{"id":836,"date":"2013-05-11T19:34:47","date_gmt":"2013-05-11T19:34:47","guid":{"rendered":"http:\/\/www.success-academy.org\/home\/?p=836"},"modified":"2013-05-11T19:34:47","modified_gmt":"2013-05-11T19:34:47","slug":"investing-financially-and-emotionally-in-your-business","status":"publish","type":"post","link":"https:\/\/www.success-academy.org\/home\/investing-financially-and-emotionally-in-your-business\/","title":{"rendered":"Investing Financially and Emotionally in Your Business"},"content":{"rendered":"

Many people who go into business want to do it with someone else\u2019s money, even if they have plenty of\u00a0their own. They may have that money set aside for the children\u2019s education or tied up in a holiday property.<\/p>\n

Whatever the reason they don\u2019t feel sufficiently positive about the business to risk all of their own money.<\/p>\n

The days of easy bank credit are long gone, so alternative methods of financing have become common\u00a0place.
\nSeeking partners or investors (often family or friends) has become normal scenarios for getting a new\u00a0business up and running. The big draw-back is, unlike banks, they usually want a say in how the business\u00a0will be run.
\nBanks looked at the risk and guarantees before deciding what rate to charge and how long before the loan\u00a0is repaid. On the other hand partners and investors want to get involved so they know how their money is\u00a0being used and don\u2019t always have an exit strategy.<\/p>\n

In some cases partners or investors are needed because of their business skills or contacts and these\u00a0ventures often work well because each of the parties understands their roles.<\/p>\n

\"investment\"<\/a><\/p>\n

A family member who has put in money may feel he has a right to get involved when and where he sees fit.
\nUnless his skills or contacts bring actual value this may well be a loose-loose situation because interference\u00a0will be distracting, stressful and a waste valuable time.
\nOf course there are exceptions where the partner is emotionally intelligent and can ask objective questions\u00a0or give advice in a non-judgmental way thus causing you to think through situations and prepare proper\u00a0plans since you are going to have to justify your actions.<\/p>\n

Having \u2018skin in the game\u2019 is very important.
\nThe average person will put in twice the effort to avoid pain (or loss) than they will for gain.
\nTherefore if it is all your own money you have more incentive to make it work, for example to get back the\u00a0kids\u2019 college fund.
\nThat extra motivation can give you the edge to do what it takes and make the effort so the business really\u00a0works.<\/p>\n

Remember though that no-one can make it on their own and that you will stand a better chance of\u00a0achieving your goals if you have an accountability partner (someone who cares for your success and will\u00a0keep you firmly on track) and\/or a mentor (someone who is has the skills and has done it before).<\/p>\n

Having a supporting system will contribute greatly to your success but YOU and you alone can walk the\u00a0steps of your journey, learn from your mistakes and be responsible for your success!<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Many people who go into business want to do it with someone else\u2019s money, even if they have plenty of\u00a0their own. They may have that money set aside for the children\u2019s education or tied up in a holiday property. Whatever the reason they don\u2019t feel sufficiently positive about the business to risk all of their […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"_links":{"self":[{"href":"https:\/\/www.success-academy.org\/home\/wp-json\/wp\/v2\/posts\/836"}],"collection":[{"href":"https:\/\/www.success-academy.org\/home\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.success-academy.org\/home\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.success-academy.org\/home\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.success-academy.org\/home\/wp-json\/wp\/v2\/comments?post=836"}],"version-history":[{"count":1,"href":"https:\/\/www.success-academy.org\/home\/wp-json\/wp\/v2\/posts\/836\/revisions"}],"predecessor-version":[{"id":838,"href":"https:\/\/www.success-academy.org\/home\/wp-json\/wp\/v2\/posts\/836\/revisions\/838"}],"wp:attachment":[{"href":"https:\/\/www.success-academy.org\/home\/wp-json\/wp\/v2\/media?parent=836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.success-academy.org\/home\/wp-json\/wp\/v2\/categories?post=836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.success-academy.org\/home\/wp-json\/wp\/v2\/tags?post=836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}