, because I don't know anything about IPods.
Do what you love and do it well. When I started shutting down websites I felt relieved that I didn't have to cover a topic I hated. You know what happened my income started to go up. I like sports so making a sports site was a no brainer and when I did that it was a success almost overnight. I can write about sports all day long and if someone pops up on instant messenger they have to wait until I am done writing the web pages before I answer them.
If Warren Buffett had to make a website what would he do. He would have one website about what he knew or liked and that's it. Focus on a topic that you like and focus only on that one topic.
u are the best vinny
Thanks for the inspiring article Vinny. Warren Buffet is such a class act. Enjoy any articles that include him.