Thinking about starting a small business? Assume everything will cost twice as much and take twice as long as you think it will.
Interpretation
Starting a small business often requires more time and money than initially anticipated.
This quote by Dave Ramsey highlights a common experience among entrepreneurs, emphasizing the importance of realistic planning and budgeting. By assuming that costs and timelines will be higher than expected, business owners can better prepare for the challenges of starting and running their enterprises.
In practice
A mentor sharing this quote with young entrepreneurs during a workshop.
Debt is so ingrained into our culture that most Americans can't even envision a car without a payment ... a house without a mortgage ... a student without a loan ... and credit without a card. We've been sold debt with such repetition and with such fervor that most folks can't conceive of what it would be like to have NO payments.
The thing I have discovered about working with personal finance is that the good news is that it is not rocket science. Personal finance is about 80 percent behavior. It is only about 20 percent head knowledge.
Debt collectors like to play on your emotions because they think you'll give in and do something you can't really afford to do. Most of them don't care about you or your situation as long as they get some money.
Hitting bottom and hitting it hard was the worst thing that ever happened to me and the best thing that ever happened to me.
Your priorities, passions, goals, and fears are shown clearly in the flow of your money.
You have to teach children about money intentionally - create teachable moments.
It is difficult, but not impossible, to conduct strictly honest business.
The reason why it is so difficult for existing firms to capitalize on disruptive innovations is that their processes and their business model that make them good at the existing business actually make them bad at competing for the disruption.
I may be a businessman in that I set up and run companies for profit, but when I try to plan ahead and dream up new products and new companies, I'm an idealist.
The idea that you can create a template that will work forever doesn't happen in any business. There's some really, really bright people in this business. You can't do the same thing the same way and be successful for a long period of time.
Goodwill is the only asset that competition cannot undersell or destroy.
The companies that survive longest are the one's that work out what they uniquely can give to the world-not just growth or money but their excellence, their respect for others, or their ability to make people happy. Some call those things a soul.
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