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Avoid the “Scared Money” Trap

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“You’ve got to ask yourself one question: ‘Do I feel lucky?’” MainStream Management’s Drew McManigle explains what he informally calls the “Dirty Harry Principle,” and how it is a flawed scheme in his latest video blog. The principle, based on the iconic Eastwood quote, relies heavily on luck when considering a possible venture.

Frequently, small business owners face difficult decisions about investments. They don’t often realize that the choice is less about luck and more about strategic investments for the future. Rather than hoping for a windfall down the road, make bold ventures now, which will turn into profit later. After all, as McManigle reminds us, “scared money never wins” – bold investments lead to greater growth, but if you are too scared to take the dive, you will never reap the rewards.

The “Scared Money” axiom holds true for any number of applications in your business. Drew McManigle discusses planning, personnel, and avoiding the “Scared Money” trap. Prudent long term planning, taking advantage of the growing labor pool, and taking calculated risks pays off in dividends.

For more information visit www.mainstreammanagement.com and be sure to follow @MainStreamMGMT on Twitter and MainStream Management on LinkedIn for the latest updates.



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