Also, the cofounders are located in a different city.
I'm a multi-tasker and filled with drive and energy--but the resounding answer is NO. It's challenging enough to manage, and make successful, one venture, especially with two co-founders. My mentor of years ago told me something very wise then, which is true today: If you want your company to be successful, you have to remember three critical things: focus, focus, focus.
I thought of a better way to explain this:
It's quite possible to do so more poorly than managing one.
Here's what I mean...
Imagine you are trying to gather large rocks to build a wall. There is a large rock at the top of a hill near your wall but it's in a hole. You have to push the rock out of the hole and then it'll roll down the big hill. You're not sure if you are strong enough (even with a team of helpers) to push the rock out of the hole.
Now imagine you spot a second rock and you think "I can get TWO rocks". I'll double my odds of success if I try to move BOTH rocks.
You just cut your odds of success in half.
You should put yourself and your team on one rock. Once it's rolling on it's own down the hill, then go to the second rock.
You have to remember that the definition of a startup is that it's an unproven (new) concept and you might fail. If you might fail putting all your effort into pushing one rock, does it improve your odds to take on two rocks?
Why Innovative Technology is like our rock-on-a-hill-in-hole
with lots of expense and slowly ramping up revenue.
Presumably one of these ventures will be cashflow positive sooner than the other. And certainly one will do such faster if you put all your effort into that one.
And i've heard that many (most?) startups don't drown, they starve (for cash). Splitting your resources between two investments doubles your chances of failure (at both).
I'd stick with the best option. If it succeeds (profitable without you) then you'll have time to move to the second venture. If it does not succeed then you would have likely failed at BOTH (because the other one was no more likely to succeed, remember? and you would have put half the effort into the second one if you split your time.
MY OLDER, SIMPLER ANSWER
Hmmm.... I think it's possible but very difficult. Managing even one venture (until it is on "autopilot" is all consuming.
1. Are these new ventures (i.e., startups?)
2. Are you the ONLY one providing strategic guidance & focus for each ? (I.e., making sure that everyone knows what to focus on)
If the answer to the above is Yes, then my answer is NO, it is unlikely you'll succeed at both.
NO. As long as days are not 40 hours long, it is not possible to dedicate fully to more than one startup at the same time.
As Lise Ragan said, to make a company to become successful, you need to focus on it. Therefore, if you want to create success for one company, you are likely to focus less on the other one, to neglect your duties and finally the second company will fail. Maybe also the first one, because you lacked focus.
This explains why investors never trust people who want to found more than one company at a time.
Maybe will you be able to have one established company running while you are creating a new one, but even in this case, it is very likely that at least one of them (or both) will fail. In such a case, you 'd better hire another CEO for your established company and run yourself your venture.
There are rare exceptions - if you are a proven successful entrepreneur with sufficient financial and human resources. Otherwise, don't do it. Pick one or the other, not both. Evaluate your selections based on your strength and what you are most passionate about, assuming that both of them have high potential for future growth if you can make it a success.
It is best to stay focused and learn all you can about you industry and your competitors. You are at your best when you are doing things in areas where you have the maximum amount of knowledge and passion.
There are significant advantages to limiting yourself to only getting involved in things which you are truly passionate about. There will be good days and challenging ones. It helps if you love what you are doing so that you can quickly bounce back after a bad day and continue your journey without regrets or doubts but with relentless confidence that you are on the right path to success. The incremental steps you take towards the right direction will lead you to your ultimate success.
Alan Yong - Author:
“Improve Your Odds – The Four Pillars of Business Success” is a timeless guide to succeeding in business covering wide ranging business issues. For more information visit: https://fourpillarsofbusinesssuccess.com/
If you go for two in the bush rather than one in the hand, you're bound to miss the gold altogether....
It depends on several factors, as follows:
1. What is the experience of the founders? I wouldn't suggest juggling multiple projects unless you've been involved in several successful startups.
2. What is the role? Sales and marketing while still trying to find product-market fit will have a limited amount of work to do. You can work with people who are time slicing to do this. As well, in early days the engineering work is very spikey, and there is down time.
3. Vision - The "visionary" cannot hold two roles. But others can.
I'm helping two startups grow now and play and operational role in both. But I also have worked with 30 startups in my career and know what I'm doing. Many people wandering around startup land are operating off of the last blog piece they read or conference they went to, rather than experience. Don't listen to them - they will likely fail at 1 company, let alone 2 or more. I've worked with 5 at a time, but then again, I've been playing the tech startup game since 1990...
The only way probably is to practice to be disciplined about how one goes about spending time. Perhaps one can plan something like this:
Monday: both companies focus on Mgmt & 1-0-1 mtgs from direction perspective and operations
Tuesday: Focus on product/ platform growth
Wednesday: marketing & communications
Thursday: developer teams and partners
Friday: recruitment drives, company culture, etc.
Saturday: day off
Sunday: reflect back, feedback
Interruptions during the work do occur but needs prioritisation which comes through practice.
Probably not unless your name is Elon Musk, just kidding, but why do you ask? do both ventures complement each other? can you leverage each other in your favor? I think in some scenarios it can work but you should be mentally ready to kill one if need be to rescue the other one.
How are you friends
Depends a lot on the role you have. If it is more visionary and theory based I would say yes. If it requires hands on activity and there is only a skeletal team to actually do what is needed I would say no.