Taking money

Taking people money for a business endeavor has some additional benefits that people don't often realize. It's simple, you treat other people's money different than your own.

It is simple to come up with an idea that you love. Explaining it to others gives you a chance to really think it through. Explaining it to others and asking for an investment is the step that really crystallizes the idea. Once you accept the investment, you have a new sense of commitment and reality. Now you have to make it happen or else you let some people down. It is easy fail with your own money, it is harder when you take money.

Business owners will often be more risky with their own money that investment dollars , they can afford to be, after all it is their money. I have a much bigger commitment because people are betting on me with money they choose to invest for a return on investment (ROI). This ROI needs to exceed other investments that they could have gone with. They are paying me to do a job. I am going to do it as well as I can.

Think about it when you have your next great idea... Would I invest if it was someone else's? Do I feel comfortable committing to this task until it is done.

Cheers,
Mike