the business ladder

By Rory James MacLaren-Jackson (First published 02.02.09)

In business, it’s a surprisingly well-kept secret that successful people often become successful by having a variety of interests and operating in a number of different fields throughout their career.

Certainly, the famous entrepreneurs who feature in the media tend to be labelled as having broken through in one particular field. But in reality, it’s frequently the case that the business they’re best known for wasn’t the only one – or even the main one – in which they made their money.

For aspiring entrepreneurs, the diversification of this ‘portfolio approach’ is valuable for various reasons: you expand your knowledge, you develop many different skills, and you spread your risk around, all while giving yourself the option of focusing on a specific venture that does especially well. The importance of not putting all your eggs in one basket, as the proverb goes, is fairly self-evident. But beyond this ‘defensive’ strategy, I also believe strongly in the ‘active’ side of becoming well-rounded and able to do different things.

Some people have a kneejerk reaction and can be a bit put off by this idea. Fair enough, because when taken to extremes there is a downside to being too much of a ‘jack of all trades’. Just think of an overstretched Delboy from Only Fools and Horses, wheeling and dealing with dodgy products he knows nothing about, spreading himself too thinly and doing everything badly. Of course, that’s not what I’m saying here. The aim is savvy diversification – using your existing skills, and looking for profitable crossover and knowledge overlap so that the left hand helps out the right hand.

This doesn’t have to mean giving up your job and becoming a multi-faceted business owner (from my personal experience, I know that’s a big step to take). No, the benefits of diversity can also extend to learning from a small business activity on the side while you’re still employed. I accept that the life of the full-time self-employed entrepreneur isn’t necessarily for everyone! But just like you shouldn’t put ALL your money in gold or Japanese yen or mortgage-backed securities, think about a strategy to push your future along more than one path, not just your main career. There are no ‘jobs for life’ anymore, and increasingly people no longer even work in the same field for their entire career, therefore transferable skills and the ability to move to another sphere of activity take on an unprecedented importance.

But in addition to preparing you for a form of self-employment later on, this effective business approach can significantly boost your performance in your employed job too. That’s why I’m so evangelical about the concept of ‘treating your career as a business’ with regard to skills, efficiency, good habits, learning how to think practically and creatively, and gaining commercial awareness. I love the challenge of working across different business areas week in week out, experimenting and developing exciting, and most importantly, profitable business strategies.

Principles like diversification are fundamental to the highly practical training and coaching that I provide, helping you emulate what I’ve done to be successful: how to be creative and pragmatic, learning to adapt to changing situations, and staying hungry for new knowledge, skills and opportunities to build your business with them.

Keep your eggs spread across at least a few well-chosen baskets, and don’t be afraid to be a ‘jack’ and a ‘master’ of several trades as your business career unfolds. In times of such rapid economic and technological change, the right approach and attitude toward diversification will be a truly 21st-century requirement in shaping your individual and business success.

 

© Copyright 2009 The Business Ladder (UK) Limited

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