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There is one question that every young entrepreneur must ask themselves.
If you had a choice between having ONE product that would make you $1 million in your first year of business, OR a Business with many streams of income that pays you 200k in your first year and grows over time…What would you choose?
There are benefits to both sides, but here is my opinion.
The entrepreneur who relies on one product usually doesn’t have the sustainability to continue with that same level of income. The Entrepreneur who builds multiple income streams and isn’t reliant on one product will likely be able to adapt and grow their business in the future.
However, if the person who sells one product ends up owning a lot of market share for a non-fad product, they could end up becoming very wealthy from their one product.
I see both sides of the argument, but i tend to favour the slow-growth business. What do you think?
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