1. Don’t concentrate only on money
Today we live in the age of finance. Everything is measured by them. But I would not divide it into the forces of good and evil in some kind of fabulous format. In fact, it all depends on who holds the money.
But business is no longer measured by money. It is measured by the ability to realize, at the moment of entering into business, how you will go out. Moreover, there is nothing you will go out with, but how will you go out, what values you will acquire.
Yes, of course, there are canons related to the safety of doing business, with the depth of the fall and the ability to withstand a blow, with the presence of that “cushion” and stability that will allow you to keep the state you have come to even in difficult times.
But in itself, the principle and meaning of business is, rather, in personal growth and in meeting personal ambitions, rather than in achieving performance. Although, of course, no one canceled the goal of entrepreneurship – making a profit.
2. No need to be afraid of risks
Do not be afraid to fall, because if you start evaluating ideas on the principle of “this is super-risky” and this is “less risky” – you will not be able to achieve much success. Any financier will say that “super-risky” is a lot of income, and “low risk” is a small income.
Business is a risky environment. And you need to be at least psychologically prepared for the fact that there will not be growing all the time, not always profit, and losses are possible. The famous Henry Ford, whose opinion can be trusted, said the following: “Do not take losses in business as a defeat. Think of it as a phase from which you can start something new, but with a lot of wisdom. ” Moreover, he perceived wisdom as a category that can be measured and put into a formula.
Don’t get hung up on saving capital. If you have created a system under which this business is maintained under normal conditions, then do not be afraid to experiment, invest money, be a pure entrepreneur. And some of the development projects will bring you additional funds.
3. Partnership is relevant not only for profit
If we are still talking about a partnership, then there should be a certain equality not in the sense of the number of securities or participation in capital at certain interest rates. Everyone should have the same opportunities.
And then, depending on the number of shares, the level of responsibility is determined. We are not talking about “more” or “less” voting rights when discussing or approving some ideas. I try to convey this thesis even to my son.
I am saying that partnership is very difficult because it should be in grief and joy. In life, we are accustomed to the fact that partners are only in joy. In business, it has a different meaning – “partners only in profit”. Not many partnerships can be seen where partners remain at a loss. This is the most valuable thing.