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They stressed the importance of preventing a wider escalation of the conflict, which threatens to further endanger peace and stability in the region
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A bird in the hand is worth two in the bush
Dr Dhananjay (Jay) Datar
Dr Dhananjay (Jay) Datar is the chairman and managing director of Al Adil Trading
For the last 38 years, I have been holding tight onto the retail sector. Sometimes, people ask me why I don’t diversify in other sectors, to which my honest reply is that a bird in the hand is worth two in the bush. It doesn’t mean that the idea of venturing into other prospective sectors never crossed my mind. Once, I thought that since the hotel and restaurant industry is closely associated with the food and beverage industry, why not open a chain of restaurants similar to our superstores? I sought advice from my father before going further.
He stared at me and asked, “Son, do you have any experience in that field? Have you ever tried to work in a restaurant or at least observed how it functions?” I shook my head. Then he explained, “Just like a swimmer should not swim in unknown waters or a traveller should always prefer established routes, a businessman should stick to his core business.”
He told me a story. There were two businessmen brothers. The elder brother was engaged in many businesses simultaneously and was desperately after success. The younger brother was calm and sensible, running his sole ancestral business with dedication. One day, the younger brother goes to see his elder brother. On his arrival, the younger brother sees that the elder brother is busy talking to people and attending phone calls. He left a message for his brother to meet him at the open land in front of his house.
When the elder brother went there, he saw his brother digging many shallow pits. Curiously, he asked his brother the reason behind it, and the younger brother replied that he was digging a well for water. The elder brother laughed and sarcastically said, “If you had dug a single deep pit, you would have found water by now.” The younger brother replied quickly, “The same goes for you. If you had stuck to a single business with devotion, you would have achieved success long ago. Now, you have become a jack of all trades and master of none.”
The advice from my father has saved me from loss on many occasions. After 1995, when computer and internet were the buzzwords of that time, many new technology companies arose and were seen as lucrative options for investment. Many of my friends heavily invested in the shares of such companies and advised me to grab the opportunity. I remembered the words of my father and declined the proposal every time by telling them that I didn’t know anything about the new companies. After some time, when the bubble of the so-called mushroom companies burst and my friends suffered losses, I thanked my father.
I don’t say that diversification always results in loss, but it is also equally true, that diversification is not affordable to small or medium category businesses. Concentrate on the business you are familiar with, and success is all yours.
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