Truly Rich Letter: Don't Bet the House

Another Truly Rich Letter  by Bo Sachez reminding us to start small in our new business!
They key is to start and learn along the process!
Don’t Bet the House
Never start big.
It’s a bad habit.
Starting big is like gambling your house.
It’s called an “all or nothing” bet.
I’m not impressed with people who tell me,
“Bo, I doubled my money when I bet everything.” Not
in casinos. Not in the stock market. Not in business.
Let me tell you why. Even if some of them are
so good, they win again and again—and double their
earnings every time, ultimately, this bad habit will kill
Because even if they win nine consecutive
times—but lose on their 10th bet—they still end up with
a big, fat zero. All their nine mega wins will be lost on
their last bet. Do you follow me?
Starting big in business also works with the
same principle. Their last bet will destroy them.
Starting big in business means pouring huge
amounts of capital in the business. They borrow big
money. Sometimes at high interest rates. Even if it
works, it will be their last bet that will kill them.
Here’s the key: Start small.
When you’re starting in a business, always invest
almost nothing.
Invest your time. Invest your energy. Invest
your work. Lots of it. But when it comes to money, invest
almost nothing.
Now “almost nothing” is a relative figure.
For a billionaire, that could be $1 million.
For ordinary middle-income people, that could
be a few thousands. Something that we spend for entertainment,
new clothes, or a new TV set. Instead of buying
stuff that will deteriorate anyway, why not invest it
in permanent education?
You read that line right: When you start in a
small business, you’re investing in your education. Because
the first income of any business is wisdom, not
So look around for your “education”!
What are the business opportunities out there?
core gifAt? business opportunity that’s connected to your
How about direct selling?
How about selling through eBay? (There are 3
million people who earn through eBay.)
How about earning through your blog?
How about selling your services through Elance.
The list is endless.
Remember: When you invest in your first business,
it’s an amount you’re willing to lose—for an education
that will last a lifetime.

May your dreams come true,
Bo Sanchez
PS. Are you serious in starting a business? Don’t
do it without getting training. My Business Mentor,
Dean Pax Lapid, will be giving a TrulyRich Entrepreneurship
Workshop on January 14 and 28, 2012. For
details, click here.

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