In this fast competitive running business world, there are two kinds of entrepreneurs: first is the one who starts a business, and the second also the smarter one who starts multiple businesses.
The smarter ones more likely to call themselves “serial entrepreneurs,” and the ones who start just one business are called the “business owners.” If you have a calibre to run a business, you can run multiple businesses, and having only one business is never enough.
It is natural to feel emotionally powered when you are handling multiple ventures at a time where people are still struggling to manage their one venture. Let’s cover a few ways of handling various businesses simultaneously:
1: Hire the best:
“You can’t teach employees to smile. They have to smile before you hire them.”– Arte Nathan, Wynn Las Vegas
It is vital for recruiting motivated, enthusiastic employees whose decisions our company can believe completely. The outcome of this, the person who is sitting at the topmost level is responsible for handling numerous teams, providing staff with support and guidance whenever required. There’s a separate team for customer experience and business strategies; nevertheless, they are under one person who is handling them.
Hiring an exceptionally brilliant person who leads the team and knowledgeable enough to take the business decision, which results in you concentrating on more significant opportunities, is very crucial.
2. Competitive edge:
The moment you have achieved your first goal of hiring the person who has the capabilities to handle your business, now start building a parallel team with as active or better employees from this team to create a competitive atmosphere. This kind of process results in enhanced collaboration and environment and resource sharing.
“Whether it’s Google or Apple or free software, we’ve got some fantastic competitors, and it keeps us on our toes.” –Bill Gates
There is a Chief Finance Officer in the companies where their job is to provide the directors of the different companies with financial support and guidance to streamline the process and for cost reduction. Growing a vertical team, concurrently supports the businesses to provide a competitive environment.
3. Utilization of the resources:
When you are running two businesses together, KT (Knowledge Transfer) is a critical part of a business strategy which every serial entrepreneur must follow. The plan and strategy of one company and applying it to the other business can dramatically enhance the growth in a very competitive industry.
“Success means doing the best we can with what we have. Success is the doing, not the getting; in the trying, not the triumph. Success is a personal standard, reaching for the highest that is in us, becoming all that we can be.”–Zig Ziglar.
If both the businesses belong to the same industries, you can utilize this as an opportunity and collect and share the resources which will increase your business’s efficiency.
Successfully running multiple businesses together is not an easy task. A business needs to go through many difficulties, but once achieved its fruit filling and comes with lots of exclusive rewards.
Hence, don’t treat the business as someone unknown, instead, raise it as your child and see it grow. Both the ventures have different characteristics, and both of them require a different kind of attention for growth, similar to two different children growing up together in the same family.