Chapter 9: Broadening the Scope

 Now that we have covered so many areas of starting up a business, I want to cover another important area that future business owners eventually think about. Broadening their business scope.

Matt Tolentino is a man of many hats, one of which is being an Assistant Teaching Professor at the University of Washington. But Matt isnt just an Assistant Teaching Professor, he is also the CEO of Namatad, Co-founder of Tempo, started the Intelligent Platform & Architecture (IPA) Lab, and created patented his own ad displaying products. 

Matt did what most business owners eventually do to keep themselves relevant in the market, he learned valuable skills, expanded on those skills, and managed to find his way into various profit yielding avenues. He could have easily stayed as a CEO of Namatad, and left it at that, but he saw the value of broadening his scope of capabilities into other areas. Its not just about starting a business and making profit, its about staying relevant in a shifting market and finding others areas of business to capitalize on.

Now, I am not saying jump into every little potential market that seems valuable as soon as you can. Instead, look into potentially expanding into other markets that could benefit your core business. As you really start to pick up steam, do some research, see what people are talking about, explore new technologies, and try to stay ahead of the game. Some people prefer to stick to one business, other people people like to wear many other hats, what matters is that you manage your time correctly and dont spread yourself too thin.

Broadening your business scope can be a great idea, allow for better opportunities, and increase profit, but if done poorly, it can lead to failure fast. Make sure that the areas you want to broaden into make sense in the scheme of your business, and dont take up too much of your time and energy. Remember, sustainability is key, and that also applies to expanding the business. If done correctly, you could see your business really take off, stay ahead of competition and market, and lead to success.

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