Episode #144 Start A Business

Three Problems

• Every new business carries significant start-up costs and tremendous personal risk.
• Starting a business often requires us to learn skills we find difficult and perform tasks we don’t enjoy.
• Too many business owners feel drained by their work because they are unwilling to release control by trusting their employees to do the job well.

Seven Principles

• While buying a house or car often takes money out of our wallets, starting a business has the potential to put money into our wallets.
• Every business exists to solve a problem, to make others’ lives better, or both.
• Our unique skills, passions, and knowledge serve an important purpose.
• Every dollar we spend is a vote for something.
• Running a successful business is as simple as spending less than we make.
• The most important prerequisites to starting a business are to define core values and to decide how we will shape the culture.
• Since time is more valuable than money, the purpose of money should be to create greater margin to invest deeply and often in relationships with others.

Three Practices

• Treat your employees as well as you would treat volunteers, as they always have the choice to seek a job with a kinder boss and healthier work environment.
• If you employ others, cultivate the type of environment where you would want to be employed.
• Consider how to use your unique talents and abilities for the greater good while also making them marketable and profitable.