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The Entrepreneur's Gut Check - Passion

4/9/16 8:03 AM

Every entrepreneur faces the decision.  The moment of commitment to a new venture.  We strategize, research, analyze the data, interview experts, interview peers, study competition, study alternatives, build sensitivity analysis, build a scenario analysis, develop probability weighted outcomes, etc.  The list of research and analysis goes on seemingly forever…1-entrepeneur.jpg

But at some point in time, every single entrepreneur faces the go/no-go decision.  The point at which they commit to a course to invest their resources and get going.  At this point, no one knows what the outcome of the decision will be.  We’ve done our best at predicting the future based on our research and analysis prior to the decision, but the truth is no one can predict the result.

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Decision Making Strategies – The Big Picture Matters

3/30/16 11:07 AM

I spent the day yesterday on a college visit / campus tour with my oldest daughter.  It was a near perfect day for both of us.  Great school, incredible excitement, optimism everywhere, great weather.  It was such a good day that it made me want to go back to school (…not really).

It was interesting to talk about the day and the impending decision to attend the school with my daughter, after the dust had settled.  At the core of the conversation we had for the next several hours, she was asking me about how I thought about big decisions.  The conversation helped me talk through some of the key strategies I have used throughout my career to make big decisions, both professionally and personally.

As I talked it through with her, here are some of the things I told her about strategies for big decisions:

1)      The big picture matters.  See big decisions in context.  Big decisions set you down a course.  Often the outcome of this course is unpredictable, but what is very predictable is the general direction that the decision drives you.  The direction you choose is probably the single most important aspect of big decisions in life.  For example, choosing to start your own business with a franchise system sends you down a possible path to personal freedom and personal legacy.  While the success of this path is not guaranteed, it is a very different course than continuing to work for someone else.

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Perfect Assets...5 Reasons To Invest In A Franchise Concept

3/17/16 10:14 PM

Own assets that appreciate, rent assets that depreciate is a financial concept that we have heard often from “experts” throughout our lives.  But there is an inherent fallacy in this guidance...this advice leaves out an important concept that is critical to those that seek to build significant wealth.  A slight, but important, modification to this phrase makes it much more wealth oriented:  Own assets that appreciate and generate cash flow, rent assets that don’tI consider assets that fit this category, “perfect assets” and when I find one like this, priced right, I work hard to buy it as fast as I can, because they are rare.  Assets that typically fit this category more often than not are privately owned businesses.  The problem is that

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