SOWPub Small Business Forums  

Click Here to see the latest posts!

Ask any questions related to business / entrepreneurship / money-making / life
or share your success stories (and educational "failures")...

Sign up for the Hidden Business Ideas Letter Free edition, and receive a free report straight to your inbox: "Idea that works in a pandemic: Ordinary housewife makes $50,000 a month in her spare time, using a simple idea - and her driveway..."

Also, please no insults or personal attacks.
Feel free to link to your web site though at the end of your posts.

Stay up to date! Get email notifications or
get "new thread" feeds here


Go Back   SOWPub Small Business Forums > Main Category > Original SOWPub Forum Archive
Register FAQ Members List Calendar Search Today's Posts Mark Forums Read

View Poll Results: -
- 0 0%
- 0 0%
Voters: 0. This poll is closed

Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
Old April 18, 2003, 02:58 PM
Posts: n/a
Default Re: More on Multiple Streams of Income...

I think you are very correct in determining it depends on the personality. For me, reading these types of posts only give me "insights" as to which options are open to me.. and thats about it. I must find my own path..there is no "cookie cutter" available.


> Hi Mike,

> That was a great post....

> I thought the part about Multiple Streams of
> Income was interesting. However, when I read
> them, it made me think about Richard
> Branson. He seems to be the opposite
> example, perhaps of someone who takes
> "multiple streams of income" to
> the extreme.... His "Virgin" brand
> name is in many different industries. Even
> from his early days, he was diversifying....

> His first venture was "Student"
> magazine. Then, he had the idea of selling
> music albums (in the pre-CD days for you
> youngsters) by mail. He advertised this in
> his own "Student" magazine, and
> soon it eclipsed the magazine. Eventually,
> the magazine folded, but the mail-order
> record business survived.

> Now, I wonder... If he hadn't experimented
> with selling the records through the mail,
> and instead had "focused" on the
> magazine, would he have survived? The
> magazine could have folded, and he would
> have been out of business.

> One way to look at Doris Christopher's story
> might be that she was a bit
> "lucky".

> You said that she never did any market
> research, and so on. She started one
> business, and stuck with it, and she's still
> doing the same business 23 years later
> (though on a much larger scale). It sounds
> to me like she was very lucky - she hit on a
> "winner" with her first shot. But
> how common is that?

> Now, what if her first business was not one
> that was viable. Nobody, let's say, was
> interested in her products. In that case,
> would she still be where she is today? Or
> would she have given up and gone back to
> teaching?

> I think the main benefit of experimenting
> with multiple streams of income is it gives
> you little "windows" into many
> different businessses. Then you can compare,
> and see that one business is better than
> another.

> For example, in Richard Branson's case, he
> was in the magazine publishing business. But
> he "experimented" with the mail
> order records business. He found his
> magazine wasn't viable, but his mail-order
> records business was. So he folded the
> magazine biz, and kept the mail order
> records business going.

> To me, this is the "correct" way
> to use multiple streams of income. Keep what
> works, and ditch what doesn't.

> I actually think this is "safer".
> That's because not everyone is going to be
> as "lucky" and get a
> "winner" with their first
> business. Many people "strike out"
> several times before they hit on a winner -
> Richard Branson is one example, but it seems
> to be a common story.

> I really did like your article and thought
> it was EXTREMELY valuable.... But I read it,
> and Richard Branson sprang to mind, and
> raised these questions....

> A part of me wonders whether it's a
> personality thing....

> Perhaps SOME people do better when they
> stick with just one thing. And perhaps
> others do better when they have their
> multiple little windows into many
> businesses, so they can see what works best.

> - Dien Rice

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are Off
[IMG] code is On
HTML code is On
Forum Jump

Other recent posts on the forum...

Seeds of Wisdom Publishing (front page) | Seeds of Wisdom Business forum | Seeds of Wisdom Original Business Forum (Archive) | Hidden Unusual Business Ideas Newsletter | Hotsheet Profits | The Art of Leverage | The Success Report | Persuade via Remote Influence | Affia Band | The Entrepreneur's Hotsheet | The SeedZine (Entrepreneurial Ezine) | The Fly Low Collect Dough Update Hotline

Get the report on Harvey Brody's Answers to a Question-Oriented-Person

All times are GMT -4. The time now is 08:50 PM.

Powered by vBulletin Version 3.6.0
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.