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THE DUMBEST (awesome) BUSINESS MISTAKE…..

A few years back I was getting ready to invest in a part time business….
Semi-retirement kinda thing.

Being a former commercial pilot, I thought...Hey – why not buy an open cockpit Light Sport aircraft and take tourist up flying…

So I Invested A LOT – and got the coolest flying machine – a Honda Goldwing of the skies...

But here is what I did not adequately consider:

- The hot weather in the desert.
- The breadth of insurance.
- The availability of maintenance for a highly custom build machine.

Despite, the phone began to ring. First couple of flights, things seemed promising.

…Until a letter came, canceling all insurance. Five weeks notice.

Turning out there was only one carrier in the U.S, and they said no more, too small a segment, not worth our time.

I had to close, I lost money.

…But the truth is

⛔ I didn’t do my research
⛔ Too many days I couldn’t fly safely. (heat, thermals, gust)
⛔ No great options for maintenance.

Yet, I didn’t lose my shirt. Only my pride.

Because I had walked my talk.
- Nothing was financed
- I had calculated a worst-case financial scenario.
- I could afford the worst-case scenario.

So, when I sold the aircraft for a loss, a nice check came in regardless.

Here is the thing….

- You will make mistakes and get things wrong.
- Your biases, dreams and wishes will get the better of you.
- We are not perfect rational beings.

(...and midlife crisis is a real thing 😨)

✅ Finance as little as you can
✅ Calculate the dollar amount of the worst-case scenario.
✅ Make sure you can accept and afford that worst-case scenario.
✅ Research and consult industry experts.

Do I regret it – NO.

You gotta dare – swing the bat with all your might.
Failure and mistakes are par for the course.

💥 I followed a dream – Lost - but it was awesome 💥

 

 

 


Follow your dreams
Flying over the Arizona Desert
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