How to start a business

You want to start a business but don’t have know what it should be about yet.
Setting yourself up for success is just as important as having a good idea and I’ll tell you how to do this.

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Why we need to follow principals

Many people before us have done similar things to what we want to accomplish. Their knowledge, earned through real life experience is innately useful for succeeding like they did.

Said in other words:

“Only a fool learns from his own mistakes. The wise man learns from the mistakes of others.”

Otto von Bismarck

Reading about other peoples failures and successes and applying them to your situation will save you time, effort and money. This is why this blog was made and is why I’m starting my work with research.

Side-note:
The idea of principles first found me through Ray Dalio’s aptly named “Principles”, where he shares his own principles for success which we will draw from in later posts.

Set yourself up for success

Love him or hate him, Donald J Trump has made many big deals in his life and is someone we can learn from. In his book “The art of the deal” he shares insight on how to be successful.

Protect the downside and the upside will take care of itself.

What is the downside of starting a business? Well, if you are going to quit your job to do it, in his book “How I Build this” Guy Raz likens this to jumping off a cliff and building an airplane on the way down.

How do we protect the downside when you starting a business?

If you have a lump of money to sustain you for a while, well now you are jumping but also have a parachute to slow the fall down and you likely wont die if you can’t make the airplane in time.

There is however another option, if money is lacking you can keep the income from your job and build the airplane in your garage, but now the urgency will be gone. There will be a million things which get in the way of you working, and sometimes, execution of your idea is time succeeded.

How to set yourself up based on your situation:

Have Time, Have Money

This is the easiest place to start a business and protects the most downside. You are most likely to succeeded if you have this . Talk about “The rich get richer”.

Don’t have Time, Have Money

I’m here. Dansai is the documentation of how to make this situation work (which is also the situation which roughly 30% of people are in)

To get here save money every month or increase your income. Both are easy to say but hard to do and i get it, but if you don’t figure out how to do this, the task of starting gets a lot more difficult.

Don’t have time, Don’t have Money

Starting here is the most difficult and it’s probably a better idea to invest in learning new skills which will be useful to increase your income than to start a business. A good place to start might be buying some online courses, reading books on a topic which will make you better at your job and finding a new job altogether.

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