Simon Squibb

If you're scared of something, look at the maximum downside and can you take it?

Because the maximum upside, humans, we find it very difficult to imagine the upside because we're scared to be too optimistic, which is a strange trait.

Humans are the only animals that can think about the future.

Most other animals can't prepare or plan the future, but sometimes we use it against ourselves.

So we don't plan the upside enough and we plan the downside.

I think as long as you can handle the worst case scenario, let's say all your savings are gone and you have to go back and get a job.

Okay, that's the downside, right?

You go back to where you are now, but you don't have any savings, but at least you have a story.

I think run the numbers and then get comfortable with the downside.

Good thing about a limited company, most business structures, there is a limited downside, right?

Unless you do something illegal, which case there isn't.

Personal guarantees, well, be careful of those.

But I think generally, like in business, my comic book business didn't go bankrupt.

I wound it down because it wasn't financially viable.

I always think it's quite healthy.

One of the things I'm most proud of is in 35 years, I've met payroll every month.

I've never not paid someone.

And in part, it's because my idea of a failure is when I've only got one month's money left and there's not any money coming in and I'm not going to raise money for this business anymore because I don't believe in it.

And I wind it down.

I've never gone bankrupt, but I've had many businesses fail.