How to spend it # 1
Don’t Confuse Investments with Costs or Waste
Managing the shortage of money and time in a startup
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How can a person who is unwilling to start a business and afraid of the risk become a fairly successful serial entrepreneur? It’s not impossible, and it’s my story — a learning journey. This is the first article in a series in which I will share my experiences. I hope it will help at least some of you spend your time and money more wisely than I sometimes did.
In 1991, I founded my first company. I wasn’t eager to do it. Since there was a significant lack of job opportunities at the time, I was more forced than inspired. My ignorance of how to run a business was correspondingly high. Today, six startups and three decades later, I’ve accumulated a fortune in strategies, tactics, and skills as a solopreneur and business founder. Some of this knowledge, unfortunately, I have acquired through bad decisions and other failures. Another part, and I am deeply grateful for this, came from mentors who were experienced entrepreneurs and high-level managers.
Now it’s time to share what can help others, and I will be open about my failures. You will not read the heroic story of an entrepreneur, but rather the daily struggles that every founder and solopreneur must face.
A torrent of “good advice” and “unbeatable offers”
Let’s start this series with something that is relevant right at the beginning of a business life: How to deal with all the “good offers”. It happened in 1991 and at every subsequent business launch. In the first days, my letterbox and later my email inbox was flooded with advertisements and special offers.
Only now! — Just for a few days! — You’ll never get this price again! — Without it, your venture is doomed! — Become more professional! — Your customers can’t find you! — Generate hundreds of leads every week! — and so on were the headlines.
I had started my first one-man business with $5,000 (equivalent to just under $10,000 today) to cover expenses for…
