Learn the basics when your business is small and mistakes are less costly; Then grow
Requires little capital upfront
Gives you time to learn what products sell best
Gives you time to learn how to run a business properly
Mistakes aren't too costly
If you will choose to start small but dream big, you will likely be able to sense exactly when to start making the transition from small to big.
Don't give in to temptations to be like a large company just yet
Start small and grow big later
Have patience and grow at a pace that you can keep up with
Experiment with your business to see what works best before you start trying to grow
Dream big
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When people start businesses, they usually do so with dreams about the income the business will provide—hopes of owning their own home, working on their own schedule, and being able to provide for all of their family’s needs (and many of their wants). Many new business owners see established businesses that have operated for years, and they think that the success is due to the businesses’ size. Wanting to follow in the steps of the large corporations, these owners are tempted to open up large-scale, expensive businesses.
While impulsive business owners often give way to their desire to start big, wise business owners overcome that temptation and wisely decide to start small and grow big later. They have developed a healthy sense of patience that enables them to start out on a very small scale but never lose sight of their plan to someday be big. With this proper perspective, they experiment with their small businesses when the stakes are low and the cost of failure is relatively small. They do the little things that lead to small-scale successes because they know that by doing the little things now, they will be able to grow the business so that it will someday experience large-scale success.
Do dream big. Have high expectations for your business, but make sure to do the small things first.
Impulse to grow too quickly
Comparison to others
The desire to be seen as a large success
Fancier store or tools
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Remember that success is measured not against what others accomplish, but against your previous circumstances. With slow, steady, long-term growth you can truly become successful and avoid the perils of growing too fast.
Application of the Principle in each stage of Act Now
David: Farmer | Start Now
“I can begin planting in my small backyard.”
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Started with one small plot of land that he can manage by himself
Started with just three different kinds of crops
Bought only the minimum tools that he needed to get the job done
Julieta: Cafe owner | Grow Now
"It's okay for me to operate my café in front of my house.”... for now.
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Doesn't pay any additional rent to run the cafe
Saves up enough cash to buy one additional mixing machine at a time
Working towards opening an independent store
Manuel: Online clothing retailer | Expand Now
"I only grow as fast as I can keep up."
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Hires only one employee at a time
Never buys more merchandise than he can pay for in cash
Personal Salary is enough to meet his needs, but not excessive
Marta: Digital marketer | Give Now
"I can always give up something to help someone else, but I don't have to necessarily give up everything all at once."
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Pays an honest tithe
Helps others, but doesn't over extend herself
Still dedicates time to her business while mentoring others
Chapter Meeting Agenda
Where There Are No Jobs Vol.1
SGMB resources/ videos