At times in business it is imperative to diversify so as to minimize risk. Achieving success may hinge on an entrepreneurs ability to offset risky decisions, ventures, or initiatives with more predictable outcomes.
A company should have some diversity to its activities. However, it can’t be only overly experimental as there are too many risks and failure will be inevitable. A balance between the pioneering spirit of the entrepreneur and the business acumen of a conservative is the perfect blend.
Levi Strauss and Company learned to their detriment that one can diversify too far. They went after the youth market to the point that they had stores filled with branded gear that was not selling globally, while the planet was enjoying a modern denim and jeans revival. They had not given enough attention to their traditional consumers who bought their staple product, 501 jeans.
To expand continually in the business world one has to be bold and yet have a realistic attitude about which goals are attainable. That is not to say that one shouldn’t dream! I advocate dreaming, and dreaming big. But being aware of the work it takes and setting goals to achieve your dream is very different from sitting on the couch and scratching a Lotto card. While every new venture is risky, achieving success is closer than ever before and diversifying to minimise risk may help you get there.
According to Ram Charan, a highly acclaimed business advisor, speaker, and author who has coached some of the world’s most successful CEOs, you should work to anticipate the consequences of your risk. Pretty standard advice on the surface, but scratching deeper, you need to have a clear understanding of your situation and be able to identify the risks, whilst being able to think through the potential consequences of any decision you make. Ask yourself what could go wrong under various scenarios, both internally and externally, and then evaluate the potential effects and magnitude of the reaction to your decisions and analyse how to put your 
Neysha Soodeen’s successful magazine “MACO” is now distributed in 53 countries, with the largest markets (besides the Caribbean) being the United States, Canada and Australia. This entrepreneur created an incredibly successful international business and worked out 
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Ram Charan has had 
Mr. Ma is a Laotian refugee raised in Australia, and a successful restaurant 
Now I know you have heard work at home stories before, but here’s a good one. Andrew Gideon, founder of an online fashion accessories business was still working at his corporate job when he and his wife launched their business website. The 
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I have blogged about the BRW young rich list and even the rich 200 list, but every now and again either an individual or a group literally jumps out and grabs my attention. 
Three years ago a young man stared at truck-full after truck-full of polystyrene leaving the electronics store where he worked. The polystyrene was headed straight for the landfill and for Chris O’Brien that was not the right thing to do. O’Brien believed a successful business had integrity and ethics and was responsible for their actions, and that included their waste and how they disposed of it.
