I believe it is a very exciting experience to move from planning a business to finally actualizing the business plan, it is even more exciting when you begin to see the business yielding profit in due season but there is one very common mistake that most business people make after their business begins to yield returns and the mistake is being quick to spend excessively.
It is indeed highly tempting to want to relax and spoil yourself a little bit after working extra hard to build a business and then it begins to provide desired result, sometimes it is even your friends who demand that you celebrate when your business gets to a certain level and as such you will need to do some spending.
The urge to also buy luxurious homes, expensive clothes, big cars and accessories cannot be exempted the moment a business starts to flourish and this is a trap that a lot of new business owners run fast into that makes their business begin to decline faster than they can control.
As a new business owner, you need to consider that business of yours as a baby, parents spend enough on the upbringing of their children and usually do not expect any return from these kids until they become adult and that is the exact same way we need to treat our business, we need to keep pumping everything into our business until it gets to a point when it is matured enough to give back to us.
The temptation to spend from a new business may be as a result of the entrepreneurs who have been in business for a long time and they have made a fortune, we see these entrepreneurs living large and we envy them so much, these entrepreneurs only enjoy these benefit because they didn’t take from their business when it was still at a young age, if they had lived extravagantly from their business while it was still little then it would have never grown to a point of total accomplishment that they can boast of today.
As an employee you are allowed to look rich even when you are broke but as an entrepreneur you are not permitted to look rich until you are actually rich because if you try that, it will surely reflect through your business.
The only way to turn that little business of yours into a company or business empire is to only take what you need to survive (WHEN NECESSARY) and put back every other earned penny into the business as you watch it mature into a business of your dreams.
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Hello very wise friend your advice, I totally agree with you you should not try to buy luxuries while the business is in full growth, after you have enough you can acquire some luxuries, it is not healthy to live on appearances.
See you later my friend, have an excellent week