I'm going to approach a touchy subject but please let me explain the angle I'm about to present. This entire opinion is based on two things....First, my own experience and second from an online business background.
Now that it's out of the way, let's dive in....
When you first start trying to build an online business you hear things said like this:
"You need to build multiple streams of income!"
This is advice that is pumped to new entrepreneurs every single day online. And I get it. In fact, I agree wit that statement completely but there is a caveat. We'll talk about that in a second but the idea behind multiple streams of income make a lot of sense.
For example, when I was at my 'prime' I had about 5 successful websites that were pulling in some serious income. If I had a bad month on one, it didn't mean all 5 were suffering. And not all 5 were always performing at peak levels. So the fact that I had multiple streams of income coming into my business, was a huge win.
But here's where we have to notice a huge point when it comes to this approach....
I started with 1 website.
And I worked on that one website, day and night for years before it hit a level that allowed me to think about creating another stream of income. And when that day came, I was nervous. I wasn't sure if I could manage two properties at the same time, just because I knew how much blood, sweat and tears went into building the first one.
But to get this stuff rolling, I needed to focus!
And I hear this approach in many industries, including cryptocurrency. It seems like every where you turn, people are trying to stack their bags with every crypto project under the sun. They are trying to generate all these multiple streams of crypto, whether it's through investing, air drops or de-fi. And I can't help but think....
What if we focused on one thing to start.
Become the absolute expert in that project or business. Grow that with every bit of effort you have and then after it's sustainable, by all means...Diversify.
Another reason that I was a mentioning above about why it's good to build one stream first is...You have no idea how much effort it takes to build one up, properly! And after you've been in the arena getting your butt kicked for a few years, you will have a much better idea on what it takes to build a second one.
I'll bring it home even further for us here on the blockchain....
This time last year, I trimmed the fat. I had my hands in pretty much every project you could imagine on chain. I then decided it was going to be $HIVE and $LEO and that's it. I have been pretty much selling every other layer 2 token I earn, to feed those two stacks. And because of that.....
I'm sitting at over 110,000 LEO and almost 100,000 HIVE.
Focus!
We hear that term so much but sometimes we ignore how powerful it truly can be.
Build the multiple streams up, once you have a solid foundation to rely on.
