Tuesday, February 19, 2008

Lessons learned along the way 1. Start a business because you love it not because you want to make money!

So now I'll start to sermonise and tell you some of the lessons I've learned during my €100,000pa MBA course.

I'd like to say that this is the start of 100 steps to being a success in business, or my 60 tips to solving your business crisis but in fact I don't know how many lessons I've learned and I don't know how many posts it will take. So here it goes in no particular order:

1. Start a business because you love it not because you want to make money!

Crazy right, clearly "if this is his first lesson learned I can clearly see where his business went wrong" I hear you say. Surely we all start business to make money. Yes your business should be established to make money (unless your in the business of charitable philantropy). But this should not be the primary reason that you set up your business. Primarily get involved in a business because you love the business. The secondary reason is the money.

Unfortunately not everything we love doing in life can be a business. If "under-water-basket-weaving" is the great love of your life unfortunately this is unlikely to be a viable long term business and this should be your hobby.

But if you love management then you can set up and run any business. If you love animals try Veterinary medicine, or dog grooming or open a stables. If you love painting (and your good at it) become a painter. If you love money - set up a bank - don't become a painter because you've seen Van Gough's sunflowers sell for 30 million.

Why should we set up businesses we love:

  • If you love what you do it will reflect in your business. That will reflect in great service, great products and a great business.
  • We have a very limited amount of time. Every minute that ticks past is gone forever. We can't get it back. Our time is our time, that's it, there is no more. But this is not a morose or sad concept. Quite the opposite. It should fill you full of energy to cram every moment of every day with time spent doing valuable things. Don't waste it and do what you love.

1 comment:

  1. That is perfect advice. It's also the reason why I want to be my own boss and manage my own business. I'm looking to buy one rather than start one from scratch though. I think it would be more beneficial. Would you happen to know of any good websites where I could browse what's available in my area?