The Best Time to Start A Business
“When’s the best time START a business?” Recently, I got this question from someone.
I want to answer that from 2 points of view, because I think it’s a GREAT question. But the answer can benefit 2 groups of people.
First – are those of you who might be working at a job and thinking about stating your own business either INSTEAD OF…or IN ADDITION TO your current job.
But there’s another group of people who this is so important for…
It’s entrepreneurs who already have a business. And they’re trying to figure out if NOW is the right time to start a second business.
And the answer to both, is the same…
The best time to start a business
The best time to start a business (whether it’s your first business, or second or third – or whatever…) is when… You’re most able to get out of your own way, and learn.
#1: ANY NEW VENTURE REQUIRES TIME.
This means you need to have the TIME to put the mental bandwidth on your new business, without allowing whatever else you’re working on to decline. And…
#2: CONTINUOUS LEARNING IS THE FOUNDATION OF ANY GREAT BUSINESS.
But as most entrepreneurs mature… they usually they slow down on their learning… or their intake of new material, and that almost always causes plateaus.
I’m not saying that you have to buy into the whole personal development space – with all the people who say “the more you learn the more you earn”. I’ve known amazingly successful people who have never spent the day reading anything about self-improvement.
But I have never once met a highly successful person, who has not been an avid learner. In fact, THE MOST SUCCESSFUL PEOPLE ARE LEARNING MULTIPLE TIMES EVERY DAY.
Learn EVERY DAY
Let me give us some examples…
I had breakfast with a friend the other day who showed up 30 minutes early to the restaurant. Not just so he could get the table for us. But also so he could sit there, with his phone, and scroll through all the most recent news in his industry for that day.
And when I got there… we talked about that… He shared with me exactly how he was going to use what he just learned.
He told me that, on most days he’s reading the news IN HIS INDUSTRY (not the world news), AND ALSO meeting with very smart people about what they predict will be happening in their industry. ALMOST EVERY DAY. Many of the decisions he makes… are formed… based on that knowledge.
- THEIR progress
- the progress of their COMPETITORS,
- and on the concepts that each person on the team is learning to improve upon their software, and keep them ahead in the industry.
So he’s taking it to the next level, and he’s learning every single day (in fact multiple times every day) THROUGH WHAT HIS TEAM IS LEARNING.
So THE BEST TIME TO START A NEW BUSINESS IS WHEN YOU HAVE THE ABILITY TO GET OUT OF YOUR OWN WAY, AND YOU’RE WILLING TO LEARN.
What You Should Be Learning
And if you’ve never done this before, sometimes it’s difficult to try to figure out WHAT you should be learning. But as you get used to putting yourself into that frame of mind. You’ll find that you have so much going on in life, that there’s always topics you need to learn to stay ahead and to excel.
When I first got started in business in the 1990s, it was very hard to BREAK AWAY from the norm of getting a JOB (and building a career around a marginal income and maybe a potential retirement plan)… as opposed to taking the TIME and risk learning something new… then starting something of my own… and growing a business that I thought was worthwhile.
I mean, if you were starting up in the 90s, and needed funding (meaning you were building something that required a big cash infusion), then venture capitalists had ALL the power.
They would normally step into a company and replace the CEO or replace the founder. They would take a majority of the company, or at least take the majority of the power in the company… because they were walking in with not just the money – but typically with all the key knowledge also.
Starting A Business Today Is Easier
But, things have changed substantially (for the better), NOW if you’re smart about it, you can start a company… with zero dollars and have an eight-figure company and 12 to 24 months, or you could go out there with a wonderful idea, get a bunch of people on your team who are Crusaders for that idea, and get funding from an angel or a venture capitalist, and (pretty quickly) get the backing to scale something you can be proud of.
And I think one of the major turning points for this, was the advent of the Internet AND blogs AND founders who were willing to go out there and share the good/the bad/and the ugly, and then YouTube where you can get information like we deliver.
Because it’s significantly FASTER these days to LEARN anything you need to learn – to get momentum and grow.
I think I’ve posted close to 200 hours of information between YouTube and Instagram and LinkedIn… and the blog on my website – all free, and every piece of content going deep into how I’ve grown multiple 8-figure companies, so you get a peek into the systems we use, and the paperwork we use, and how we hire amazing people, and how we gain market share.
If you’re willing to take the TIME, and digest some of the videos and articles we put out, you’ll quickly LEARN everything you need to start your first (or your next) business and SMOOTHLY scale it up.
So, whether you’re thinking of starting your FIRST business, or you already have a successful company and you’re trying to figure out if it’s a good time to start another venture…
Start by making this a study in your life… and intake as much QUALITY information as you can, because that’ll short cut your success curve, and collapse time frames – so you scale quickly and predictably, as opposed to just jumping in and… building your plane… while you’re flying it 🙂
IF YOU KNOW SOMEONE who’s thinking about starting a business, share this post or just share a link to our YouTube channel. That way, they get access to all the videos I put out – they’re all free. And nothing I EVER talk about is just an idea – everything is based on my experience in business. Even then… I only share tactics that I personally use in my companies and that work EVERY TIME I use them, so you can scale more this year then you might even imagine – without having to pay the ENORMOUS price of learning from your own failures.
MEET CHRIS GUERRIERO
Chris is an entrepreneur, investor, bestselling author, and advisor to a handful of high growth companies.
He has built four 8-figure companies, developed winning leadership teams in six industries, and designed business systems that predictably grow multi-million dollar brands.
He’s been featured in financial periodicals such as: Success, Inc, Bloomberg TV, and in Entrepreneur as a top entrepreneurs of the time.
In addition to his own companies, Chris is also an advisor, investor and equity holder in companies across a variety of industries, including health, medical, digital advertising, legal and real estate.