Business or House? The Entrepreneur's Dilemma - ITT

I'm facing the classic entrepreneur's crossroads - use capital for business acquisition or personal property? After 4 months back from Dubai, living with family, I break down why this decision is harder than it seems. Plus, why overthinking might be costing me more than either choice.

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00:00 Introduction: The Dilemma of Buying a New Business 
00:06 Balancing Business and Personal Investments
00:30 Considering Housing Options
01:27 Advice from ChatGPT
01:59 The Trade-offs of Entrepreneurship
02:31 Seeking Advice from Fellow Entrepreneurs
03:42 Conclusion: Making the Decision

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Episode Transcript

(00:00):
I want to buy a new business.
It's literally my main goal rightnow, but I've got a dilemma.
I need to keep my cash available, butI also want to buy another house and me
taking money out of my business or, myown bank to put towards buying a house
is taken away quite a chunk away fromwhat would help me get a much bigger

(00:22):
business than what I currently own.
so I've been having thesediscussions with myself, which is
basically like me thinking about.
Well, instead of maxing my mortgagebudget and getting like the biggest
house I can get or whatever in theareas that I'm looking at, why don't I
deliberately look at getting somethinglike, a much, much smaller flat?

(00:43):
And the reason is since I've comeback from Dubai specifically so that
I can get set up properly in theUK so that I can buy a much bigger
business, which has always been my plan.
At the minute I'm staying atfamily's home and really, I,
I'm used to having my own space.
I've lived on my own for years
even though no one really bothers me,It's fine, it's just I am used to having

(01:04):
my own space and having my own home.
So I don't like renting.
I've been renting since I sold myhouse At the end of 2019 and the amount
of money I've spent on rent, whetherit's, a little bit in the UK, but
mostly in Dubai, it could have paidfor a substantial amount of a home.
So that's why I wasthinking maybe what do I do?
Do I go and buy a small flat somewhere,one or two bed flat instead of

(01:25):
looking for a three or four bed house.
And if I was to listen to chat, GPT,which knows a lot about me, by the way,
because of the amount of conversationsI have with it, it actually recommends
that I stay here, buy the businessand then go and buy a home after
that, which kind of makes sense.
But I know that the time for meto find the business, buy the

(01:46):
business and complete on it, isgonna take me a really long time.
we could be six months a year, andI've already been here four months
since I've come back from Dubai, so
it's something that I'd like tomove on sooner rather than later.
And really this is just one ofthe many trade-offs that, business
owners and investors have to make.
Now I'm thinking about much smallersums, but obviously as your business

(02:08):
grows and your money grows, thesebecome much, much bigger trade-offs.
But these trade-offs appeareverywhere because we all want to do
something, probably more than whatour current abilities allow us to do.
Especially entrepreneurs,they're very aspirational.
They want to do things, bigger things.
And so it's something thatI've really been thinking hard
about as in what to do next.

(02:31):
And really I'm just putting it outthere, 'cause I'm just wondering,
you entrepreneurs out there.
Who've probably been in the same place.
what do you think, have you beenin this sort of dilemma before?
What?
What have you decided to do?
did it pay off whatever it was you did?
put it in the comments for me becausegenuinely it is something that
occupies a lot of my thought time.
Keeps me up at night sometimes intrying to decide what do I actually do.

(02:54):
And the problem is when you do getinto that sort of flow of constantly,
thinking about something too much, youthen end up doing nothing and that's
even worse than just doing something.
So I'm gonna think about that tradeoff and it's something I'm gonna decide
on very soon, but I've been draggingmy heels a bit on buying somewhere
just because I keep flipping betweenwhat I'll go and buy, look at a house,

(03:16):
then I'll be, no, I go and look ata tiny little flat and I'm like.
Don't really like the flat,don't really want to live in it.
So I'll go back to looking at housesagain, and then I'm like, no, because
whatever I'm gonna buy now for me inmy head is gonna be a temporary place.
In the sense that maybe one or two yearsI'll live there and hopefully later down
the line business going well, whatevercan look at getting something more aligned

(03:40):
to what I actually want in the long term.
But anyway, I think for now that's it.
I do wonder if anyone else has.
navigated that situation before.
It'd be useful to know what youdid and how you navigated it.
Anyway, thanks for listening.
Message in the comments.
Let me know how you'vedone it before, and, um,
good luck with your ventures.