Diversifying in Business Ideas

[Golden9]

Some businesses diversify and it seems to work well for them. One such example is Dangote, the richest man in Africa. Sometimes though, the new business doesn't kick off as expected.

Do you see the need to diversify in your business?

 

[hastral45]

Diversufying is good in business especially if it is public liability company. Dangote only succeded as a result of clamping down on other rival companies to avoid competition from them.

 

[flower]

It is not really good to depend on only one source of income . Diversification would be of great help.

 

[Shavkat]

A business with diversified employees can be so beneficial for the company. The bottom line is to give brilliant and innovative ideas while working together.

 

[Reedex]

Diversification are often preached all the time and it is needed to ensure your business grow.

 

[Heatman]

Well, you can't be doing the same thing over and over again and expect a different result. When it comes to business, you need to switch things up all the time to keep up with the competitions.

 

[Bisolami]

Some businesses diversify and it seems to work well for them. One such example is Dangote, the richest man in Africa. Sometimes though, the new business doesn't kick off as expected.

Do you see the need to diversify in your business?

I cannot count how many products he has and there is no how you will not have one of his products in your house

 

[Springtime]

For a small start-up, I would advise the owner to focus on one business. As the business grows and when it is making profit, s(he) may think of diversification. The owner may diversify the products offered or expand market sectors.

 

[Magnus2022]

Once you have money, you can diversify into many business you can think of. Dangote have money, he can afford to start any business. Elon Musk have a lot of businesses and he only hire the best hand to run the business. More money translates to more ideas.

 

[Elendu]

Diversifying in business ideas is the practice of expanding a company's offerings or operations into new or different areas. The goal of diversification is to reduce the risks associated with relying on a single product or service by spreading investments and resources across multiple lines of business. This can help a company weather economic downturns and fluctuations in demand for its products, as well as provide new opportunities for growth.

There are several ways a company can diversify its business. For example, it can:

• Enter new markets: This could mean expanding into new geographic regions or selling to new customer segments.
• Offer new products or services: This could involve developing and selling complementary products or services to existing customers, or entering new markets with entirely new offerings.

 

[eldavis]

Yes its a great way to reach out to more areas and also make more money but at the same time it could also be a disadvantage. If proper precautions and management is not taken, it could lead to total disaster.

 

[flower]

Diversification is needed for business expansion each and every businesses must try as much as possible to diversify in order to make more money and to enhance the productivity of business.

 

[uptrendfinancialsignal]

Diversification is a very important integral of the business and it will help the business to grow up very quickly.