There are several methods entrepreneurs can use to diversify their businesses:
Product Diversification: Introducing new products or modifying existing ones to cater to different market segments. Geographic Diversification: Expanding operations into new geographic regions to tap into different markets. Customer Diversification: Targeting different types of customers or industries to broaden the customer base. Operational Diversification: Diversifying the business operations such as offering complementary services or integrating verticals. Strategic Alliances: Forming partnerships or joint ventures with other companies to leverage their strengths and enter new markets.