Have you ever tried doing multiple things at once? Are you used to answering texts, emailing, and taking care of your baby all at once? Don’t you know that multitasking is anti-productive? Is this fact surprising? While it may be ideal to have many business ventures all at once, even the most successful businessmen and investors are opposed to the idea.
For example, how can you be meeting with web design clients, answering questions about your personalized knives business, and opening a store at the same time? Physically, that’s not possible. Mentally, that is exhausting. Psychologically, you may suffer from a panic attack if you don’t give yourself a break.
Focus on One Business for a Start
Entrepreneur and billionaire Richard Branson once spoke about the possibility of running multiple businesses at once. With more than 400 companies under his Virgin brand, he is in a position to talk about handling more than one business at a time. But his advice was still clear: he wants budding entrepreneurs to focus on one business for now.
Going into a business is a daunting task. It is challenging and you have to learn so many things quickly. You have to think on your toes. There will be a lot of things you don’t know, so you have to learn them while also succeeding and failing at the same time. To say that it’s not the easiest thing to do in the world is an understatement. You don’t need the extra stress of another business.
Give yourself time to get used to the idea of being an entrepreneur. Concentrate on this one project first before taking on more challenging roles in the future. The best approach to a startup is always to give it 100% of your time and focus. Learn the ropes of it first then, you can think about expanding the business.
Learn to Say No
It is tempting to say yes to all golden opportunities that are knocking on your door. You see a potentially good business and it is normal to want to be a part of it. Your friend from college calls you and shares ideas about a new business and you want to get on that, too. Is that too much? Yes, it is too much.
Mr. Branson said that his Virgin Group was derailed by the now-defunct Virgin Films. It is simply too much for one person to dedicate time, money, and energy into making two or more businesses work. You have to be kind to yourself, too. Don’t be greedy with success. If you find yourself succeeding in one business, that does not give you a go-signal to enter into all ventures you can get your mind on.
You have to know when to say no. Learn to walk away from things that are not going to be beneficial for you as an entrepreneur. The moment you learn how to choose the risks you are willing to take, you’ll be a much better entrepreneur.
Look to the Future
This does not mean that you should never expand your business interests. What’s the point of becoming an entrepreneur if you are not up for more challenges? While you are building your first business, take note of the different ventures that you can invest your money into. Don’t ignore the opportunities. While you cannot devote your time to these opportunities, you can invest your money into them and get a portion of the revenues.
Once your first business is stable enough, then it’s time for you to consider building a second business or a third or a fourth. It’s important to always consider what the future holds for you as a businessman. So, take note of those ideas. Put them in a mental folder. Stow them away for now and when you’re ready, take on these new challenges.
Hire Talented Staff
The importance of hiring the best people cannot be underscored enough. You have to surround yourself with talented and skilled people. They are going to make the difference between success and failure. If you are in the process of juggling multiple businesses, the best arsenal is people. You have to be sure that your businesses are in good hands and that no opportunities will be missed.
Great entrepreneurs know how to use their strengths and turn weaknesses and adversaries into weapons. It is also understanding that a business needs your 100% undivided attention. Every time you get confronted by more business opportunities, ask yourself this: can I give it my all?