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His expansion have always been in response
7
Business Must
7 to market demand, not optimism or wishful
Be Profitable
thinking. And when demand changes, or com•
petition increases, heʼs willing to adjust the naS ture of his business. Mike has been in business Remember, business should be profitable. You
E since 1975, and he had a loyal staff of people will have a lot more work to do in the early
P
T who donʼt mind selling $3,000 pens one day years when you have to run your business all
E and 50 cent breakfast rolls the next. He ex- the time. Be careful not to inflict unnecessary
M panded with both sufficient capital and the stress on yourself by taking on more than you,
B agreement of his existing staff, one of whom your funds, and your staff can handle. If you
E
R said the change of pace keeps the job interesting. create a successful business, youʼll have plenty
of time to “do more.” In the early years, building
2
a clientele, training and building a loyal staff,
0
1
and building a capital reserve should be your
4
priorities. Why? Because if these go badly, they
will threaten the survival of your business. Accomplishing these things will take a lot of your
time, attention, and money in the first five years.
continued..
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