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Eric Siu argues frugality pushes entrepreneurs to find leverage and avoid waste, but obsessing over small costs can become paralyzing anxiety. The answer is disciplined budgeting that keeps spending intentional without creating stress.
Eric Siu argues frugality pushes entrepreneurs to find leverage and avoid waste, but obsessing over small costs can become paralyzing anxiety. The answer is disciplined budgeting that keeps spending intentional without creating stress.
Why is it valuable for entrepreneurs to be frugal? I don't know if I accept the premise of the question because I think that frugality can be a massive crutch. My frugality was a huge advantage because it allowed me to figure out how I could get leverage because I was like, I don't want to spend a quarter million dollars on something. But it's a crutch too, because having some level of anxiety over $1,000 of this in a million-dollar business doesn't make any sense. It causes some level of undue stress. And so this is where just control comes into place. This is why we have the budget. So I guess frugality is often a crutch. For like not being thoughtful for where like your money is going, very similar to someone who's on the opposite end of the spectrum and just spends a lot of money.
