Double your timeframe
"It's going to take twice as long and cost twice as much as you think." Total buzzkill. Also, one of the best pieces of business advice ever given to me.
Whatever you are working on, a new biz, a new fund, a new product, a new territory, a new job... be prepared to invest twice as much time, capital, blood, sweat and tears as you think. At least.
That advice clued me in on...
The amount of work it would take to raise capital for clients
The amount of money I would have to invest in our business and our people
The amount of time required to find talented clients and employees who share your values
The amount of patience needed to help investors complete their due diligence and fund their allocation
You want it all to happen in 6 months? 12 months? It probs won't. So how bad do you want it?
“Building anything, especially a business, is a test of willpower, grit, and commitment.”
That advice clued me in, but still didn't capture the magnitude. It was twice squared. Maybe more. So while you plan for next year, go back through your goals and your timeframes. Halve the goals or double your timeframes or both.
Check yourself before you wreck yourself. Also good advice.
