“The marketplace is so much bigger than our community. Sometimes frum entrepreneurs forget about the opportunities in the general market”
Failing to learn from history. There will be good years and bad years. Whether you’re in Amazon, real estate, health care, or any other industry, the same concept applies. Many entrepreneurs got used to extraordinary times, with easy money and low rates. During Covid, there were stimulus checks, PPP, EIDL, and other grants. Scores of business owners had their best years ever. Many got used to a higher standard of living.
The intelligent ones lived below their means and built up reserves. Others spent freely and assumed the music would continue playing forever. As the business cycle begins to turn, it’s more prudent than ever to ensure you can weather any potential storm.
—Yudi Goldfein
Wealth Manager at a Wall Street Firm
They start off too fast without getting sound advice from advisors. It’s always wise to get advice from your accountant, lawyer, financial advisor, and business advisors so you start — and stay — on the right track. Mistakes can be costly to fix. You’re better off making the right decisions from the get-go.
—Shlomo Blasenstein, CPA
The marketplace is so much bigger than our community. Sometimes frum entrepreneurs forget about the opportunities in the general market. It took me three years to break that line, and until this day I have a complex about it.
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