Eric Siu explains why most founders should focus on one business instead of splitting attention across multiple ventures. He points to Bill Gates and Warren Buffett as examples of people who concentrated on a single thing, and argues that compounding success in one area beats spreading yourself thin.
Should you have multiple businesses if you want to win? So I used to think it was a badge of honor to have multiple businesses where I would spread my resources and spread my talents to an affiliate website, an education product, a SaaS product on top of the ad agency that I was already running, which was cranking. And over the years, I've talked to hundreds, if not thousands of founders. And what I've realized is that the founders that stay locked in on one thing, the main thing that's already working, they compound a lot faster than the ones that are doing multiple businesses. And so you decide what type of outcome that you want. But when you think about people asking Bill Gates or Warren Buffett the one thing that led to their success, they both gave the same answer, and that one word was focus.
