Here is the first post of a 5 posts series based on the buinsess knowledge my father left me, it is an honor to share his legacy with the world. I hope do him justice, and give you a fair share.
3 Bussiness Lessons I Learned From My Father!
It takes 1 million to become a millionaire; either you own a million or you owe amillion!
It is that simple, the first million is the hardest to make, and making a million is just as hard as spending one, yes!
When you think of the business terms of a million (not the if you had a million what would you buy terms!) choosing the assets you will replace your million with is hard especially if this million is taken from a bank, so basically you do not own it, you owe it, but you actually own its value, which makes you a millionaire!
Know when to get out; before it gets too muddy, you will end up like ARTAX in the swamp of sadness!
I remember sitting with my father, looking into his eyes.. he had this deep sadnessand heavy breaths.. I was around 12 years old.. I remember asking him a question: Is it that hard to stand up again and fight father? And he replied: it’s not about howhard it is dear, its about how late it is, a horse cannot swim in the mud if it was up to its ears in the swamp… i am strong .. but it does not matter.. It’s just too late!
So, when to leave? When you feel you are at the peak… When you feel its goinggreat, when money is no longer a problem…leave…Sell it and leave… or get someone to run it for you.. your peak could be some else’s bottom!
Knowledge is the pillar of a business idea;connections are the walls, floors and ceiling!
Depending on your skills and knowledge is valuable and essential, but at some point you will reach the limit where you need other people’s skills, talents andmoney!
Make sure you know that person who can help your business.. Know him very well that he can never say no when you need his help… and use him only one time….if my father could put it in words he would say:
“Just like a match stick … a favor is good for a one time use!”
Hope you got some use of my Old Man’s Wisdom, rest in peace father!