Entrepreneurship is full of tough choices, but one of the biggest dilemmas business owners face is this: Do I chase a new idea or focus on growing my existing business?

It’s a tricky decision, especially in Nigeria, where market conditions can shift overnight. Some entrepreneurs swear by innovation—constantly introducing new products and expanding into different ventures. Others argue that success comes from refining and maximizing what’s already working.

So, which is the better path? The answer isn’t straightforward. It depends on timing, resources, and, most importantly, strategy.

The Allure of New Ideas

There’s something exciting about a fresh idea. The thrill of launching something new, the possibility of untapped profits, and the chance to disrupt the market can be hard to resist. In Nigeria, where consumer trends evolve rapidly, businesses that innovate often stay ahead.

Take fintech startups, for example. In the last decade, we’ve seen a surge in digital banking, payment solutions, and lending platforms. Entrepreneurs who spotted gaps in the financial sector and took bold steps to innovate have built massive businesses.

But here’s the catch: not every new idea is worth pursuing. Some businesses rush into expansion without considering the hidden costs—from research and development to marketing and operations. Before you jump, ask yourself:

• Is there demand for this idea?
• Do I have the resources to sustain it?
• Am I solving a real problem, or am I just excited about something new?
• Can I handle the risks that come with starting afresh?

The Power of Doubling Down

On the other side of the argument, there’s something to be said for staying the course and maximizing an already successful business. Sometimes, the smartest move isn’t adding something new but improving what already works.

Many Nigerian businesses have thrived by focusing on optimization rather than expansion. Take the case of a successful food vendor in Lagos. Instead of diversifying into unrelated ventures like clothing or tech, they doubled down on their food business, expanding their menu, improving delivery logistics, and building a strong brand identity. The result? Increased customer loyalty and higher profits.

Sticking to an existing business allows you to:

• Strengthen brand recognition
• Optimize operations and reduce inefficiencies
• Deepen customer relationships
• Scale in a controlled and strategic manner

When to Run with a New Idea

Despite the risks, there are times when pursuing a new idea makes sense:

1. When Your Industry Is Shifting: If market conditions are changing and your business is at risk of becoming obsolete, it might be time to pivot. Think about how traditional taxi businesses struggled until they adapted to ride-hailing technology.
2. When You’ve Reached a Growth Plateau: If your current business has peaked and there’s little room for further expansion, exploring a new vertical might be a smart move.
3. When You Have a Competitive Advantage: If your new idea gives you a significant edge over competitors—whether through technology, pricing, or exclusivity—it might be worth pursuing.
4. When You Can Afford to Experiment: If your current business is financially stable and you have the resources to test a new venture without jeopardizing your existing operations, you’re in a good position to experiment.
5. When to Stick to Your Existing Business: There are also strong arguments for refining what’s already working
6. When Your Business Is Profitable But Not Optimized: If there are inefficiencies in your current business, fixing them could yield better returns than starting something new.
7. When You Lack the Bandwidth for Another Venture: Running multiple businesses at once is difficult. If your attention is split, both businesses may suffer.
8. When You Haven’t Fully Explored Growth Opportunities: Sometimes, entrepreneurs move on too quickly. Have you truly maximized the potential of your current business? Have you explored all possible revenue streams?

Finding the Balance

The truth is, there’s no one-size-fits-all answer. Some of the most successful entrepreneurs do both—they refine existing businesses while selectively launching new ventures. The key is knowing when to do each.

For instance, Dangote started with cement but later diversified into sugar, salt, and now oil refining. However, each move was strategic. He didn’t jump into multiple businesses at once—he built a strong foundation before expanding.

Practical Steps to Decide Your Next Move

If you’re stuck between doubling down or diversifying, here’s a framework to guide your decision:

1. Analyze Your Current Business: Is it still growing, or has it hit a ceiling? Are there areas you haven’t optimized?
2. Evaluate Market Trends: Is there demand for your new idea? Who are the competitors? What are the risks?
3. Assess Your Capacity: Do you have the financial and operational strength to handle expansion? If you struggle to manage your current business, adding another one might be a mistake.
4. Start Small: If you want to test a new idea, consider a pilot phase rather than going all in immediately.
5. Seek Expert Opinions: Talk to mentors, industry professionals, or other entrepreneurs who have been in your position. Learning from others can help you avoid costly mistakes.

Whether you choose to run with a new idea or double down on an existing one, strategy is everything. Chasing every exciting opportunity without a solid plan can lead to wasted resources. On the other hand, being too rigid and refusing to innovate can make you obsolete.

At the end of the day, success isn’t just about doing more—it’s about doing what makes sense for long-term growth and sustainability.

So, ask yourself: Are you chasing opportunity, or are you chasing distractions? The answer to that will determine your next move.