The best investment is in the tools of one’s own trade. – Benjamin Franklin
Benjamin Franklin, one of the Founding Fathers of the United States. Franklin was a leading writer, printer, political philosopher, politician, scientist, inventor, statesman, and diplomat …
Ben made his print in the political field, as well as on the scientific field, with his electric experiment and theories.
The best investment is in the tools of one’s own trade.– Benjamin Franklin
A smart individual, Ben knew the essence of improvement, and in this case business improvement. When money is flowing, a lot of entrepreneurs make the mistake of investing in completely new fields, even when their business still have a lot to improve. Doing so, these entrepreneurs try to grab market shares of other industries instead of increasing the market share in their own industry.
Benjamin advice is clear, invest in the tools of your own trade, invest in what makes your business grow, the business that you know already the ins and outs, and where your investment can have a big influence. In comparison, investing in a new business will be less effective due to the learning curve.
PS: I strongly believe one should diversify investments, but before diversification you should invest in you business own growth.