Time is (=) Money. So, Surpluses of time can bring somebody, surpluses of money. According to that principle, money can buy time and the time purchased can eventually bring more money to someone’s pocket. We finally reached a stage in our conversation, where money buys money.
But what if the time spend comes in full divergence with the financial outcome? For example, what happens if in 2 hours somebody makes 500.000 $ in Vegas. And what if the same money go to a new venture creation? What problems will this venture and its owner face?
Now think of the “Vegas money” as any amount of money that is not an outcome of your own personal work or external fund (earned the same way). Which did you think, would be the biggest management issue that you will face?
The main problem lies mainly in the internal management and cash flow issue. The business decisions that you have to make while being an entrepreneur are really important and requires enough, if not much “hands on” experience. Experience that can be acquired, only by having worked for a few years for “someone else” and you have clearly understood how a business operates and how most people make their money. Only then you will have a clear business operations image that will eventually help you to handle your company with high levels of responsibility.
Next on the list comes your entrepreneurial ability and the “easy come, easy go” mentality that spending “easy earned” money may bring. When you are entrepreneur there are some entry challenges that you will face, such as, 1. picking the right business, 2. when to quit your daily job, 3.managing your stress & money,etc. These dilemmas require a lot of time and thinking in order to be answered. However, the ability to spend money may decrease the time-frame of the thinking and working process, leading to pitfalls that cost money that could be used for later company operations.
Concluding, experience could be a great asset while risking and trying to set-up your own business. For that reasons, old personal processes that led you to an increase of your humility and carefulness levels can be found really helpful. When you spend, try to remember your own sweat and tears included in that money. If you cannot, be really careful and remember that Las Vegas can Easily become a LOST Vegas, at least in today’s market.
PS. Enjoy “easy come, easy go” hyperlink