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Should You Setup Multiple Businesses or Focus on the Single One - Solution from Econstra

Nov 23rd, 2018

Should you set up multiple businesses or focus on the single one?

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Entrepreneurs should not confine their skills to just one business but expand themselves and grow along with the experience curve. But the fact is not everyone is comfortable with build multiple businesses and grow them simultaneously.

The reason is because of the common notion that they wake at the crack of dawn, check emails, update the sales from last night, find out the inventory levels, figure out on orders going out that day, check back on orders being processed that day, squeeze time to make a cup of coffee, send a tweet in the meanwhile, again heck emails, field phone calls from their wholesaler, return phone calls from customers, check email and finally get to take a swig of coffee. And that’s just before 9 a.m.

So, the chock o block routine sounds very tedious and tiring. Also, it runs the risk of causing the loss from the unsuccessful ventures and businesses. So, it might need the dose of courage and experience to juggle different businesses at one time.

The business consultants’ advice the entrepreneurs not to stick with one business as they restrict the revenue flow for the company. These not only suggests the different business ideas but also help to execute them. They play a vital role in making them functional.

The consulting services are hired not because that the entrepreneur is incapable but due to the challenge to make one single business flourishing. It’s yet more challenging to try and keep one going while the entrepreneur ramp up an additional one. As tempting as starting a new business may be, they need to be needed to be expert, multi tasking and build systematically if they want them all to succeed.

So, it is not at all impossible to run multiple ventures single handedly along with expert guidance and navigation.