Monthly Archives: January 2016

Random Thought #30 – The Best Investments for Entrepreneurs

If you’re an entrepreneur that never gives up, eventually you’re going to be successful in a business. As businesses grow, they go through many different stages. There will come a time when you’ll have extra cash and this is when most first time entrepreneurs run into a lot of trouble.

Everyone wants an expensive car, a new house, and many other materialistic items. Eventually there will come a time for that, but not yet. Also other investments will begin to look good to you, this would also be a mistake. In order for your business to grow to the next level you have to bet on yourself. This means all your extra money should be put back into the business so it can keep expanding. Some examples would be if you’re selling a product, buy more inventory than you need because you know that eventually you’ll sell it at a good profit and you won’t be taking a chance. If you’re a brick and mortar business, try to buy your property so you’re paying rent to yourself and building long term equity for your future. Spend money on expanding your business, make sure if you do this you stay very focused on your goals. The best investment outside of your business would be to buy your own house. This will also build equity for your future.

If you finally pass this point then you can start living the good life, but remember, your best investments are in yourself, not others.

Random Thought #29 – Transparency

When I first started out in business I was very secretive to my employees about what was really happening in the business. Of course this created many problems. I worked for years trying to solve the same problems over and over again not realizing there was a simple solution.

As years went by I began to realize that the answer was simply being transparent about everything that was happening in the business, whether good or bad. As I started letting the employees know what was going on many things happened.

The most important was that the employees felt needed, which in fact they were. The work production increased dramatically. People were much happier. When things weren’t going well they came up with solutions. The business I was in at the time became much more successful.

Transparency creates Openness, Communication and Accountability. I can’t think of anything more important in a business or in our personal relationships.