If you won the lotto, what would become of your business?
Some entrepreneurs believe they would sell immediately and retire somewhere tropical. Some say they would invest their winnings back into their business. Others say they’d give the business away to friends and family. What would happen to your business if you won the lotto?
For many of us, that’s a question that we’ll never really have to consider. The odds of winning a significant lottery prize are astoundingly low: 1 in 135,145,920 for the Mega Millions jackpot.
And because you have to be “in it to win it,” many people don’t have any chance at all of winning. It may be a slim chance that you’d ever win the lottery, but knowing what you’d do with your business if you did could be an eye-opening realization for you.
What does it mean if you’d rather sell your business than invest in it, or if you’d plan to give it to friends and family over selling after a lottery win? Keep reading to find out!
If you won the lotto, you’d…
If you’d immediately sell your business after winning the lottery, there’s a good reason or two behind it. Maybe you’re spending too much time on tasks that you hate, or perhaps your business idea just isn’t working out the way you’d imagined. Maybe you’re just ready to kick back and relax (no shame there). In any case, feeling that you’d likely sell your business after winning the lottery is not a sign that you’re in the wrong business – but it might be a sign that you need a break or to begin delegating the tasks you hate to a qualified third party.
- Likely feeling overworked
- Ready to begin delegating tasks
If you think you’d invest your winnings into your business, you’re not alone. Many business owners say this is the option they would take after winning the lottery. After all, all the time, energy, and focus you’ve put into your business might make it worth it to give it a cash boost after a big lottery win. You could keep your winnings and spend them over time, or you could invest your winnings and potentially increase them over time.
- Likely feeling optimistic about your business’ future
- May be a (responsible) risk-taker
If you think you’d give your business away to friends and family, you’re in great company. Many entrepreneurs wouldn’t want to continue to deal with the stress and pressure of running a business after income is no object, but know the business is doing well enough to help friends and family earn extra money. In this case, giving the company to friends and family makes sense. And because you’re willing to give away what others might try to sell, it’s probable that you’re a generous, caring person with a large circle of friends and acquaintances you’ve met over the years.
- Likely ready to retire or reduce business involvement
- Likely has an extensive network of friends and professional acquaintances
What you’d do with your business if you won the lotto would depend on a variety of factors, and your needs play a big role in what you’d decide to do with your business if it no longer was necessary to run it. By thinking about what you’d do if you won the lotto, you gain a clearer insight into how you feel about running your business and what your true goals are.