START YOUR OWN BUSINESSthese learning experiences, they become more alert and aware. They
develop wisdom and knowledge. They make fewer and fewer mistakes.
They do more and more of the right things and fewer of the wrong
things. They not only earn more from their efforts, but they hold onto a
greater percentage of their profits. Over time, step-by-step, inevitably,
they achieve their goals of financial success and independence.
MInIMIZe RIskOne of the myths of entrepreneurship is that entrepreneurs are risk tak-
ers. However, this is not true at all. Successful entrepreneurs are actu-
ally “risk-avoiders.” Successful entrepreneurs are focused on earning a
profit from their activities. They do everything possible to minimize the
risks involved in earning that profit. To the degree to which they suc-
cessfully control risk, they increase the likelihood of profit, and succeed
at their ventures. As an entrepreneur, profit-seeking must be your central
focus as well.
Once you have decided that you want to enjoy the rewards of entrepre-
neurial success in particular, the next step is for you to explore every de-
tail of the business you are thinking of going into. You must investigate
before you invest. You must accept nothing on trust and leave nothing
to chance. You should talk to lots of people in that business and get lots
of input. Your aim is to minimize, reduce, and even eliminate risk wher-
ever possible in the pursuit of profit. Your goal is to assure potential
profits are real and potential losses are minimal or controllable.
Whenever a person reaches the point where they say that they can “af-
ford to lose” a little bit of money, you can be sure of just one thing. They
are going to lose their money, and probably lose a lot. The very attitude
of being willing to “lose money” seems to assure that the money will be
lost in some way.
The only thing that is easy about money is losing it. Making money is
hard, harder and harder still. As the Japanese proverb says, “Making
money is like digging in the sand with a pin. Losing money is like pour-
ing water on the sand.”
When you decide to start your own business, begin by reading several
books on small business formation. Some of the best books ever written
are on the bookstands today. Read about every single aspect of market