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The way I see it, there are 2 schools of thought regarding parallel entrepreneurship:
1) Don't do it. Focus.
Most business advice I hear tells you to focus on one thing only. Business is hard enough without spreading yourself thin, laser focus on one thing only.
2) Diversify.
Working on one business only introduces a single point of failure. Spend 90% of your time on one thing that gets the most traction but always spend 10% trying out different ideas.
Parallel entrepreneurship is probably harder since you need to balance multiple projects, and unless you're Elan Musk, is maybe more feasible for lifestyle businesses? Or maybe one can only start with parallel entrepreneurship once one had a first exit, or at least has one very successful project?
I'd love to hear your thoughts. In which conditions can parallel entrepreneurship work?
PS: The reason I ask: my dream is to have a business empire. After multiple attempts at different things, I now have a SaaS company with a co-founder that's really starting to take off. I wonder at what point I can start building other pillars of my empire.
1) Don't do it. Focus.
Most business advice I hear tells you to focus on one thing only. Business is hard enough without spreading yourself thin, laser focus on one thing only.
2) Diversify.
Working on one business only introduces a single point of failure. Spend 90% of your time on one thing that gets the most traction but always spend 10% trying out different ideas.
Parallel entrepreneurship is probably harder since you need to balance multiple projects, and unless you're Elan Musk, is maybe more feasible for lifestyle businesses? Or maybe one can only start with parallel entrepreneurship once one had a first exit, or at least has one very successful project?
I'd love to hear your thoughts. In which conditions can parallel entrepreneurship work?
PS: The reason I ask: my dream is to have a business empire. After multiple attempts at different things, I now have a SaaS company with a co-founder that's really starting to take off. I wonder at what point I can start building other pillars of my empire.
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