This Is How You Run a Business in the YouEconomy
1. Avoid debt.
“Why would you go into debt to start a business?” Ramsey suggests not borrowing and growing organically out of cash flows when running a business. “It means you grow a little slower, but you’re growing steadier and with less risk.”
Make a list that organizes your expenses from most to least important. This way even when money is unstable, you have a plan in place so that spending is prioritized.
“I think the overarching worst thing that people do is that they don’t do money on purpose,” Ramsey says. “They’re not intentional. You would never buy a car on 22 percent interest with a $600 car payment when your take home pay is $1,200. It’s this lack of being purposeful and intentional that leads people into stupid stuff, which is overspending into debt.”
4. Take pride.
“Running a business is a very cool thing. You’re giving people jobs. You’re serving people in the community. It’s a noble calling, and it’s yours. Run it, do it, lead it.”
This article originally appeared in the June 2017 issue of SUCCESS magazine.