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Mentor lesson #4: just do it

February 11, 2010

As I’ve gone through my analysis of three business opportunities, my mentors have all separately given me the same advice.  Shoot higher (see lesson #3) and just do it.

The business I’m closest to pursuing is now moving in the direction of being the least likely I will establish.  It’ll need a fair bit of capital from me and will likely take three to four years to build up.  Then, it’s questionable whether the business will be worth that much (not that I build to sell, I build to the best in the market) or provide a return commensurate with the risk.

Although I haven’t yet made a final decision, I am a bit disappointed because I think my mentors are probably correct.  I can do this business, I can do it well and can likely grow it into the market leader.  Whether it’s best use of my time is another matter.

When it came to starting my first two businesses I “just did it”.  Very little planning, very little thought of risk and very little concern about the business fundamentals.  As I get older, I’m finding that I think a lot more about the risks, the prospective returns, the required investment or the opportunity cost.  Now I take in far more advice.

Some entrepreneurial friends would likely be critical of this rigorous approach.  But, it’s the approach I’ve chosen to take and it’s working for me.  Although, I’m reaching a point where I’m anxious to get started on something.

Stay tuned.  2010 will be interesting.

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