One of the greatest business lessons Ive learnt, was from reading an amusing throwaway paragraph in a biography on Warren Buffetts life - paraphrased: In 2008 he was the worlds richest man, but he still walked two city blocks to buy a carton of Coca Cola that was $2 than the closest supermarket was selling. Although a rather extreme example, it brought home to me the point that financial prudence is the bedrock of future success. If I can be so bold as to give a piece of advice to people who want to develop their own ideas: Undercapitalisation (a lack of sufficient finances) to carry through a project from start to finish is a major killer of great ideas. So try as much a possible to save your money, live within your means for the most part, build that war-chest, cut out unnecessary expenditure so that when you DO need to spend a mint - buying new necessary equipment, pay a consultant, etc, you have the immediate means to do so. A lack of capital = a killer of momentum = a killer of dreams.
Posted on: Thu, 24 Apr 2014 00:37:54 +0000