When I was younger I lived in a Detroit suburb where there was a municipal park on Lake St. Clair. I liked fishing but didn’t have a boat so I frequently fished from the park pier. Most days I caught something and at least had an opportunity to fish. I learned that for two weeks at the end of May there would be a run of what we called silver bass. The current in the lake would brush up against the pier to create the moving water these fish liked. If you dropped a jig or small spinner in the right spot you could consistently catch 15 to 25 fish in a few hours. While these fish were not large, usually ranging between 10 and 14 inches, they were fun and easy to catch. However, when the run ended; the fish were gone. You either caught them during the short window or missed your opportunity. Likewise in business we need to access opportunities when they are available.

I spend time thinking through what the future will bring and what steps I need to take now to be properly positioned for the future.  At the same time I need to remember that the future is not predictable. As scripture states, “Now listen, you who say, ‘Today or tomorrow we will go to this or that city, spend a year there, carry on business and make money. Why, you do not even know what will happen tomorrow.’” (James 4:13-14a, NIV) When looking forward, it is helpful to gain perspective by looking backward first.

Sometimes it is necessary to defer expenses.  However, this procrastination can create a larger problem in your future. 

Chicago is an example. Chicago owes nearly $24 billion, mostly in future city pension liabilities. This equals about $8,800 per city resident. The full story is available here. http://bit.ly/29rq9Bg

Hopefully most, if not all, readers have a thought through providing a will and/or trust that will dispose of earthly assets at the time of death. This leads to the question, who controls your digital assets after we die? Currently there is no federal law governing digital assets, though some states have pending legislation on the books with a wide variation.

At times a businessperson will come to me for advice on whether to start a new business venture. If I listen to a point by point review of all the things that could go wrong, I understand that they seem more concerned with potential failure than building a successful business. I believe this is the wrong mindset for an entrepreneur.