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.
In business, you're trying to make a buck. God was good to me and blessed me. I made some money and started this foundation years ago, and it has grown in size. With the foundation it's a lot different, because the bottom line isn't how you can make more money or get a better return, it's helping the projects that you feel strongly about move forward.
You can't live if you don't eat, but you don't live to eat. And neither does business exist primarily to make a profit. It exists to fulfill its purpose, whatever that might be.
To make a pleasant and friendly impression is not alone good manners, but equally good business.
You have family-owned businesses that have been around for 500 years. You cannot name a corporation that survives intact for even a few decades.
Managing a business, small or large, today requires an extremely disciplined, thoughtful approach with regard to the pressure that people are under.
Creating a close connection to those you do business with has its many risks, rewards and consequences._x000D_ _x000D_ There are few things in business I have encountered that are more difficult than firing someone, particularly if that someone has always been, or has become a friend._x000D_ _x000D_ On the flip side, I have been rewarded with many friends.
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