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Don’t Let Being Broke Stop You

Welcome to our mini-series dealing with building a successful business from scratch. We’ve talked about “The 2 Phases of Success.” We’ve also talked about “Great Actions Follow Great Beliefs.” Today, I want to talk to you about a very important skill. Do you know how to be broke? Yes, I’m going to talk about […]

James Shepherd

Apr 19, 2018

Welcome to our mini-series dealing with building a successful business from scratch. We’ve talked about “The 2 Phases of Success.” We’ve also talked about “Great Actions Follow Great Beliefs.”

Today, I want to talk to you about a very important skill. Do you know how to be broke? Yes, I’m going to talk about how to be broke!

I’ve had people ask why I would go from making $100,000 a year to $30,000 a year? Making sacrifices is part of the building phase of building your own business.

I have been reading and studying about business for 15 years. I have not found any material that talks about being broke in business. Most successful business people want to focus on their achievements which presents an illusion of a smooth ride to success! This is not the case for most of us. What do we do? Let’s talk about some specific tips I have for you today.

1. Always make a plan.

Learn to live on less by trimming unnecessary expenses.
Understand that things may not be as bad as they seem. Good things can come from difficult times.
Know that this is a sacrifice being made for a specific purpose with a goal in sight.

2. Communicate your plan.

Explain your goals to your family. Help them understand the sacrifices you plan to make.
Communicate with your creditors. Ask how they can work with you in time of crisis.
Know your breaking point. A successful business is not worth more than a happy marriage or a close family relationship.

I’m here to tell you, “I have not had a smooth ride to success.” Success is hard! Going through difficult times will help you know that you can make it no matter what you go through!