I was sitting in Dubai, reflecting on some of the many questions I get asked which has inspired this editorial on the right questions to ask yourself.
I frequently travel around the world networking, socializing, and meeting people from all walks of life. Some questions are more personal than others, some are clearly searching for that silver bullet – the one thing you could change to achieve success. These answers are simply my response.
Everyone is different and quite personal, and although you can always learn something from other people’s opinions, these are just my take: you will have to make your own mind up in the end. There were quite a few – so I’ve split these questions into 2 editorials, this is part 1.
The Most Important Questions to ask Yourself
On average, it is estimated that the human mind generates thousands of thoughts per day, out of those will be life-altering questions!
Save yourself the stress and only focus on these ones below for now.
1 Should I go to Business School or University?
With Rishi Sunak looking to clamp down on so-called Mickey Mouse degrees – qualifications that don’t lead to immediate employment – this is a timely question. About 20 years ago, without qualifications, it was pretty impossible to break into a lot of workplaces and sectors. Nowadays it’s a lot easier – things are freed up a lot. That said, going to business school or university can still be a good option. But what you’ve got to ask yourself is what’s the opportunity cost? And can I get these skills somewhere else?
Let’s be clear, a university degree will cost you well over £100,000. And unlike 20 years ago, now you can get hold of all kinds of training and instruction absolutely free from YouTube and the like. There are online tutorials all over the place. Of course, you have to organize it all yourself, you need a bit more willpower, you don’t get a nice degree certificate at the end of it all.
But is that really what it’s worth £100,000? Maybe at a university or business school you’re paying for that structure, accountability and ultimately letters after your name. I never went to university, so I sort of look at it differently. To me it’s a little bit like boxing. You can spend a lot of time on the pads, or working on your fitness, but until you get in the ring, until you’ve had someone hit you in the face – hard – you don’t know. That’s the real world! So, I would say definitely look into it – but if you can get those skills and that opportunity somewhere else for less, I’d start there.
2 How can I improve my networking skills?
Networking is a fundamental part of what I do. Quite honestly, the best way to get good at networking is to do more networking! But here are four things you might do, to really help get good fast.
Number One Make sure you meet the right people. There’s no point going to networking group after networking group if none of the people there are people that can help you. It’s always worth doing a bit of research, make sure you’re moving into circles that you will benefit from.
Number Two Do your research. Find out something about who you are meeting and have a plan. There’s no point talking to people who are interesting, that you have a good time with, you need to find people who can really add value to what you do.
Number Three Think about what you can bring to the table. It’s no point going networking thinking that you’ll get what you want, when you’ve got nothing to give. Think about what you can offer. Don’t expect anything for nothing. That’s not how it works.
All this means you need to get your networking a lot more structured, and it will help you find the success that you need.
3 Does your choice of partner affect your success?
This is a really personal one! As far as I’m concerned, having the right partner is essential. If you choose this life, you’re going to go through an awful lot of ups and downs. How can you do that if you don’t have a partner who supports you through thick and thin. I know I wouldn’t be able to do it. I have to say all relationships have their own tough times, but on balance I would rather be single then be with somebody who doesn’t share my goals, doesn’t share my values, and saps my energy.
4 Should I have multiple incomes?
I would say yes. I don’t rely on just one. I think that’s something we all learned through the pandemic. Quite a lot of people lost the main aspect of what they’re doing, and it closed them down. They went to the wall. Having said that, I would never say have just one of anything. Don’t have one client, don’t have one customer, don’t have one skill set, don’t focus on one social platform. What do you do if you only have Instagram, and it goes down or your account gets hacked?
However, a word of warning – don’t spread yourself too thin too soon. Make sure you’ve got whatever it is you do right, keep it solid, then look to consolidate things and create a base before moving on. You don’t want to be one of these people who’s always chopping and changing and never makes a success out of anything.
Knowing how to make a side income is the 1st step!
5 What’s the best way to raise finance?
There’s basically two different ways of raising finance – equity or debt. Using equity means parting with some of the ownership of the company – which is fine. As long as your business is actually worth something! Debt is a bit easier to arrange early on, because it’s not relying on the worth of the business. But as with all loans, you need to pay them money back with interest rather than provide shareholders with dividends. Equity takes a lot longer for your stakeholders to get a return.
Either way, I would always suggest that you make sure that your own credit is really spot on first. Because, in business, you need to have good personal credit. Even if lenders or investors aren’t looking at you as a personal guarantor, they will definitely look at how you manage your own money. If you bounce checks and stuff, you’ll probably find yourself struggling to get any kind of finance.
Don’t forget though, you can borrow from friends and family. If you’ve got a wealthy family member, it’s no bad thing to ask them to invest in what you’re doing. Like so many things, people tend not to do this, mainly because of their ego. I would always say if somebody in your family can help you why not?
I’ll be tackling some other common questions in my next blog – whether it’s better to buy or rent your home, if I’m thinking of buying NFTs and what I’d do if I lost it all today!
