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Apr 12, 2010

The Entrepreneurial Dilemma

Years ago, when I was speaking at a conference in Virginia, I was having technical difficulties getting my laptop to ‘speak’ to the organization’s projector. “Why don’t you just buy your own projector so you don’t have to go through this angst?” the program director asked me. The real  answer was “$1500”, but I mumbled something else at the time.I actually had the $1500, but chose not to allocate it on this one item at that time.

Actually, the bigger question is, where do I spend my resources when there are so many hungry mouths–technology upgrades, web upgrades, subcontractors, marketing expenses, etc., etc., etc.–to feed?

I keep a healthy escrow account for my business, but sometimes the demands exceed the supplies. That’s when judgment and prudence are called for. What’s most important at this moment?

I’ve just received a lengthy and detailed plan for my book launch which has me very excited. It was created by a pro who previously worked for someone with deep pockets. I teasingly liken my pockets to the new garment you buy where the stitches are still holding the sides of the pocket in place!

What I’ll do is meet with my team of financial advisers, map out my resources and my desires and needs, and figure out what I can afford and when. Of course, I want it ALL today, but that has a way of not working out for the best. What I can afford today is what I’ll purchase. And as more money flows in, I’ll have my checklist to move forward.

I did buy a projector for my laptop which has been a wonderful addition to my technology collection. I did it at the right time and with consideration. That seems to be my formula for success, even though it’s not a particularly sexy way to operate.

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  1. Wendy Wrzos

    Hi Jane,
    When I want it all, I first of all consider just jumping in and worrying about it later
    🙂 Fortunately, my English sensibility usually kicks in, telling me not to be so ridiculous.
    To me wanting to have it all is like designing. I do redesign, which is all about using what I already have to create a new look. I approach most problems by thinking of every low cost, creative alternative, and then prioritizing. I know I can always fall back on the obvious (winning the lottery).
    For example. At the moment I have new light fixtures waiting to be installed in my home, a hole in my garage roof, magnetic business signs on my car that I am not happy with, flyers that I need to redesign and my house needs painting…..

    The light fixtures can wait (I spray-painted some of my old ones in the meantime, and tweaked them so that I like them better) the hole I repaired temporarily with the help of my daughter and a ladder, the signs I will order this morning (my business is an important priority), the flyers I can redesign now, then decide when to get them printed, and the house painting can be delayed until the Fall (a few strategically placed plants will cover any imperfections now that Spring is here).

    Jane, I don’t know if I really answered your question, but I guess when I want it all I just have to dream and plan…….(and adjust as I go along)

  2. janepollak

    Thanks for your story!


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