My Virtual Office

Lessons from My Dad 3 - Don’t milk the cow dry. September 23, 2008

Posted by mona in : Uncategorized , trackback

Why do some businesses succeed while others go pffffffffft?

Oftentimes, we put the blame on the the location, the government, the lack of funds or the nature of the business itself. While some of these may prove to be true to a certain point, we sometimes leave out the most crucial ingredient of the business - THE BUSINESS OWNER.

A lot of business go pffffffffft because the owner lacks the knowledge, the passion, the drive, the resources to make it work, etc. But the real business-killer is really the attitude more than anything else.

I’ve come across people who used to have thriving and promising businesses that ended up bankrupt after a couple of years. Their common mistake: the misconception that a business is a milking cow. A business must never be treated as such. We cannot give the cow a teaspoon of water and expect to get a bucketful of milk. It needs much more than that. If one continues to squeeze the cow dry, you are not only milking the cow…you are murdering it.

Instant gratification is the culprit behind the failure of most small businesses. While those of us who venture into business do this primarily for the money, we must in no way be such in a hurry to reward ourselves with a new car, a house, a cruise or that new fancy gadget. Never burden a start-up business with expenses that wil never contribute to its earnings.

My dad says a business must be treated like an artform. And just like a masterpiece, you give life to it by investing not only money but a part of yourself, your time, your talent, your skills your passion and your creativity.