Multiple streams of income vs. One business
Forget about having multiple streams of income and trying to hustle your way to success by spending little time here and there to make a little money.
Your mind will feel a lot clearer and I and many others think that you’ll be much more successful if you only focus on building one big business. Of course you may want to first experiment what kind of business that is.
I tried to go the multiple streams of income way but when I switched to focusing on one business, I’ve been getting a lot more work done and the path ahead of me is clearer.
Note that this isn’t originally my advice. I’m not qualified to give this advice alone. This is a multi-millionaire’s advice which was agreed to by many other entrepreneurs.
When you focus on only one business you will be able to create much more value to it because you mind is constantly thinking about ways to improve it and it will show in your income.
When you have many concurrent projects or businesses, you’ll be spending a lot of time thinking about which one to work on, you’ll be less organized or spend a lot more time organizing, you’ll feel more stressed, you aren’t as capable of coming up with ideas to improve one of the businesses because you’re spending much less time per business and one business’ ideas will interfere with the ideas of another and your mind will feel utterly cluttered.
January 26th, 2007 at 1:57 pm
Yes this is a good point. Although I’ve managed a software sirm before and it was like having multiple business because there was so much to do!! Also more recently I was focusing on game development which is fun but I have been receiving other cool opportunities/inspiration and so I am branching out into multiple income streams. I think I can handle it because I put all my ideas in a spreadsheet and tackle the high priority ones and as they pan out I’ll see which ones work and which ones don’t and focus on the successful ones. I’ll let you how I get on