Your Thoughts On Multiple Ventures?

Discussion in 'Growing and Managing a Business' started by Redd, Aug 26, 2015.

  1. Redd

    Redd
    uix_expand uix_collapse
    Member

    Joined:
    Jun 28, 2015
    Messages:
    88
    Likes Received:
    12
    The logic behind this is that not all the ventures will end in losses.

    But as the old adage says when you grasp all you just might lose all. Enticing though they might be, multiple ventures will only cost you more money [licenses, start up costs, employee salaries, etc] which can be put to better uses, marketing for example. If you are interested in starting several businesses, it's advisable to start one and give it all your attention.

    Once it starts making profits, use a percentage of the profits earned to start a second business. Rinse and repeat. This would minimize the losses you'll make.
     
  2. kaian

    kaian
    uix_expand uix_collapse
    Member

    Joined:
    Jul 4, 2015
    Messages:
    119
    Likes Received:
    11
    Some business people when they become successful with one venture they would immediately think to diversify. There is nothing wrong with it even if you duplicate and apply the success strategies of the first venture to the next there is no guarantee that they will work. We do not put all our eggs in one basket right but in this case care and a lot of research must be done first before deciding to become a serialpreneur
     
    • Useful Useful x 1
  3. missbishi

    missbishi
    uix_expand uix_collapse
    Member

    Joined:
    Jun 24, 2015
    Messages:
    80
    Likes Received:
    10
    Sensible advice, Redd. It's always prudent to have a backup plan and a second venture can be a great idea, providing it is feasible.
     
  4. Nox

    Nox
    uix_expand uix_collapse
    New Member

    Joined:
    Aug 25, 2015
    Messages:
    16
    Likes Received:
    0
    When done correctly, any venture or combination of ventures can be successful. Execution in my opinion is what is key. The planning phase is just as important if not more important as the execution. You need to understand how the introduction of each venture will affect the existing ventures or product lines. Take a company like Unilever for example, they have businesses along the supply chain for their products, which is understandably beneficial to the group as a whole. What’s interesting is that they even have competing products within the same market, but that in turn provides them with a stronger market position as a group. So even if you have 2 separate ventures that may be competitors to each other, the net effect could be more beneficial to your business as a whole, if implemented correctly. Likewise even new ventures that are cannibalistic to some of your other ventures could be significantly more beneficial in the long run.

    So I completely agree that theoretically this is an idea that could work, I guess the really tough part would be deciding how much attention to give to each venture
     
  5. dyanmarie25

    dyanmarie25
    uix_expand uix_collapse
    Member

    Joined:
    Jul 6, 2015
    Messages:
    104
    Likes Received:
    5
    Venturing into multiple businesses would not work effectively for everyone. As for me, I think the best thing to do is just to focus solely on one thing and work hard to make it profitable on your end. If you think you can handle it pretty well already, that's
    when you try to add a new business.
     

Share This Page