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Expert Commentary
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| By Jane Chin, Ph.D. of Jane Chin Associates on Nov 9 2007 2:40PM |
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| Running Multiple Businesses? Delegate |
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Wall Street Journal's small business column looked at entrepreneurs who run multiple businesses. These entrepreneurs tend to do well financially compared with peers who run one business:
"Indeed, business owners who run multiple companies say it's something
like an addiction — they get a thrill starting a brand-new business,
even if they have to commit a huge sum of time and energy getting the
venture off the ground. They also reap financial rewards: A 2007 report
from the Small Business Administration shows that multiple-business
owners are the most prosperous of entrepreneurs, with nearly
three-fourths classified as high income and one-half as high wealth.
People who own more than one business make up about 18% of all
small-business-owning households." Wall Street Journal
However, the column also said that serial entrepreneurs must be good at delegating to others in order to maintain semblance of a sane work-life balance.
This is with the assumption that we're talking about brick-and-mortar businesses. For those of us who have virtual or online businesses, our economies of scale may be similar, but our physical limitations are often different from those who run physical businesses. That's not to say the virtue of delegation and even outsourcing cannot apply to virtual, serial entrepreneurship.
Comparing work-life balance of brick-and-mortar serial entrepreneurs with virtual serial entrepreneurs would be an interesting study.
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