The Donald and other real estate barons made all of their money using debt to leverage their assets. Once you have one property or asset payed for, you can re-mortgage it and get another one. Now you have two assets hopefully growing and making you more money. Demonizing ALL debt in our society won't change that.
Starting a company is not an easy task to tackle. There is a lot to think about, and it is extremely hard to do alone. Fortunately, if you are in Montreal or thinking of relocating to the fabulous city, Montreal can make that start-up move a little easier with quite a few incubator and start-up hubs to get your business moving.
Everyone talks about the benefits of being your own boss: The freedom, the beachside latte laptop selfies. But the downsides? The paralyzing anxiety? The terrifying uncertainty? The crushing doubt? The emotional circus involved with actually getting your business off the ground? Very few people talk about that. So let's talk.
The statistics are alarming. Nine out of 10 start-ups die at five years. I know the challenges personally because I'm on my eighth start-up now. From selling one of my successful ventures to Arlene Dickinson of the Dragon's Den, to some not so fruitful ventures, I have had my share of wins and losses.
True success of an entrepreneur comes not from their ideas, but from their inner mindset and character traits. It takes a certain type of leader to endure startup life and persevere past the hurdles that will inevitable lay ahead in their efforts to inspire disruption or bring a new innovation to life.
When I started my business, my purpose was clear: to leverage my communications skills in order to become wealthy. I learned that unexpected things happen along the way and I needed to live by some non-negotiable beliefs if I was to be happy in my work. So, three decades later I am still learning. This is where I've learned thus far.
As we get busier and take on more tasks and challenges just to get by, we are increasingly finding comfort in many icons of our time who tell us that failing is ultimately the best way to learn and move forward. They say that we must celebrate our strengths and weaknesses and not worry about how others judge us.
Face-saving entrepreneurs will call this a "pivot," which basically means, "I was doing this one thing, and now I realize I should be doing this other thing instead." You might feel like a fool for not getting it right the first time around, but I challenge you to find any entrepreneur who got everything right from the get-go.
While building a start-up based purely on an exit strategy is incompetent, not at least considering it is equally incompetent. As any start-up founder will confess, building a start-up because you are passionate about the topic or industry is best way to succeed. However, just letting go is the best option for both the start-up and its founders.
The first time feels like a big deal. People want to associate with the guy who did it first, find out all about it. No one pays attention to the fact that it is the guy who works at it, paying attention to his own attempts and adjusting. This is the person who will be the best. The guy who allowed himself a do-over, tried a few things, failed, tried again.
While the concerns regarding the potential negative impact of certain high interest loans are legitimate, the debate has failed to consider the context in which high interest loans exist. It is too simple to label a loan "high interest" by looking only at the annualized interest rate. There are many other factors that determine the true cost of borrowing.
Just about everyone I know has designs on or at least daydreams of starting a business, which I think is normal. And yet, while no one ever says, "I want to be a cog in a giant, multinational machine when I grow up," that's usually what happens. I can't give you advice on how to create a successful business, but I can hopefully give you the nudge you need to at least try.
Women start businesses for a variety of reasons -- to address a need, to pursue a passion, or just to get away from life in the fast lane. Many seek more control over their lives, wanting the flexibility to work around the needs of their families, and their needs for an interesting life that stretches them and gives a sense of self. For myself it was a couple of life-changing experiences that had me take that leap of faith.