I hope you enjoyed the weekend. If you trekked down to the festivities at South By Southwest also known as SXSW, I hope you enjoyed it. If you don’t know what SXSW is, no sweat - it is an annual set of film, interactive media, music festivals and emerging technology conferences that takes place in mid-March in Austin, TX.
What I want for you is to get inspired by the goal of SXSW, which is to be the “premier destination for discovery.” This year, I read about a robot trash can – oh my!
When I think of discovery, I think of entrepreneurship. I believe that you have a little bit of entrepreneurial swag. It’s that entrepreneurial swag that helps us stay focused on reaching the new investing goals that we’ve set for ourselves in this year of action.
Investing in your own business might be one of your goals for this year. You may have highlighted this in response to my question last week - What is something you claim you want to do involving investing this year but you haven’t been able to do it yet? If you missed the opportunity to respond, just reply to me as it’s not too late.
Well, guess what? It takes some amount of money (and dumb luck or what I call “favor”) to get it off the ground to be successful. If you are toying with the idea of investing in your own business, here’s one of my biggest pieces of advice:
Figure Out How Much Money You Need to Get-off the Ground
One of the biggest challenges for entrepreneurs is to build that first product or service offering. One key question should be - HOW MUCH MONEY you need to get to that first milestone? Think about what that first milestone will accomplish for you. Do you have the money sitting in a savings account now, and if not, how many months will it take you to get to the required amount of money you need to hit the milestone?
Leave a comment and share your approach of how you reached your financial goal. Did you abandon investing in the stock market, or pull money out of the market?
If you need help in coming up with this figure, just leave a comment on the blog and I’ll be sure to respond. You won’t be alone, so be brave and comment so that others can benefit too.
P.S. – Don’t keep this goodie to yourself. If investing in your own business is not on your list for this year, I know you know someone who does have it on their list. Share this blog with at least 1 friend.