As an entrepreneur, you should always look for ways to increase your revenue. In this post, I cover one simple way for entrepreneurs to grow their income.
Warren Buffet once said,
It doesn’t matter how bad the times are, or how bad the economy is. People are always willing to exchange money for the service and value of an expert.
Think about it. When you go to the doctor, you pay more if that doctor is a specialist, than if he or she is a general practitioner. The same is true in all fields — experts make more money than generalists.
So the question becomes, “How does one become an expert?”
You do it by focusing on one very narrow area and fill your mind with knowledge related to that specific area.
The mistake that many entrepreneurs make is trying to learn too many different things. You may think that it’s good to be well-rounded, so you tax 1% of your brain with learning about history, 1% on social media, 3% on faith, 2% on finances, and so on. You want to learn about everything, right?
The problem with this is that when you clutter your brain with information on so many different topics, it prevents you from becoming an expert on any one thing.
Experts differentiate themselves from others because they go after specialized knowledge. They don’t want a cluttered mind, so instead of trying to be a jack of all trades, they focus on one thing. The more narrow that one thing is, the more specialized they become, and the higher prices they can charge for their expertise in that one area. The broader the subject, the less specialized they become, and what they offer becomes less valuable.
So if you focus on a narrow topic and constantly grow in your knowledge and experience in that one area, you’ll eventually become an expert because your mind is consumed by trying to master only one subject. In terms of how long it takes to become an expert, that will depend on how quickly you feed yourself information and how well you retain it.
Now you may be concerned that if you focus on only one subject, that you’ll be missing out when it comes to the other subjects. The good news is that experts attract other experts. So once you become an expert yourself, you’ll associate with experts on other subject areas, and you’ll be able to use the expertise of other people when needed. Your mind will become a combination of 10 different minds all put together, and you’ll have the answers to many different questions because of the other experts you associate yourself with.
My challenge to you is for you to choose your area of expertise, and immerse yourself in that topic. Don’t let yourself get distracted with everything else. If you do that, eventually the amount of money you’re able to charge for your expertise will not only go up, you’ll also find yourself in good company with other experts.