Should you run many businesses or focus on one

[Carpon]

There is a popular saying that throw all your eggs in one basket meaning that in everything you do, focusing on only one gives you an edge and the ability to focus and give out your best. Moreso, they do say that a Jack of all trade is master of none.

But regardless, there is a time when having much businesses you run will be better and more beneficial than just having one.

In doing so, what is mostly needed is timing and the ability to decipher and know the best moments that you should put something into action.

For example as a newbie in business, it will be more wiser if you focus on a single business and make it stand upright and when you have put that in place, you will begin to think of ways that you will diversify your inputs for the purpose of earning from numerous sources and investments.

 

[King bell]

There's no easy answer when it comes to whether you should run many businesses or focus on one. It really depends on what your goals and priorities are, as well as how much time and energy you have to devote to each business.

If you're looking to achieve financial independence and security, then it might make more sense to focus on one business and build it up over time. This way, you can slowly but surely grow your income and eventually reach a point where you're comfortable and stable.

On the other hand, if you're more interested in pursuing creativity and freedom, then running multiple businesses might be the way to go. This way, you can explore different ideas and see what works, without being tied down to just one thing.

Ultimately, there's no right or wrong answer here. It's all about what's best for you and your situation. So, take some time to think about your goals and priorities, and then decide which path makes the most sense for you.

 

[Finger Geek]

That is true. As a new business owner, we need to focus on one first. I wrote a thread concerning this issue. It is good to have more than a business, even most of these books on business will advise us to have more than a business for us to have a stable business and I also agree with this. But before we can have many business, we must first have one. With this one business, we must make sure we are successful with it. So after we are successful with the first business then we can move to the second one.

You should not say that because you have the money so you can have as many business that you wish to have. No you should not do this because it is not easy to manage more than one new business and the probability that the businesses will fail is high. So when we are successful with one we can move to another one. That is how most successful business owners operates.

 

[Augusta]

I don't think this question have a one fit all answer because it will be different strokes for different folks you can pick up the one that you can conveniently do .There's some people that can multitask and enjoyed in it that way than just focusing on one thing. They're are others that can just do one thing and get it right but it is always good to have different streams of income by running different businesses that is if one can excellently do it then there's no issues at all the thing is that it is always good to try and do the things you can do then you can move on from there to adapt to more or you reduce the workload.

so one can enjoy single business or different businesses according to the capability of the person but different businesses is good to have more money.

 

[moonchild]

Well, I have always preached on focusing on one thing, tunnel vision is really helpful, apart from zeroing your mind on distractions you get to enjoy your work, because that's the only thing you do.

Many people use the excuse of what if what I started never gain any traction and it fails, I need a second business as a plan B, well, most people saying this are actually losers, the mentality one needs to imbibe is, win or nothing.

If you don't focus on one thing you won't be able to be consistent, create dominoes around your business for a year, scale down to a month, scale down to a week and scale down to today.

Write what you want to happen and chase that until you are successful, after that, get to the next domino, it's really fun and you can get a lot done within a very short period of time.

 

[eldavis]

I believe it actually depends on you the business owner, do you have the capability to run multiple businesses at the same time? We are not just talking about the time to run them, other factors you need to look out for should also be the capital needed to run more than one business and as well the man power. Before going into multiple businesses, i would advice you grow the current business to a state where it can stand even in your absence, that way you can most definitely face and grow other business without being worried about anything.

 

[Knowlopedia]

Assuming you have the time and resources to run many businesses, there are a few benefits to doing so. Diversification can help protect you from potential downturns in any one industry, and spreading your businesses across different industries can give you a better chance to find success.

On the other hand, there are also a few potential drawbacks to running many businesses. It can be difficult to keep track of everything and you may have a hard time attracting top talent to work for you if you have a reputation for being a “jack of all trades, master of none.”

Ultimately, the decision of whether or not to run many businesses or focus on one comes down to what you think will work best for you. If you’re confident you can handle it, there’s no reason you can’t be successful with multiple businesses. But if you think you’d be better off putting all your eggs in one basket, that’s also a valid option.

 

[Chibson]

There is nothing wrong in running many businesses and there is also nothing wrong in focusing in one business but it depends on the kind of individual involved. I will always advise people to focus on a particular business until they start making a lot of profit from it then they can venture into others in order to have multiple streams of income.

In the online space for example there are people doing up to 5 online businesses and they're making a lot of money from it. They became successful on it not focusing on so many things but doing one thing one step at a time.

If you want to learn about affiliate marketing you should bring out sometime like a period of three months to six months and learn it properly and start making money from it then you can venture into another. That is the way to succeed in any business venture whether online or offline.

 

[Heartstrings]

I believe it all depends on the capability of every individual,you know how capable you are,if you can run one or many business at a time,you can as well have people to help you run one while you focus on your main business. But to me,I will advice running a business at a time, though it doesn't matter if you want more.

If you have the capital, resources and time there is absolutely nothing wrong in running more than one business and don't because you see someone who runs multiple business and doing well with it, then you got to imitate,no!! Business doesn't work like that,that person might have the capability,time and have focus on what he does while you have none, running more than a business at a time would really needs focus, dedication and determination so as to grow your business and make more profit. Stick to just a busines if you don't have the ability to run many at a time.

 

[Miki1]

Mostly if your business is growing faster and you see the need to create other businesses out of it is a good idea. But this needs a lot of time and commitment. Running multi businesses at the same time is not so easy. It'll be good to look for trusted people work for you and this also needs strict monitoring. If you know you can't get enough time to run multi business, don't force yourself into and regret later. It'll be good to focus on your one business and make it grow.

 

[Suba]

There's nothing wrong with running a lot of businesses, in fact it's even better because you'll create multiple sources of income. but before running many businesses choose the main business that will make a stable profit, so you won't encounter many problems in the main business. Open and run your business gradually starting from one business once it's running smoothly, open and run a second business until it runs smoothly and makes a profit. then open the third business and so on.

 

[Yugocean]

The world's biggest business magnate is Warren Buffett. He has multiple businesses, but he actually owns only one: he is chairman and CEO of Berkshire Hathaway. The rest of his businesses are just his shares.

So does the cryptocurrency world. Ethereum co-founder Vitalik Buterin, Cardano co-founder Charles Hoskinson, and Binance CEO CZ are limited to their platforms, but they do multiple things in their field. For example, Binance offers exchange, NFT, and launchpool, and it may include more as blockchain technology develops.

A relative of mine is a hotelier; what does he do?
He runs multiple businesses in the hotel, like renting rooms, a restaurant, catering service, and a wedding, party, or conference hall.

So, no matter which business you have to start, you will have to involve yourself in a multi-business environment. If you are not good at it, then the best thing for you is to run a shop.​

 

[Ithedicious]

There is nothing wrong , you can focus on as much businesses you can but if you are interested to focus in more than one business and you have to understand that you will not be the one to manage those business because managing those Business by yourself means that you may be stressed up and at the end of the day you may not be able to achieve what you are interested to do.
Management of business requires a whole lot of things such as focus , and concentration which you will not be able to apply it to all different type of business you are managing at the same time..

For you to properly concentrate in what you are doing , it is more advise that you manage one business if you think you won'ts have other people to manage other business you are interested to do at the same time.

 

[CALVINDOL]

Some individual find joy and wealth in establishing more than one business and there is absolutely no law that prevents an individual to establish more than one business. If you have the sufficient capital and a sufficient capacity and ability then you are totally free to establish as much business as you want. Of course you alone cannot establish 2 to 5 businesses and run it all by yourself, you would need the existence of employees and workers to help manage this business is possibly while you focus on one. You can be the manager of all businesses but you may not be the controller of its daily activities.

In most regions and areas of west Africa you can come across businessmen who own more than one business is that deals on different criteria of goods and services, and basically all this business is controlled by this business man are all around and managed successfully. It takes time to grow a successful business but that does not mean growing a successful business is impossible but rather it can be possible, but only with the right mindset and with the right determination.

 

[Johnson2468]

There is a popular saying that throw all your eggs in one basket meaning that in everything you do, focusing on only one gives you an edge and the ability to focus and give out your best. Moreso, they do say that a Jack of all trade is master of none.

But regardless, there is a time when having much businesses you run will be better and more beneficial than just having one.

In doing so, what is mostly needed is timing and the ability to decipher and know the best moments that you should put something into action.

For example as a newbie in business, it will be more wiser if you focus on a single business and make it stand upright and when you have put that in place, you will begin to think of ways that you will diversify your inputs for the purpose of earning from numerous sources and investments.

Having multiple businesses actually depends on the business owner, is there the strength and resources to run multiple businesses at once? other things needed to look out for should be the capital and man power needed to run more than one business. It is wise to build the current business to a level where it can stand even without your presence before going into multiple businesses

 

[cmoneyspinner]

Should you run many businesses? That depends. If you have the ability and capability of focusing on more than one business and you can run them successfully then why not. After all, Elon Musk has Tesla electric cars, he now owns Twitter, and he had his toy company, SpaceX. Then there are other companies that focus on a particular product or service, like small businesses, and they don't have the wherewithal to expand into different endeavors. Even though you can run many businesses, that doesn't mean you should. Only the business owner can answer this question as there are many factors involved in the decision-making process.