Advice for those starting a new business

I was talking to someone the other day about when we set up Lutroo and what made me decide to take the plunge. At the time, my wife and I had a new baby – our first born but not much else. Dan (the other half of Lutroo) didn’t have kids then but he didn’t have much else either.

Both of us left our jobs to work on our company. I had a new baby and a wife that wasn’t working.

Some people think this is risky, but for me it seemed like the right thing to do. Sometimes playing it safe is the riskiest thing you can do. So we jumped right in.

Fear of faliure is one of the main reasons that we don’t do thing in life or in business. People don’t start their business because they are afraid to fail. We don’t launch a new product, call the person we need to or confront someone.

Abraham Lincoln said, “My great concern is not whether you have failed, but whether you are content with your failure.”

I guess we weren’t afraid to fail when we started the business.

So my advice to anyone thinking about setting up their own business – get a good accountant, have a supportive wife and enjoy the journey.