This is a copy of a recent Facebook post by the great John Reese.
He went from $100,000 in debt to being the first person to make $1 million dollars in a day…
from his parent's living room…
on the internet…
while his town was being evacuated for a hurricane!
He's someone to pay attention to.
He recently posted the following on Facebook. It's worth the read.
“More and more I realize how “Multiple Streams of Income” is bullshit. I'm not talking about passive investments, I'm referring to having multiple businesses generating income.
I've done very well as an entrepreneur so far in my life but I'm the first to admit that my “hyper-creative” self has cost me millions of additional dollars. I was constantly forming new LLCs and starting new ventures over the past many years. STUPID.
I just pulled the plug on a newer venture that I had invested about $250,000 into that never even got to the point of generating $1 in revenue (if you're curious what it was it was an online cooking school of sorts called CookingLessons.com). I did the same thing with another one (and had spent a bit more than that) back in 2009. You'd think I would have learned my lesson but the “serial entrepreneur” sickness got me again.
What do most of the top entrepreneurs in the world have in common? The ability to focus on making ONE venture GREAT instead of doing 10 things FAIR.
Every moment you spend on a 2nd or 3rd idea is when the 1st not only makes less money, but has its exponential growth thwarted. If you performed regression analysis and compared all the variables of a digital marketing business such as traffic generation, list building, avg. value per customer, etc. you'd find that taking ANY time, energy, or resources away from one and putting it towards others greatly affects the original business by a factor greater than 1 times the value of those things; because of the momentum and compounding value of higher numbers (larger list, more data, great sales, higher cash flow, etc.)
So while the concept of having multiple streams of income, in the sense of multiple businesses, seems like a “smarter” model because it provides diversification, it's NOT. Because it ultimately produces a lot less money due to the factors I just mentioned.
But even more important than the money side, I believe HAPPINESS is degraded as well. Overwhelm, stress, anxiety, and loss of more personal TIME is greatly affected by each additional business added to your Life Equation.
Think of all the people you know doing $5 million per year or more. Almost every one of them are doing so well because they are putting all of their focus into ONE business. You should focus on multiple product streams (within the same business, serving the same customer base) rather than different markets and different businesses.
I can only imagine how much money I've lost, and a bit of happiness, by chasing so many ideas.”