How can an entrepreneur run multiple businesses?
I'm working on an article for Business News Daily, the sister site of business.com, about running multiple businesses at the same time. Does anyone run multiple business right now? If so, what tips would you have for entrepreneurs looking to start another business or to manage multiple business ventures at the same time?
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Running multiple businesses could be tasking. However, it is possible. The following tips might be insightful.
1. You could begin running multiple businesses in the same value chain. This means you have a business producing output that serves as input for another business line. So, you could set up a second business that will require the output of the first business as its input.
2. In managing multiple businesses, you would need to ensure competent hands or managers are employed to run these businesses. This way, managing or running multiple businesses will be smooth and seamless for you.
3. You would also need to be good at managing people. This means you must sharpen your leadership skills. This is important because businesses are driven by people. Thus to obtain the maximum results will require effective management of people/staff.
First thing: don't start another business before you get the first business in a good position and don't need your involvement all the time. After you've taken it to a certain position, you can think of starting another one. Otherwise, you may end up with several business none of which is profitable.