ABSTRACT

Both historical and modern literatures have recognised the importance of business proprietors who operate multiple businesses as portfolios of activity. The census allows these to be identified fully, and they account for about 10 percent of all businesses. Their structure relates to diversification of successful businesses, diversification to hedge risk in volatile sectors (such as construction), survival strategies in sectors experiencing structural change (such as farming) and family/life-cycle opportunities for offspring and marital partners. The strong contrasts between farming and other sectors is a key element of analysis, with farm portfolios declining over time. The chapter shows that most portfolio businesses were in the same broad sector: where businesses operated secondary activities in other sectors, the two business activities were usually complementary, such as farming and butchery or carrying.