We are officially in a recession—many people have lost their jobs through the coronavirus pandemic. The interesting thing about a recession is that, as challenging as it is, looking back at the last one we see many people started new businesses during that time.
On today’s Broken Brain Podcast, I talk about 5 ideas and practices to think about when starting a new business or any new project that you care about.
- In most cases, it’s not a good idea to quit your day job or have no income going into a business.
- Keep expenses low.
- Your first financial goal should be to cover your base expenses.
- Focus on your MVP (minimum viable product).
- In most cases, know that even in the best case scenario, it will take time for things to work out. Be patient and plan for the long term. As Bill Gates said, “Most people overestimate what they can do in one year and underestimate what they can do in ten years.”
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Books mentioned in this episode:
- Total Money Makeover by Dave Ramsey
- The Lean Startup by Eric Reis