The key to starting and operating a business is not to take on too much too quickly.
- Start small and keep it small (Capital /Expenses) until you just can't do more, then grow (add more capital/take on more expenses). Example: Go month to month on expenses - don't take on 5 year contracts for services your need.
- Don't add people until you can't meet demand and you are about to lose business. It's important to take things to the limit (and yourself).
- Think of businesses that you saw expand too much at the wrong time. (phone / cable services / cable channels)
- Think of businesses that didn't see the signs and didn't downsize their business in time. (k-mart/sears)
- Think about businesses that didn't make an innovation leap and then went under while their competition seized the moment and took them out.(Amazon versus Book Stores or Blockbuster versus streaming services or local coffee shops versus Starbucks)
Cindy recommends the following next steps:
- Read Crossing the Chasm https://www.amazon.com/Crossing-Chasm-Collins-Business-Essentials/dp/0062292986?SubscriptionId=AKIAILSHYYTFIVPWUY6Q&tag=duckduckgo-d-20&linkCode=xm2&camp=2025&creative=165953&creativeASIN=0062292986
- Read Build the Fort https://www.amazon.com/Build-Fort-Lessons-Learned-year-old-ebook/dp/B0157GPRHW
- Read The Lean Startup. https://www.amazon.com/gp/product/0307887898/ref=ox_sc_act_title_1?smid=ATVPDKIKX0DER&psc=1