Mike Andes argues that business owners rarely beat their returns by chasing new ventures like real estate or coffee shops. Once you've built a home-service business to millions in revenue with 25-30% profit margins, keep scaling what works instead of splitting focus on unfamiliar markets.
It is very rare that investors that make a bunch of money go out and do investments and beat the returns of their existing first business. Just keep doing the thing that you exceptional at. Just keep doubling down and doing more. Copy and paste, replicate. Keep scaling that business that you are the best at. If you go and do real estate, if you go start a coffee shop, you're like every other coffee shop owner that got started or every other real estate owner that wanted to start investing in real estate. Whereas if you've taken a home service business and you've been able to produce a business multiple millions in revenue and has management in place and runs on 25-30% profit margins, keep growing that business.
