BE SPONTANEOUS – Take a chance!

How many ideas have you had that you did not act on? I was inspired by an article in this week’s Business Journal about a young man that arrived in Phoenix with $5,000 in his pocket in 2015. Today at age30 he runs five companies exceeding 10 million dollars in revenue.

“Juggling five companies takes prioritizing tasks and moving down the line. I focus a bit on each company every single day, and it helps keep me moving forward. “It isn’t always easy. I try to stay on top of everything, but if three bad things happen in one day, then it’s tough to be able to act fast enough to fix all of them as soon as I possibly can.”

Surrounding himself with people who are better than he at certain tasks has been instrumental, he said, “but don’t bite off more than you can chew.”

It may seem that I am always asking my business community to focus on one thing: “to put all their eggs in one basket and to watch the basket.”  We do have BizQuack members that are involved in two or more enterprises. The key is their ability to handle more than one business at a time. The other key statement made by the above referenced entrepreneur, is the ability to surround yourself with people that have more knowledge in certain areas and to rely on their advice.

It’s the human nature of Business that makes us want to expand our horizons. Sometimes the addition of another source of revenue and getting “re-inspired” can be a good thing. If you can manage your time and the “what if scenario” as you look at your current business revenue model, then expansion may turn out to be a good thing.

The other time is if you have done everything in your power to grow your existing business and you have stalled due to technical changes or customer changes, then it may be time to add another business to your portfolio.

Make sure you realize the commitment that you are making and take into consideration not only the status of your current business but also your personal life with your family as well as your health.

New business opportunities can occur when you least expect them. Keep an open mind analyze the situation, and the “what if” scenarios. If your time and finances allow you to proceed, then go for it.

Tips and Advice by Nick Petra – CFP, Mentor, and Founder of BizQuack and StrategicDuck LLC.