Should You Diversify? - Digital Entrepreneur's Success #33

Build multiple streams of income.

That's what we were taught by the media.

Should you?

The answer is both yes and no!

What are you talking about?

Well the answer is both yes and no...depending on your situation as well as time!

Before you go crazy, hear me out.

If you are just starting out with any business with limited capital and you are still in the stage of growing it, you should not be thinking about diversifying.

Just imagine this, setting up a new business is not easy. What will happen when you dilute your effort, time, as well as investment? Will you be able to set up a successful business?

Too many people are lured by the shiny object syndrome.

They get lured by "Get rich quick" propaganda.

They lose focus even though they are seeing positive results with their business but it is a little slow.

Even when your business is successful, you will need to ensure a system is set up so that most of the job has been properly delegated and you will be able to scale up that business easily.

Until you manage to do that, you should not be thinking about diversifying.

When your business can grow with very minimal monitoring for you, only then you should start building another stream of income - you will have the time, focus, as well as capital to really build another successful business up.

Personal thoughts after seeing so many people jumping from one business to the next within days / weeks without understanding the fundamentals.

In your journey of a digital entrepreneur, I will suggest doing this:

Build your audience - Build your email list - create raving fans - build your brand first!

Once you focus on doing this, everything will fall in space.

It's simple! But not easy to follow up with :)

So persevere...

And freedom will be within reach.

~Freedom is only a step away~

Jin Kit
@risktaker89
DEsuccess.com