Millionaire Tonnie Mello: my lessons on making, losing, borrowing money in business

Entrepreneurship vs Employment: Entrepreneurship will always supersede employment because it is the path to future success. Entrepreneurs develop business ideas that employees actualize. They take the lion’s share home! However, it’s not always wise to quit a job to start a business. Running a business is calling! Stay employed if you have a good and stable job where you’re paid well and your contribution is respected. There’s no shame in working for someone else since we all do it in some way.

Borrowing money: I believe the borrower will always be a servant of the lender. Borrow when you must. and let your borrowing be well defined. How much you are borrowing, what you’re borrowing to fund, and how and when you will repay. Anything short of this is unnecessary risk. The best sorts of loans are those you use to strike business deals that give you enough money that will leave you standing on sufficient profit ground once you repay.

Spending: If you have money, spend it. Every successful entrepreneur will always be a big spender. Stay the kind of lifestyle the big money you toil to make can afford you – and remember to make investments and open new workable businesses. Don’t be greedy, though.

Losing Money: The money you make is the same money you can lose. The trick is to stay long enough in the game to ensure that the result is a win and not a loss. This means that you must learn to do things you’re passionate about which are more likely to bring you money, and still have the ability to kill ideas you’re passionate about but which aren’t bringing you reasonable money.

Running businesses: You’ll lose if you trust the wrong people in business. Business is not about feelings; it’s about making money or making losses. You choose which side you want to fall on by the decisions you make. For instance, you must have the capacity to fire misfit employees or kick out partners who are pulling your business asunder.