The Epoch Times:

I have never bought into an existing business. Presumably, had I done so, I would have had the benefit of the vendor’s experience to guide me. Whether mine is a good or bad policy is irrelevant, I wanted the challenge (and lower cost) of building a business from scratch. Sometimes it worked, other times it didn’t. But along the way, I have also been a student of other peoples’ successes and failures in taking over a going concern.

You’re new in the business, and say you need $50,000 for inventory, and more, and can only come up with $40,000. You are better off than if you had $60,000. There is a fundamental rule in business that says you should always be short of capital. Nearly every new enterprise that I provided with sufficient working capital lost money. The businesses that I’ve starved for cash, instead prospered. One must substitute ideas and hard work for money. Rely on your common sense and gut-feeling about where your enterprise is going. Disregard all statistics, favorable or unfavorable. Avoid like the plague anyone or any outfit in the consulting racket. You can’t afford their fees and they can’t help you. Continue reading this post.

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