Why A Starting Entrepreneur Shouldn’t Focus On Multiple Streams Of Income Yet

readthisplease in #hive-167922 • 2 years ago

Multiple streams of income and having It is like this big flex word we throw around lately, especially new entrepreneurs who are starting business and are getting the pressure of having multiple streams of income. But is that really wise, is that really the right decision to make as a starting entrepreneur? In my opinion, I will say that is not the right thing to do yet. A business is like a child, it needs a lot of attention and lots of nurturing, it needs time and it needs a lot of money. This means that you can’t afford to get distracted you need to give it your undivided attention.

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Having multiple streams of income means that you have to share the attention and think for each stream of income which can be really time consuming, you also need to invest money in each stream of income, which is not really advisable, because, anything can happen. What you need to do as a starting entrepreneur who is looking forward to building a very successful business, is to give that new business all your time, attention and your money right now. This will help the business grow and probably make it successful, when your business has grown and its successful, then you can think of expanding and looking for another source of income. See it as a plane, the pilot needs to give the plane all its time and attention at the beginning of the flight, they be on the air, navigate the plane and then put the plane on autopilot. When the plane is on autopilot, they can relax, sleep use the rest room, eat or do whatever they want to do.

This is what we should focus on doing, after the business starts cruising and making lots of money for you, you can invest or get a trustworthy business that you can partner with to make money. If you like you can focus more attention on this new business now so that it can be a very successful one like the other way. After you are done making the business successful, you can repeat with another and there you have your multiple streams of income. You dont really need to have multiple businesses for multiple streams of income, one great business that you built and several investments that gives you income should be enough.

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2 years ago in #hive-167922 by readthisplease

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cashheaven 2 years ago

Great read. Here's my take:

If you mean "having to start various businesses in different industries at the same time", then I agree with you 💯
That is if we're only talking about the Active Income streams:

Earned Income
Profit Income

But if we include the other "Passive Income" streams, then I would disagree.

Interest Income - we get this money just by depositing/staking. You can just leave it alone and you'll see your money grow when you come back.
Dividend Income - our goal in doing business is to set up systems in place so that it will keep operating even without our supervision/management/attention. By then, your business will give you the sweet juicy Dividend Income.
Rent Income - Buy assets and rent it out. It is normally for Real Estate assets, but now we can do it with our Splinterlands Assets such as Cards and run with splex.gg to make it passive.
Royalty Income - If you are good at doing something, you can make royalty out of it. Me personally, I sell Excel Templates on web platforms and I consider this as royalty income. I just do them once then money flows from time to time.

Passive Income streams require little to no attention unlike the Active Income.

I am starting a business, but I still have my Interest, Rent, Royalty Income coming in. I don't spend much time for them.
Dividends will start flowing when I don't have to reinvest cash anymore.

Thank you for sharing your knowledge.

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