Now that you have your venture up and running things are finally beginning to look up! Your product or service has been getting noticed by individuals within your community, you are landing some strong stable accounts and best of all you are exiting the red area and entering into the paradise zone known as PROFIT!
As you continue to gain more success and grow as an entrepreneur it is very important to begin considering expanding into new business ventures. Successful business professionals usually know how to operate and manage multiple projects at once.
One way that entrepreneurs stay in the game is by always looking for that next idea, opportunity, or partnership to turn into a successful operation. This helps you eliminate and hedge risk by diversifying, similar to investors who place their funds in multiple investments to increase their chances of gaining higher returns and decrease their chances of losing.
To give you an example of how you can always keep your ears open for opportunities while thinking creatively, I’ll use a situation which I experienced first hand. About a year ago I’d been considering the idea of creating a mortgage preservation & field services operation as an alternative business venture. I already had a strong business plan all ready to go, but I just felt that it wasn’t the right time yet.
Then after discussing business with a friend I noticed that he also was well prepared to enter into a venture which was a commercial janitorial service. He had the capital available, but this was his first business venture so he lacked that entrepreneur experience.
Since I’m always on the prowl for opportunities I immediately seen a great solution to the scenario. I proposed to him that I take my business idea and combine it with his venture, he would put up the capital and I would run the operation with my business knowledge and in turn we would split the profits 50/50! Now we have a commercial cleaning and field services business that has progressed very well and we are entering the construction cleaning market in 2007.
You have to constantly be on the lookout for opportunity like you’re a predator hunting prey, you need to possess that extreme hunger and be very aggressive. Even when it is far off, if the prey (opportunity) reveals itself you want to eagerly pursue it until you come upon it closer and have the chance to inspect it thoroughly to see if it’s worth attacking; if it looks good enough go ahead and dive into it with full force and eat it up!
One cautious note worth pointing out is that you don’t want to try and take on too many task at once prematurely. Before you look to create and enter new entrepreneur pursuits you should make sure that your original venture is stable. There is no need to bite off more than you can chew and eventually choking on both ventures