Starting a business is exciting, daunting, liberating.
Unfortunately, not everyone can start a business for lack of funding. But wait, haven’t we heard enough stories about successful businesses that started small and raked in millions? They are not just stories. They do happen, and it can also happen to you. In fact, you can even be part of the millionaire’s club in due time!
If you know where to look, and you are creative enough to find solutions instead of giving up on the first try when it does not work, and it seems life presents you nothing but obstacles, then you are already ahead of the pack. There are many ways to earn money, make money, and keep your money earning by hundreds of thousands, if not millions. The latter would be great, of course. Who can say no to that?
Well, onto business. Does bootstrapping sound familiar? If not, it is a situation in which an entrepreneur starts a company with little capital. An individual is said to be bootstrapping when he or she attempts to found and build a company from personal finances or from the operating revenues of the new company [Thank you, Investopedia].
If you have great business ideas, and you have a small capital, the time is now. Do not let any financial drawbacks deter you. You can make it work. Think that you have to make it work because it is all you have. When it becomes your mindset, you will think of strategies you may not even be aware possible. Take it from a guy who turned $3,000 into millions. Read his story below and let us know your thoughts.
6 Bootstrapping Tips From an Entrepreneur Who Turned $3,000 Into Millions
If you’re discouraged by lack of funding, don’t be…I started my first company with just $3,000 — a loan from my dad that I used to take a real estate course. Here’s how entrepreneurs who are big on ideas, but short on cash can get started:
1. Bootstrap for as long as possible.
Bootstrapping prevents you from having to give up valuable equity in your company.
2. Watch out for debt.
It’s about using what you have to make things happen and ensuring that you make the right decisions for the stage you’re at.
3. Be prepared to put in the time.
What you don’t have in capital, you’ll have to make up for in sweat.
4. Take opportunities when they come.
Identify gaps in the market. If you can find a need, and figure out how to fulfill it, you’ll be on your way.
5. Take action.
There’s a phrase that’s often used in upper management: “Don’t talk about it, be about it.”
6. Be passionate.
No amount of capital can make up for a lack of passion. If you truly believe in your idea, take the risk and dive in. If you have a great idea for a company, don’t let a lack of funding hold you back… Success will always belong to those who are willing to make sacrifices and to work hard towards their goals.
–by Brenton Hayden
To read the full article, go to Entrepreneur.com.