What is parallel entrepreneurship & why I advocate for it
When most people think about entrepreneurship, they imagine focusing on one business at a time. "Master one thing before moving to the next," they say. But in 2024, this conventional wisdom needs to be challenged. What worked for entrepreneurs in a slower-paced world might not serve us in today's dynamic landscape.
Reflecting on my journey running both Numitek (my tech agency) and Melīīwell (my wellness venture) while maintaining my role as a Fortune 500 UX Lead, I've noticed something powerful: each venture doesn't dilute the others – they amplify each other. The skills, networks, and insights from one area create unexpected advantages in others.
Coming into parallel entrepreneurship wasn't a casual choice – it was a strategic decision based on seeing opportunities others missed. Like Emma Grede and Sara Blakely, who've shown us that running multiple ventures isn't just possible but potentially more advantageous, I recognized that diversification isn't just about risk management – it's about opportunity optimization.
The results speak for themselves. But what exactly makes parallel entrepreneurship so powerful in today's landscape? I put it down to this:
Different ventures create multiple streams of income, providing financial stability and growth opportunities
Each business informs and strengthens the others through shared insights and cross-pollination of ideas
Your network expands exponentially as you connect with different industries
Risk is naturally distributed across ventures, making you more resilient
You develop a unique perspective that helps you spot opportunities others miss
Think of parallel entrepreneurship like a portfolio of investments – except you're investing your time and energy alongside your capital. Just as you wouldn't put all your money into one stock, why limit your entrepreneurial potential to one venture?
For your own journey, consider this: How many opportunities have you let pass by because you thought you had to focus on just one thing? The key isn't about working more hours – it's about working smarter, creating systems, and leveraging synergies between ventures.
Practical wisdom
Start with ventures that complement each other in terms of skills or market insights
Build strong systems before expanding to new ventures
Focus on automated or scalable business models
Prioritize based on impact, not just urgent tasks
Don't trade time for money. Build systems that make money while you sleep." -Naval Ravikant
Fresh Insights
The rise of digital tools has made managing multiple ventures more feasible than ever
Success in parallel entrepreneurship often comes from finding unexpected connections between different industries
The future belongs to those who can navigate multiple opportunities simultaneously
Currently
Currently reading: "Build" by Tony Fadell - his insights on running multiple ventures while at Apple and Nest are particularly relevant to parallel entrepreneurship. The chapter on cognitive switching costs? Game-changing.
Just discovered: The Focus@Will app for productivity. As someone managing multiple ventures, I've found their "Entrepreneur" audio channel perfect for deep work sessions, especially when switching between different business contexts.
Worth sharing: "The most successful entrepreneurs I know are not busy. They're focused." - Naval Ravikant. This quote has been my north star this week while balancing Numitek projects with Melīīwell's content creation.
Until next time,
Melissa Ketch
