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.
There is one and only one social responsibility of business - to use it resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.
Access to talented and creative people is to modern business what access to coal and iron ore was to steel-making.
Our model is to develop each business separately with its own shareholder and management - this way we can concentrate on the job in hand, rather than be part of some enormous and faceless conglomerate.
Brands are all about trust. That trust is built in drops and lost in buckets.
A visionary company doesn't simply balance between idealism and profitability: it seeks to be highly idealistic and highly profitable. A visionary company doesn't simply balance between preserving a tightly held core ideology and stimulating vigorous change and movement; it does both to an extreme.
The most important thing you can do is make the distinction between customer service and guest hospitality. You need both things to thrive, but they are completely different.
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