5 questions that will determine whether your project has a future
Author: Artur Lupashko, founder of Ribas Hotels Group
Launching a new project is always a challenge and an opportunity at the same time. Over 15 years of entrepreneurship and the founding of more than 20 businesses, I have developed a system of principles that helps me make informed decisions. In particular, before starting a new project, I always ask myself 5 key questions.
The article was published in LIGA.net.
- Why.
The principle: to open only those areas that can be useful directly or indirectly for my main hotel business. This strengthens the group of companies without taking additional energy and time to explore new areas.
For example, in 2022 we launched Ribas Invest, an investment company that initially helped our developer partners sell apartments in their apart-hotels. Over time, it has grown into an independent, powerful company that sells real estate, holistic hotel developments, arranges co-micro-investments for buyouts, and provides advisory services.
Our other businesses have followed a similar path, including TEMO Design Studio, which specialises in hotel design, and Restetika, a restaurant consultancy.
- Who.
Principle: attract partners who have deep expertise, the right connections and the motivation to work on a new project. One person can only be maximally effective in one business. For example, I focus only on Ribas Hotels Group. In other projects, I have managing partners. This allows me to scale the business without losing the quality of management.
- How much?
The principle is to determine how much money you need to invest in a worst-case scenario to make the project profitable. And also find out how much the managing partner is willing to invest and how the profit will be divided between you. If there is no clear answer to at least one of these questions, the project has a serious risk of becoming unprofitable.
Read more in the publication LIGA.net.
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