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When is the right time to start a business?

This is a blog for the doctorok business section.

Last Tuesday in a presentation I implied that playing the stock market was very risky at the moment. Someone later suggested I was being pessimistic and opinionated. Yet on Wednesday, Thursday and Friday equities trading made the market look like a high-wire act for traders, with no safety net and over the past few days we entered what looks like it could be a bear market.

You see, I’ve lived through many bull and bear markets and made a lot of money in both. The market is never what you hope it to be but what the figures show you about the present economic crowd mentality.

Share market investors are a nervous lot who will stampede at the mere sound of the bear growling. And to be honest, most investors do not know the market and have no idea what is happening, so they sell and buy in panic.

A bull or bear market does not make a lot of difference for brokers because the more trades there are, the more commissions they will make either way. By the time the market has crashed and the client has lost their money, the broker has left with their booty.

So is this a good time to start a business?

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Hell yes…every day is a good time to start a business. When a hurricane has struck, you sell tents. You sell people what they need and want. No matter what the economic climate, money has to circulate and dollars are spent.

The real question is: What kind of business do I start at this point in the economic cycle?

Does that business fit the market conditions?

Are you selling what people want?

Most people who start businesses do so because they want to work for themselves and be their own boss. This is not a good enough reason to go into business. You go into business to make money, not just to avoid another boss. If it does not make money, it is not a business. Even if it is a not-for-profit, it has to make money or it will not survive.

So many ‘wannabe millionaires’ procrastinate for years before they go into business and miss a thousand opportunities. They have a list as long as your arm for why they are waiting for the so-called right opportunity or time. I’ve heard every excuse in the book from wannabe business people over the decades and not one of those excuses was convincing. As life goes by, they end up the regretful wannabe, not the millionaire they say they wanted to be.

So is it the right time for you to go into business?

That’s up to you and whether you are ready to put your actions where your mouth is and commit to making money or just continue with the wannabe talk.

As I said, it’s always the right time to go into the right business in the right place with the right knowledge and skills. There is always money to be made for those who are willing to invest in themselves, take the risk and start their own business.

So, if you want financial security, now is the right time to go into business with the best guidance you can get.

INVITATION: LIVE EVENT, SYDNEY, 25 May, 2016, 6pm:

How to Build Your Wealth with a ‘Freak’ Who Beat All the Odds 

Yes, it’s a long title, but it’s important to be clear that I don’t do business or make money at any cost.

Talking of cost, this event has a $25 entry fee – ALL of which goes to the charity War Child, which helps children afflicted by war.

This will be a small-group introductory event. Full details are here.

 

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