US President Biden made the announcement at the United Nations General Assembly in New York, and called on other countries to follow suit
americas8 hours ago
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 to other prospective sectors had never come to my mind. Once I thought that since the hotel and restaurant industry is closely associated with the food and beverages industry, why not open a chain of restaurants similar to our superstores? I sought advice from my father before stepping 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 go 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 is about 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 a loss, 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.
Dr Dhananjay (Jay) Datar is the chairman and managing director of Al Adil Trading
US President Biden made the announcement at the United Nations General Assembly in New York, and called on other countries to follow suit
americas8 hours ago
Labour market differential narrows to 12.6 from 15.9
economy8 hours ago
Sheikh Tamim addressed world leaders at the United Nations General Assembly
gulf10 hours ago
Anca Mateiu shot two stunning rounds of 66, giving her a commanding seven-shot lead going into the final round
sports10 hours ago
They stressed the importance of preventing a wider escalation of the conflict, which threatens to further endanger peace and stability in the region
americas10 hours ago
Measures are aimed at preserving the integrity and sustainability of the nation's financial and economic system
business10 hours ago
With an election due in a year, German politicians are wary of potential job losses
finance10 hours ago
"I’ve had success on these courses before—it’s always great to return to familiar ground," says the Dubai Golden Visa recipient
sports10 hours ago