Page 228 - Paulisms: Gold Nuggets for Small Business

Easy to Get into Something, Hard to Get Out!
Being an entrepreneur, I see so many opportunities. It’s easy for an entrepreneur to jump into things quickly that we’ll regret later. Over the years, I wish I’d said no and not jumped into some of those things. If you set up a company or try a new venture or get into a partnership with someone and things don’t go well, it’s very hard to get out – it could take years and at a huge cost.
At one time I was in a bad business partnership, as I had taken someone in to take us to the next level. I was in a low space at the time and was searching for something, and this guy came along. It was a honeymoon in the early stages, but things started to turn sour. It took a lot of money, energy, time and stress to get out of it. It did teach me to rate myself higher than I did at the time and not to rush into getting people financially involved in my business.
Closing companies down can take a long time, and, again, be expensive and cause a lot of noise. We must think about what we’re getting into (slow down – old bull versus young bull) and think about the consequences if it doesn’t work out. How much energy and effort are we going to have to expend if it doesn’t work out and we need to get out?
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