Question: What can harm your business?
Answer: A lot of available cash.
Call me crazy, but I believe in that 100 percent.
Ideally, someone who is starting his first business shouldn’t have a lot of cash. I believe a lot of cash can harm you more than help you.
So if you’re starting your first business now and you have very little cash–thank God!
It’s one of His sweet blessings to you.
You’ll learn to “make do.”
You’ll learn to work from home. (Don’t rent office space yet!)
You’ll learn to use what you have. (Don’t buy new stuff yet!)
Besides, it will be a fantastic story to tell 20 years from now.
You’ll be able to tell your kids, “I started this giant company 20 years ago in my living room. I started with only P34,000…”
Here’s another reason why having a lot of money at the start of your first business is bad for you…
First Businesses Usually Fail
When you start your first business, you’ll fail.
Sorry to be the bringer of bad news.
But if you really think about it, it isn’t really bad news.
Because failure isn’t God’s Rejection. Failure is God’s Redirection.
No, not ALL first businesses will vanish into thin air. Some will survive. But these will be revised, rehashed, redesigned, rebuilt…
My Story of Failure
Once upon a time, I had P600,000 in savings.
I was bent on starting my business.
Feeling confident because I had P600,000 in my hands, I looked for a business.
There’s the mistake.
Your money isn’t the reason why you go into business.
You go into a business because you have a GIFT you want to give to the world.
Not your money. It’s your gift that people need!
Anyway, back to my story.
Someone told me about a hotdog stand in a brand new mall. Since I had my cash, I bought the franchise for P250,000. Monthly rental was P18,000.
I still had money left!
What should I do with it? (You see, when you have money, your hands itch.)
The mall offered me another stall, right beside it. Since I had money left, I bought another franchise for another P250,000. This time, it was an ice cream scooping station. That required another monthly rental of P18,000.
I figured: What could go wrong? It was such a simple business.
But everything went wrong.
Looking back, I did no research. (Crazy!)
I never studied who the main shoppers were, and thus, whether they would like hotdogs or ice cream. (They didn’t.)
I also didn’t know anything about the business.
I didn’t even look for a mentor who could guide me.
It was all a leap in the dark.
I literally “jumped” into it blind.
The moment I opened it, the business began to bleed. My monthly expenses were much more than my profits. Instead of earning, I was losing P20,000 a month!
After five months, I closed the stores.
I lost P600,000 on that business.
Yes, I lost everything I had.
Learn from Others Who Have Failed
Today, my businesses are very successful.
I believe I’m successful today because of all my past failures.
But I’ve got good news for you: You don’t have to experience my failures. You don’t have to experience all my mistakes.
How? Learn from the failures of others! (Learn from my pains so you don’t have to experience them.)
This is the reason why you need to surround yourself with Super Successful people who can share with you their journey of failures.
This coming October 25 – 27, 2017, you have such a golden opportunity.
Join me and my business mentors! Let’s travel to Bangkok, Thailand together while we talk about the ins and outs of business, finance, entrepreneurship, and so many more. Be part of ESCAPE 2017.
You’ll learn from the Financial Gurus while traveling and resting. You get to visit beautiful places with people who can mentor you into becoming the most successful and significant version of yourself.
May your dreams come true,