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Make 55 Percent More Money – Part 1

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watch_time

We recently did a couple of posts about project selection – how to choose the projects that are best for you. First, we talked about knowing if you should invest your money in a project. Then we integrated the value of our time into the project selection methods.

Now we want to extend that concept. We hear a lot about the right mix of assets when it comes to investing in our retirement portfolios. But we don’t often think of the activities we perform – how we invest our time – as a mix of assets.

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Investing time like a venture capitalist allocates money

We should because the things we do should add value to our lives or we shouldn’t do them. So we want to approach our investment of time like it’s a portfolio … specifically, a venture capitalist’s portfolio.

A venture capitalist invests in a bunch of companies. Then they see how they perform and make decisions. If a company is hitting its marks, they keep funding it. If not, they don’t. They are constantly allocating money to the companies that look like they will generate the greatest return.

We can use this as a model for how we invest our time.

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Should You Go Into Business with a Friend?

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By Bigg Success Staff
06-19-08

Bigg Success in Business

friends

You have an idea for a business. You’re excited. But you need help – help to get the work done, help to finance the business, help with any number of things.

You tell your friend about your business and she gets all excited too. She wants to help. She wants to be your partner.

Fantastic!

Or maybe not …

It’s often true that friends who go into business together don’t remain friends. And they don’t make it as partners, either!

Now, business partners may become friends. It just seems that, when friends become business partners, the friendship and the business often suffer.

If you still think it’s a good idea to go into business with a friend, here’s a suggestion. Except you shouldn’t think of it as just a suggestion. You should view it as something you absolutely have to do before you launch the business with your friend.

A business partnership is like a marriage. You need a pre-nuptial agreement.
So have your business attorney draw up such an agreement. To figure out what should be in the agreement, sit down with your attorney and discuss all the “what ifs”.

Here are a few examples:

  • What if the business fails?
  • What if it succeeds wildly?
  • What if one of you is incapacitated?
  • What if one of you dies?
  • What if one of you gets divorced?
  • What if one of you wants out?

These aren’t pleasant things to think about, let alone talk about. However, discussing them now while you’re friends beats trying to work it out later when you might not be so friendly.

There’s no money better spent than the money you’ll spend to have your attorney walk you and your friend through scenarios like these. If you insist on going into business together, then establish the boundaries of your business relationship upfront. 

Hear today's lesson and laugh on The Bigg Success Show. 

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