In this session, I want to share how I handled the prioritization of my business projects and ventures. Early on, I faced numerous challenges and failures due to a lack of guidance. However, through trial and error, I discovered effective strategies for managing multiple business endeavors.

The Challenge of Multiple Streams of Income

When starting an online business, many people suggest having multiple streams of income. While this advice has some merit, it can also lead to a lack of focus. New entrepreneurs often try various projects, such as affiliate marketing, drop shipping, cryptocurrency, augmented reality, mobile apps, and freelancing. This approach can result in divided attention and increased competition, making it difficult to succeed.

The Importance of Real-World Experience

Trying different projects can help you learn what you like, what you don't like, and what works best for you. Real-world experience is invaluable compared to theoretical knowledge from online courses or YouTube videos. By experimenting with different ventures, you can identify the ones that show the most promise.

Focusing on What Works

As you try different projects, you'll likely find one or two that perform better than the others. Over time, you can start deprioritizing the less successful ventures and focus more on the ones that show potential. This shift in focus allows you to put more time and effort into the successful projects, leading to better results.

My Personal Experience

In my case, I tried various online businesses, including selling books on Amazon, affiliate marketing, freelancing, coaching, and mobile apps. While all of these ventures made money, they also consumed a lot of my time. After analyzing my revenue and time investment, I discovered that 90% of my income came from e-learning, such as selling and licensing courses.

I decided to focus 95% of my time on the e-learning business and only 5% on the other ventures. This decision allowed me to compete with the best course instructors and significantly improve my business. By raising prices and putting other ventures on cruise control, I was able to maximize my revenue and success.

The Anti-Diversification Strategy

Contrary to the advice of not putting all your eggs in one basket, focusing on the most successful venture can lead to greater success. By focusing on your most promising project, that shows the greatest potential for revenue and success, over time that project will become a strong business. This is a common pattern in business as well as in professions.

Subject-matter experts and specialists are often very valuable. By prioritising one area of strength, and not spreading yourself thin, you can become extremely valuable in the market attracting higher compensation. You can generalise in a couple of areas, but at some stage you should choose an area of focus to specialise in and prioritise, and the value from that will come back to you.

Finding your Area of Specialisation

If you are early in your career and cannot see your specialised path, do not feel bad, as it will come to you as you progress in your career, however if you are mid way in your career and struggling to find your priority focus, then these strategies can work really well to help you find your direction.