Michael Newman’s latest ‘e-Wealth Daily’ article is titled “The Question You Must Ask Today”. [‘e-Wealth Daily’ Article]


Michael Newman’s latest ‘e-Wealth Daily’ article:

The Question You Must Ask Today

One of the most important questions any new or existing entrepreneur must ask themselves is, “What am I willing to risk?”

It’s essential on many levels and helps set the limits you’re willing to go to in order to see the birth of a successful business.

Right off the bat, it may be easy to say you have no limits and that you’re willing to do whatever it takes to see your venture through. Although it’s good to have the kind of dedication, perseverance and love for yourself and your idea, it’s absolutely crucial that you set boundaries.

For example, if you’ve got a family that depends on you, you can’t forget about your obligation. And it’s important that you not only consider this from a financial standpoint, but take a personal look at it as well. Are you, and your family, willing to put endless hours towards the business that can result in decreased family time? Will your family be able to handle your potentially decreased role in their lives? Will you?

Another thing to consider, of course, is your finances. You have to set a limit of how much of your own cash you are willing to put into the company. Doing so requires careful thought and projections. Of course, you’ll be looking for outside investments and loans, but you’re also going to have to put up some capital, as well.

Remember that you need to continue financing your lifestyle as you build your business, and that you have previous expenses you’ll need to make.

Listen carefully to those around you. Consider what they say, and take any comments seriously. If lenders and potential investors tell you to fix up your business or alter your idea, don’t let your ego get in the way. Remember, these people can help you craft your business by providing valuable insight based on experience. Furthermore, they have money!

Once you’ve looked at your life and your business and decide what you can afford to risk, start moving forward accordingly. There will be times when it may be necessary to stretch these limits, and it will be up to you to decide how far you want to go. Consider what you stand to lose, and move forward accordingly. I always allow myself room to bend, but not break.

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

Sharing is caring