Dear Aunty B,
I started a business several years ago and have made the three year mark with a healthy bottom line.
I recently borrowed some funds to pursue several opportunities, which long term could result in turning us into an enormous company.
I am now being hit with interest rate rises and a bit of a downturn, which is severely limiting our resources.
What do I do? Do I pursue the opportunities or put them on hold?
Honestly? We are going into a period where we need to be very practical.
You cannot afford to divert funds from your main business to blue sky opportunities if your business is feeling the pinch.
It is time to bunker down and make sure your main business has the resources to keep growing. Your business is still young. It still needs to build its brand, supply chains, relationships, management teams and customer base.
It sounds to me you have been stricken with the entrepreneur’s curse – being seduced by new opportunities rather than day in, day out, building up your business.
So don’t get diverted from the Big Idea with Blue Sky Ideas.
And if you still find yourself awake at night wondering about the big idea, put it to the test. Do a proper evaluation and listen carefully to the opinion of those around you.
Be very disciplined with yourself. Will this idea really take your business to the next level? Because an entrepreneur’s favourite pursuit is idea generation. And while it is a sure fire guarantee against boredom, it is also a sure fire way to go broke.