Entrepreneurs Money Tips

No one likes to lose money, so “the smartest $1000 you’ll ever lose“ probably sounds like the dumbest phrase you’ve ever heard. Putting your money at risk makes your knees weak and your stomach drop.

Unfortunately, with any type of investment, you have to take on some type of risk in order to grow your money. If you didn’t, then we’d all be investing every penny and we’d all be millionaires, right?

Starting Your Own Business
So back to how losing $1000 could be the best thing to ever happen to you. I’m not advocating running out and blowing a grand on some foolhardy investment.  What I’ve done, and what I’m recommending, is that you invest your money to start your own business.

It doesn’t have to be a thousand dollars, the important thing is that you commit to building a business and putting money into making work.

Losing Your Money
So why do I talk about losing the money that you’ve invested?  Statistics show that the majority of new businesses don’t succeed.  They fail because they run out of money.  The capital they put in up front is gone, the business owner is either unable or unwilling to put any more money into the business and it goes belly up.

But that’s not where it ends…..

Do you know how many successful business owners went through several failures before finding what worked for them?  Behind every wealthy business person there’s usually at least one failure in their past.

Learning from Your Losses
The difference behind successful business people and ones that never make it is how they view the inevitable failures they suffer through.  Those that learn from the mistakes they made, adjust their strategy, and start again are the ones that will eventually find what they’re looking for.

Those financial losses they incurred are nothing more than investments in a business owner’s education.  The following scenario tells the story well:

A young salesman and his boss walk out of the conference room after the kid has just blown the sale of the year to their biggest customer.  Wild eyed and distraught, the rookie salesman follows his boss into the elevator and blurts out, “Sir, I’m sorry I choked in there, PLEASE don’t fire me.”  His boss grits his teeth, narrows his eyes, and barks, “Are you kidding me! I just lost a million dollars training you. I’d be crazy to fire you now!”

Although an expensive lesson, losing a deal or even your investment in a small business is really the first step to building your successful enterprise.