Here are three important tips to start a business. Starting a business is a lot like getting married. In both cases, there’s a certain amount of logic involved, but ultimately, it’s powerful emotions that propel us toward making the leap.
If you’ve never thought of entrepreneurship as romantic, you probably have never started a business. The prospect of being your own boss, doing what you love and maybe even making some amount of difference in the world can be utterly intoxicating.
Unfortunately, we all know that romantic feelings aren’t a great indicator of success in either marriage or business. Up to 50 percent of marriages end in divorce—and the failure rate for businesses is even worse. With business failure comes real suffering, in the form of not only a bruised ego but also depleted savings, maxed-out credit cards and, often, personal bankruptcy.
So when a client tells me he or she wants to start a business, I go into tough-love mode. I generally don’t try to dissuade would-be entrepreneurs, but I give plenty of straight advice, even if it means puncturing a few of their romantic illusions. Here are the three tips that top my list for aspiring entrepreneurs.
FPC Investment Advisory, Inc. was published by CNBC! The column was also featured by Yahoo Finance. Click the links below for the full article.
Bijan Golkar is a Certified Financial Planner™ and licensed tax preparer with FPC Investment Advisory Inc. in the San Francisco Bay Area.