How Much To Spend First Year In Business ⋆ Moses Yoon
March 29, 2015 admin

How Much To Spend First Year In Business

A common problem with most SBOs is they don’t understand the concept of delayed gratification. I’ve met many new entrepreneurs who couldn’t afford to pay their first year’s taxes or weren’t reinvesting enough capital into their businesses and didn’t survive past year 2.

Starting a business is EASY. Surviving is AVERAGE. Making it a success (e.g. taking it to the point where you are working on the business and not in it) is harder but actually becomes easy in a way. It requires a different level of thinking, execution, planning and so forth.

Anyone that tries to run all the aspects of their business themselves is doing a disservice to their customers because what happens when you injure yourself or someone in your family is sick and you need to take time off work to help them? If the business is overly reliant on the business owner who believes he/she needs to do everything him/herself the person that gets hurt is actually the loyal customer that needs the services but now has to go somewhere else. Maybe that business never recovers and goes under. Sound familiar?

This “I need to do everything myself” mentality is what I think causes most businesses owners to struggle on a month to month basis. Tell yourself you are the only person who can do your job and that eventually becomes your reality. Or, tell yourself that there is a chance that someone else out there can do your job better than you and you might eventually be able to have some freedom.

Sorry for the tangent but in a nutshell, if you are a business owner, try to exercise more delegation and leadership ability and have others do the work so you can focus on more important things like how to grow the business. Nobody else cares as much as you about that. Let an expert do what you aren’t good at.