Herman School of Business
Time, Space & Money
Three main components of any venture are the proper use of your time, the space you chose to start your project and how much money you have to support the hiccups.
Warren Buffett or Oprah Winfrey or Donald Trump can start a venture anywhere they want, and they certainly don’t lack for money. But they have no more time than a beginner. For everyone has only 24 hours in a day. Now how you use your time is critical, and probably since you have limited access to space and money…you will probably have to spend almost all of your days and nights working to overcome the shortfall of space and money.
But.
You must make sure you spend that time productively. And that means giving up time for life, like friends and family. Looking back from success, most winners will tell you it was worth it. Those who spent all that time working and failing might disagree.
Space. My word for where you start your business or project. You don’t open a ski lodge in the desert and you can’t sell many surf boards there either. Since people start ventures where they already live not enough thought is given to the limitations that might impose. Pick the best place, or space, for your venture and pay mind to traffic patterns, parking, potential for growth, cost of rent, and anything else you can control when picking your space.
Money is a different animal altogether. Everyone underestimates how much they need. And often are forced deeper into debt before making a profit if they start out on a shoestring. Do not be fooled. Those stories of starting at the kitchen table with twenty cents or so and making millions are far more myth than fact. Of all three that will cause sleepless nights money management will far exceed the anxiety level of the other two combined. Oprah, Warren and Trump just put more up on the line when needed. Can you do that? Probably not.
Put some thought into these three things…before you go too far down the road or maybe slip off the track. Time, Space and Money, three watch words for your success.
HERMANISM # 6
Cost Of Goods Sold Is The Most Commonly Misunderstood Concept In Business Failures.
- Posted: 9 September 2007
- Comments: 0
- Category: Business success
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