okay, done with dinner…
getting back to the matter,
reason why i’m posting this, is because, for some reason I seem to get in a lot of conversations with people about their ideas for new businesses. most of the time, these people have grand visions about what their business will be like, but don’t even know what margins they are going to be operating on…
more stuff to think about:
you’re only as good as your money man. make sure you or one of your partners is willing AND capable of handling the company’s finances (paying bills, accounting, checking numbers twice, hunting people down who owe you money, tactfully avoiding people trying to collect money, getting loans, advanced math). depending on the size of your business, this is usually a full-time job. if you don’t have anyone in your group that can do this, find someone you trust before proceeding.
you should think in solid business terms and definitions as soon as possible. this is inevitable if your business succeeds, but the earlier you think about it, the more potential problems you will avoid. we did the head down thing for a couple years, and a couple of unfortunate lessons that we crashed into helped us change our ways. there is a reason why people go to business school.
don’t let me dissuade you from the grind. once you’ve mastered it, it’s a very fulfilling thing. it becomes its own growing thing, and you just have to direct it somewhere and make sure it runs smoothly.
and good luck.
ps. an awesome show to learn business lessons