As a retired business coach I have a tried and tested framework for assessing the likely success of a new business. That framework is based on the owner’s analysis of and ability to penetrate the market the business would operate in. I would ask questions like; “What product or service are you offering?” “Who wants or needs it?” “Who are they purchasing from now?” “Why would they buy it from you?”
Entrusting your financial future to a so-called expert is often fraught with disaster. Trust me, I know. I have been burnt by investing in managed funds that had outperformed all others – that is, they outperformed until I invested in them. I have employed highly recommended financial planners, only to fall into the trap of an independent planner that encouraged investments in the share market with borrowed funds. My risk was their gain. I was paying fees based on the size of my investment. Guess who couldn’t lose in this scenario?
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