How Do Entrepreneurs Progress?

**a7knight** · 12-13-2009 03:01 AM

Hey fellas ... I'm a first-time poster looking for a bit of guidance.

It seems very common for business owners to contain themselves to one specific store, service, what have you. On the contrary, I am very interested in creating a "portfolio" of businesses ... a diversified resume that takes advantage of multiple facets and industries. I am wondering how entrepreneurs (think Wayne Huizenga) can best avoid getting "stuck" in one specific business.

Now, I'm still new to the game (in fact, I'm still on the sidelines) but any advice on how to focus on variety early on would be much appreciated!

**Wayne Liew** · 12-15-2009 02:34 PM

To be honest with you, I wouldn't think of having a portfolio of businesses if I have not started even one business. Pick one and start working on it and you'll know why most entrepreneurs are stuck with just one business.

Also, it is all about how easy and how fast can you scale your business. Take a web business of building content sites for example, outsourcing can be easily done as the tasks like article writing, email marketing, etc. can be taught to someone else, allowing the business owner to focus on figuring out what is next for the business as a whole.

**GlobalWealth** · 12-15-2009 06:44 PM

Originally Posted by a7knight

Hey fellas ... I'm a first-time poster looking for a bit of guidance.

It seems very common for business owners to contain themselves to one specific store, service, what have you. On the contrary, I am very interested in creating a "portfolio" of businesses ... a diversified resume that takes advantage of multiple facets and industries. I am wondering how entrepreneurs (think Wayne Huizenga) can best avoid getting "stuck" in one specific business.

Now, I'm still new to the game (in fact, I'm still on the sidelines) but any advice on how to focus on variety early on would be much appreciated!

To begin your entrepreneurial journey with the 'multi-biz' concept is a direct path to guaranteed failure. This strategy can work for the right person, but only after a significant amount of experience in business and with significant capital resources. If this is a path you want to take, you still need to focus on one business until it reaches profitability and some level of maturity. You will likely need a business partner to run it as a manager will never treat it like his own. Only then will you be free to start the next venture.