In this episode of Business Lunch, Ronald and Ryan delve into the age-old debate of whether to diversify your team or focus on business, drawing inspiration from Warren Buffett's latest shareholder letter and the challenges faced by conglomerates like LVMH. They explore the nuances of entrepreneurship and offer valuable insights for seasoned business leaders and aspiring entrepreneurs.Highlights: "It's fascinating that oftentimes good at the opposite of good advice is more good advice. Like, so good advice, you should diversify. Good advice, you should focus. Those are both good advice." "Diversification is a luxury, not a right. Your ability to diversify is going to be a function of how good of a job have you done with the core business that you have today of getting it systemized and getting it scalable." "If you're going to diversify, be sure that you are number one thinking about what are you diversifying? Are you diversifying your existing company and team, or are you diversifying your own investment portfolio?" Timestamps00:00 - Post-Lunch Business Banter02:22 - Warren Buffett's Success Story03:42 - The Paradox of Good Advice05:03 - Challenges at LVMH: Diversification vs. Focus06:45 - Navigating Entrepreneurial Decisions08:28 - Transitioning Roles: Inventor to Capital Allocator10:22 - Berkshire vs. LVMH: Different Approaches to Investing12:12 - The Pitfalls of Diversification without Focus14:14 - Personal vs. Organizational Diversification15:36 - Applying Diversification StrategiesCONNECT• Ask Roland a question HERE.RESOURCES:• 7 Steps to Scalable Workbook• Get my book, Zero Down, FREETo learn more about Roland Frasier https://msha.ke/rolandfrasier/Connect with me on social:TikTok: / rolandfrasierInstagram: / rolandfrasierFacebook: / rolandfrasierpageLinkedIn: / rolandfrasierSubscribe to Roland Frasier / @rolandfrasierepic Mentioned...