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How Many Times can you fail?


Husbands and wives may have very different perspectives on a subject. My comments have to do with a husband that has started at least a dozen businesses while holding down a full time job. Each of these businesses have cost between $1,000 and $5,000 in start-up expenses. The issue at hand is that none of these business ventures have become profitable.

His garage is full of remnants  from each of these failed businesses; items he tried to sell, things that he made, etc. My involvement with this person is new; he has another business idea and needs some help to lay out a business plan and to have someone mentor him and hold him accountable.

As is my custom, my first meeting is with both the husband and wife, even if both parties will not be participating in the business. I got an  earful from the wife about all the things that he has tried and have not become a reality. Next, I listened to his new business concept and why he felt that this would be different.

When I asked about their retirement plans, I found out that their small retirement account would not allow them to ever retire and other savings and investments  did not exist. At the rate they are going they will never be able to retire and an illness or job loss could result in a life on welfare.

To make a long story short, I agreed to work with this couple if both the husband and wife bought into the new business venture and both will make an effort to be successful. All the other ventures received negative comments from the wife.

If you don’t try you will never succeed. As long as you learn from your past failures ( they are the very bet teachers) and you continue your efforts with a business plan and outside accountability, success will come.

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We are all, it seems, saving ourselves for the Senior Prom. But many of us forget that somewhere along the way we must learn to dance.

Alan Harrington

Have a great day!

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