Multiple businesses at the same time? Thoughts?

[LifestyleGem]

What do you guys think about starting multiple ventures at the same time?

"Act until echo" is the advice often given by MJ. And its very hard to determine whether something will succeed or fail beforehand, so are there any pros to starting different ventures at the same time and seeing which ones do best? Or is that not a good idea?

If you think it is a good idea then.... What is the best way to execute on multiple ideas? All at once with equal share of workload, or knocking them out one by one, or just focusing on one?

 

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[eliquid]

Dont.

Focus on one

 

[Thoelt53]

Dont.

Focus on one

This.

Polygamy is bad.

 

[ColbyG]

I think this is more than a simple yes no. If you're mainly just providing funds and acting in an advisory role then I don't see why not. But if you're starting them by yourself, I doubt you'd have time to give both the time they deserve.

 

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[krisomeno]

I would advise against.

Multiple distracting subjects - tend to pull into different and sometimes opposite directions.

In my opinion (and bitter experience) it is not possible to just divide time between them, and all you'll do will be skipping important moves for one or other because all of them will have some kind of urgent matters to be addressed. You'll be stretched and very thin on all subjects and your thoughts would constantly circle around different matters, all the time. This is as exhausting as inefficient.

I can imagine that be possible - perhaps - if you had quite autonomic teams with capable managers, and this only if you're a skilled leader.

 

[Longinus]

I started with FBA last year. Since I didn't have $20k to invest, I had to go very slow: one product at the time, waiting samples, waiting for sales, checking quality etc. I spend maybe 3 hours/week on this business.

So in the meantime I had time left to focus on something else: webdesign. With the money I earned building websites, I could order more products and I'm learning a lot as well.

I also still have a part time job, will quit in March.

In my opinion: it depends what kind of business and how fast you want to grow.

 

[amp0193]

What do you guys think about starting multiple ventures at the same time?

I wouldn't start a 2nd business, until the 1st one is rolling and has standard operating procedures in place to run (and grow!) without your 100% focus.

 

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[lewj24]

I'm pretty sure Elon Musk started 3 businesses at once and said it was the worst thing he's ever done.. and he had a billion dollars to help him out...

 

[WebMedic]

For your first 1-2 businesses you want to focus on one.

Building your business will take more time and effort than you can imagine.

After you have successfully got your business running and it's consistent then you can maybe do more at the same time.

Some people love to create and want to keep moving to new projects and if you feel like that then one model you can follow is the venture builder model.

You provide the expertise, network, some cash and possibly office space.

People with ideas, prototypes and new businesses can come to you where you help them build the business and in return you take a cut (~10-20% equity)

 

[Ninjakid]

I was going to say, "go ahead and start multiple until i saw this":

are there any pros to starting different ventures at the same time and seeing which ones do best? Or is that not a good idea?

If you start multiple businesses, it should be because you believe in them, and because you want to. If you're not sure of what you're doing, one business will be more than enough to learn.

There's no one universal answer. People are different. Some people just function in a way where they need to be constantly stimulated by different ideas and different activities. Some people like to just have one and do only that.

 

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[Guest92dX]

Test multiple businesses.

Choose to start from tests.

This gives you opportunity to make decisions about whether you like the customers and prospects.

 

[Ika]

If you've never built one successfull business, what makes you think you can successfully build two?

Having to businesses means dividing your attention and time.
And let me tell you, if you are my competition, and you only spend half of your attention and half of your time, I will outwork you.
It get's even worse if you still have a job or go to college. It means you have to divide the few lasting hours and the last drops of attention.


Tl;dr: Why would you do two things if you can do just one - and will likely end up more successfull?
Read: GOLD - One Trick Pony


(To quote my self from this thread on two businesses at the same time)



Required Read on that topic (by @snowbank ) :
Entrepeneurial Diworsification

 

[Siloa]

My 2 cts on that topic, because I am concerned by this multibusinesses things.
If we all agree that running 1 business at the time is the best, if you don't know what business you want to run, why not trying multiple at the same time, learn from several businesses at the same time and choose, once you know, the one you consider best or suits you the best?

 

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[LifestyleGem]

Thanks for all the input so far guys!

If you've never built one successfull business, what makes you think you can successfully build two?

Having to businesses means dividing your attention and time.
And let me tell you, if you are my competition, and you only spend half of your attention and half of your time, I will outwork you.
It get's even worse if you still have a job or go to college. It means you have to divide the few lasting hours and the last drops of attention.


Tl;dr: Why would you do two things if you can do just one - and will likely end up more successfull?
Read: GOLD - One Trick Pony


(To quote my self from this thread on two businesses at the same time)



Required Read on that topic (by @snowbank ) :
Entrepeneurial Diworsification

I really like the Diworsification article. Very insightful and puts things in perspective, thank you.