Five Things To Consider When Deciding On a Business For You. - Part 5

Can I really do this?

September 23, 2024

E D I T O R I A L

By Dr. Gabriella Kőrösi - Managing Editor

I hope you’ve enjoyed DR’s 5 question series. If it’s raised questions, then his time was well spent. This issue concludes our Business discussion. It will be back. If you have a question you would like him to address in the future, please leave it in the comments.

Thanks for reading this special edition.

I am very grateful to DR for providing us with business tips that we can use in our everyday life and sharing his wisdom and experience.

Gabriella

Go - No Go

You have a decision to make that will impact the rest of your life. If the business succeeds or fails, it will affect you in ways you’ll never understand until it happens. The number of unintended consequences far outweighs the number of intended.

Ben Franklin Test

This has been around forever, but it works after a fashion. Here’s how I use it. Take two similar notebooks or pads.

Pad Number One - For

In detail, list all the reasons you should go into business. Make sure those reasons are clear. Don’t abbreviate. Spell it out. You want to ensure you understand and have complete transparency so the person who means the most to you will understand.

Don’t take shortcuts. Don’t leave out the assumed benefits.

Pad Number Two - Against

Here’s where the problems start. You don’t know what you don’t know. The list of unintended consequences is vast. So, I will step in and give you the negative points from my perspective. Will these be yours? Not necessarily. Or, you’ll do as so many have done before you, “justify” why it doesn’t apply to you. You’re different. It couldn’t possibly work that way for you because you believe…

It’s hard to be honest with yourself when you want something so much. It’s easy to “justify” why anything if you really want to. That’s just one of many reasons why this exercise is so hard. It is 100% necessary.

TIME

Let’s begin with the one thing you’ll never get back. Once you spend it, it’s gone forever. TIME.

Here we go. It will start as a side hustle, and when it gets going, I’ll switch over. How many hours are devoted to that side hustle taken away from your struggling partner? If you have children, I assure you they will never again be that age. You’ll miss more opportunities to create memories than you can possibly imagine.

Now you’re thinking, but the benefits are so much more; I can give them more. More, more, more. Your children are just thinking of you, you, you. No, they won’t get over it.

Everyone Must Sacrifice

Who and what are they sacrificing for? If you feel that way, make sure they feel the same way you do.

The Rest

Besides all the things that could go wrong with your business, all the other “against” issues are about what you’ll miss: dates, anniversaries, date nights, birthdays, funerals, celebrations, or so many life celebrations. The list is endless.

Facts

You will work more hours for yourself than you ever worked for someone else.

You will be willing to miss just about anything if you “think” the opportunity for gain is great enough.

You’ll spend even more time than risk failing. You’ll spend that time while at the same you’ll risk failing elsewhere.

Enough

My purpose is to help you make a fully informed decision. I’ve given you enough to do that. You’re smart; if you weren’t, you wouldn’t consider going into business alone or with someone you trust.

Conclusion and Final Thoughts

I turn seventy-eight today. I’m in the middle of running my thirtieth company, TinyTales.Press. It’s small, and so is our team, but with passion and a tremendous amount of time, we’ve accomplished so much (click here and scroll down to see our list of products and services). We’ve done all this in five months. Our passion drives us.

I’m supposed to be retired, but I’m having so much fun.

This is my last company. Of all the companies I’ve had, this is one of three that I’ve had that have or will make a difference.

Ask my family and friends; they will tell you I’ve paid a hefty price for success.

The one thing I’ve lost that I regret the most is time with family.

The decision is yours. I hope I’ve helped. Good luck. Feel free to ask any questions you have.