I want to share with you five things. If you get these five things right, then your business will pay dividends to you every single time.
My guess is that the majority of you have wanted to own your own business. How many of you want to own a business? How many of you would want to own a business if you knew that it would make money for you every single time?
That changes the equation dramatically!
I have had the opportunity to start more than 30 companies operating in 35 countries. Among the three of us—Roice, Mark, and I, James—we have started some 60 companies operating all over the planet, and we have learned certain lessons. If you remember these things, then you can make sure that your company will make some money.
1. Conduct your business on other people’s money.
O.P.M. is Other People’s Money.
When you are in business you want to be rewarded for the organization of the business. You want somebody else to be rewarded for the risk.
You want to take a risk and invest in someone else’s business so that you have one income stream over there that is not related to your income stream over here.
You don’t want to double the risk, where your business risk and your investment risk are in the same company.
You can split the risk out.
I would rather invest in Mark’s company and have him invest in my company; that way, if his company goes well and mine dies, I still have money.
Use other people’s money.
You go to them and you give them a part of your business for virtually all of the money that it takes to run your business.
Do you think that they will do that for you? Yes, because they do not want to organize and run the business. They want to get rewarded for the risk of the business. They are called investors. Investors get rewarded for taking risks.
What they need is somebody who will run a business so they can take a risk and get paid for it.
They need you to do a good job of it, and they will be very pleased to hear that you know the next four points. So if you KNOW the next four points, then they know that the company is going to make money, and they will be very willing to invest with you.
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