Nowadays, launching a startup idea is a daydream of every young entrepreneur. Developing an awesome business model with an innovative idea is a constant thought that emerges within the entrepreneur’s mind in order to compete and stand in a crowd.
It’s all about the outstanding products, services, and processes they are going to work on with utmost dedication to effectively develop and validate a scalable idea in all forms and sizes.
Startup founders do work with their logical potential and success comes their way. It’s all because of the common hardworking potential do the founders share amongst each other.
However, launching multiple startups is what worth a cause that has both positive and negative impacts over an entrepreneur’s life. and career. It certainly works well for some and for others it is all just nothing more than a demerit.
There are great examples of individuals like Elon Musk who manages SpaceX, Tesla, Hyperloop, SolarCity, OpenAI, The Boring Company, Neuralink, all at the same time. Others like Steve Jobs, Jack Dorsey are some of the legendary examples as well. Companies like Samsung, Google, Honda, etc. are all composed of multiple businesses but they did start with a single idea and later broadened their business into various departments.
It’s all why you need to know about launching multiple startups.
Is it all good or bad?
Here, are the six things nobody told you about launching multiple startups is good or bad…
3 reasons why it is all good…
1. No Hassle In Funding
It is all here because funding does matter in maintaining the startups’ growth. Confidential funding is what that gives a good mental strength to the founders helping them in achieving their dreams. That means all the funding directly comes from one source ( investors or founders ) with ease. It helps to raise the fund productively without any hassle.
2. Crossing Over Between Ideas And Thoughts Takes Place
It’s all that leads to the sharing of ideas and thoughts into importance. It’s where the employers and the founders share the resources and experiences they got within one startup to the other. It brings a mutual co-operation amongst the various different startups and the people relating each other, benefitting all at the same time. The experiences that you and your teammates do have as an entrepreneur is what is all needed to maintain the relative sharing of great concepts to keep the pace on.
3. Possibility Of Launching Multiple Solutions For The Same Aspect
It’s all about how each startup benefit the other, in both cross promotion and service integration. There is a great possibility of launching multiple solutions at similar problems over time, benefiting all at the same time. You do have the right people to handle the workload and supply talent, then you can share ideas to get a great solution ahead.
3 reasons why it is all bad…
4. Focus Gets Disturbed
You get your biggest source of happiness by being an entrepreneur but your one wrong decision can hamper your career. It’s all about focus. Try to concentrate your focus only on one thing, grow it and when you think you are almost near to achieve your goals you can then opt for the next startup and so on. Great entrepreneurs devote their time and attention to the one that has caught their eye, moving on only when they’ve stopped getting anything from the investment.
5. Time Management Will Be A Lot Difficult
Startup’s do center on time management. It’s all due to the proper planning and exercising conscious control over the amount of time spent in each startup. which will be very much difficult to manage in the case with multiple startups. It’s all about dedicating enough time and attention to each interest. This may even lead to less productivity and results.
6. The Hard Part Will Be Money Management
Do you have enough to invest in order to support the growth of your interests in the short and long run? It is usual that there are chances that you may run out of cash. It may lead to a great hassle and difficulties in your other startups as well. So if you take money from investors, you have to take enough to keep the pace on assuming that you have a great control on how much you utilize and spend in bringing your ideas into reality.
The more you start, the better you get. Launching a single business is only the start of a better and successful future in the entrepreneur’s life.
It’s much better to do one startup well than starting with the others quite well…