Thread by @ronaldnzimora

21 Lessons My Mentor Taught Me

Lesson 9: The REAL Truth About Multiple Streams of Income

Let's go!

NOTE: This is from the conversation I posted about yesterday.

He had asked me why I was trying to do so many things at once.

This was my reply...

Ronald: I felt I would make more money if I had different sources of income, Sir?

Dr. Ojeagbase: Who told you that multiple streams of income is a good thing?

Ronald: (Confused). I read about it in books Sir. Robert Allen has a book "Multiple Streams of Income" you recommend.

Dr. Ojeagbase: I know what I recommended, Ron. I didnt recommend the book so you'll go out and do all the businesses inside the book at once. My questions is, who told you doing many businesses at the same time was a wise idea, because it isnt.

Ronald: (Silence)

He continued...

Dr: Ojeagbase: Many people make the mistake of thinking multiple businesses will lead to them having as many income sources all doing optimally.

It's just isn't so.

When you pursue too many things you scatter your attention.

Ronald: But Sir, you have 12 businesses. And...

they're all doing great.

Dr. Ojeagbase: (SMILES) Ronald, I have been in business since 1984 and I have hundreds of employees.

And I didn't start all of these businesses at the same time. And that's where you and many new business owners miss it.

You are all trying to get...

different sources of income, and on the surface, it's a great idea. it's a good thing. But what you are missing is that for a business model to work, for an income stream to produce consistently, it needs time, and constant nurturing, and expert hands running it.

It is not...

going to happen overnight. To your disadvantage, because you are a new business owners, your skills are limited, even worse, you are trying to handle all streams of income you have going on ALONE.

Its not going to work, because you're going to run out of time or money or skill.

Do you understand what I am saying, Ron?

Ronald: Yes Sir, I do (and believe me, now it made sense but I was still wondering "so what next, so I asked.)

Okay Daddy, I get it. But if the concept of Multiple Streams of Income doesn't work the way we think it, what's to be done?

Dr. Ojeagbase: That's a great question Ron. Here's what you do.

You FOCUS.

Take the one thing that makes you the most money right now and that you're great at and FOCUS on it, make it work and grow it until it's rock solid on it's own, and producing income consistently, and...

can run on it's own with minimal supervision from you. At this point you can hire others to run it and you just monitor. And again, it's making MONEY. ONLY then do you take money from it and start up another income stream.

Do this and in a few years, you'll have a bunch...

of million or billion naira producing businesses.

Ronald: (Nodding my head with a wide smile) I get it now Sir.

Dr. Ojeagbase: That's how it's done Son. That's how it's done.

Focus, Skills acquisition and time. Do that and you'll win.

Hope you guys enjoyed today's episode 🙂