how to start a business?

how to start a business?

how to start a business?

How to start a business without money … and in five steps

In my case, the impulse started one morning, at 3 in the morning. I looked at myself in the mirror, my face wet, breathing noisily, like Darth Vader in pajamas. I was angry. I was disappointed. I was confused. Above all, he was afraid.

He didn’t know how he was going to get out of this one. I was terrified. And it was not for less -or at least he believed-. Until a few hours ago … I had a job. The salary was good and the future looked fabulous.

But everything turned to nothing when I received the dreaded call: the main investor in the business, after a terrible year in Colombia, decided to cancel the project in Mexico. Thus, without further ado. Goodbye. Thank you. Good work and see you later.

Yesterday he was “director”. Today he was unemployed . Suddenly that impressive title that adorned my little cards seemed inappropriate and ridiculous. The truth is that he was the director of nothing.

To make matters worse, my wife was pregnant and huge debts haunted me. That night was a very bad night. I prayed – stammered – before trying to go back to sleep.

I already knew that my wife trusted me; and that he saw in me a man capable of providing for the home. That should have been a cause for reassurance; but at that moment it was a heavy piano on my chest. I didn’t want to fail him … but tonight I doubted everything, especially myself.

Only one question was floating in my mind as my eyelids closed. If I was a supposedly educated man, prepared, with a career, mastery … How did I get to this desperate point? One of two: either the world was a fraud … or I was.

The next day I did what I had to do. I organized my resume and sent it to everyone I knew, applied to some online positions, made several calls. After a few days without an answer, my calls became more desperate. He was willing to work on anything to make it to the next fortnight. After two weeks of attending various job interviews, without success, I was already questioning everything: my ability, my intelligence, my preparation … everything . What could I do?

And in my own business? For me the drive was desperation, but it doesn’t have to be that way. You could even start a business without leaving your current job. What moves you to start a business? When the urge hits, heed the 5 minute rule and move on.STEP TWO: CHIP CHIP

Image: Depositphotos.com

The situation took on desperate tones. I thought that if I couldn’t find a job, I would have to start a business. It is not like this? Whatever. I looked online and in magazines about good business to get started. I found hundreds of business opportunities, products and franchises … but all required some type of investment: 20 thousand, 30 thousand, 100 thousand or more. But when one does not have money or work, it is impossible to think of those amounts. Also, whatever money he could receive, he soon disappeared in basic necessities: food, doctors, rent … and in paying past debts.

I thought about taking out another loan, but it would be impossible – and also seriously irresponsible – to borrow more. I thought about selling my car… but they would give me very little for it and I really needed it.

The answer came from Salvador, a good friend (with whom he would later write a book, precisely, about entrepreneurship and personal finance). “You don’t need money to start a business,” he told me, “you need an idea. If you don’t have money, invest your intelligence and your time ”.

I returned home agreed with this idea and sat at a table to put ideas on paper. That day, nothing was off the table. I thought about washing cars, tutoring, walking dogs, and painting houses. I didn’t know how to do any of these things , but I thought it would be a way for me to move around and start “something” temporary, where I got a serious job. I could not come up with an idea that would excite me.

A new inspiration came from my wife: “You have always told me that you like to write. Why don’t you do some business with that? Indeed, I have always liked to write and I even had a very advanced first novel, but that would not give me money for long, even assuming someone wanted to publish me. But the idea made me rethink everything. I was asking myself the wrong question!

Until then I was wondering where can I earn easy money? And I still couldn’t find a way out. But my wife’s comment made me change the question. The new question, the correct one, was: There are some things I know how to do well. How can I make money from these things?

This new question cleared the way because it left out thousands of impractical ideas, and limited my options, making my choice easier . That same afternoon, I decided that I wanted to start a writing and copywriting business . There was still a lot to do.

And in your own business ? Ask yourself the right questions and find your talent: the things that you know how to do well and that you like. My thing was writing, but perhaps your thing is animals, computers, sports or cars. Do not look for “a good business” but build a good business from who you are. And now, start where you are .STEP THREE: LAUNCH THE BOAT INTO THE SEA

Image: Depositphotos.com

When I made the decision and shared it with my wife, our creative juices started to flow. I had almost no money, so we did everything at home. In one morning we came up with a name for the business, made a simple logo, opened a Facebook page and a free site on Wix. We also devised a “menu” of services that it could offer and we priced it.

This was all new to me, and I set prices that I later learned were too low. I also did not consider many services that I would later discover as important. But we already had what they call in entrepreneurial jargon an MVP, a “minimum viable product ”; something I could start promoting, selling and working on.

That day in the afternoon I sent a message to all my contacts by mail and on social networks. Perhaps, in total, about two thousand people. To all my friends, acquaintances new and old, and even people I didn’t remember. I sent them all. The email was very simple:

“Hello, how nice to greet you! I am Francisco and I am telling you that we have just launched these new services. If you have creative writing, editing or proofreading needs, don’t hesitate to call us! ”, Then a kind farewell and… SEND! And then … wait.

Fortunately we didn’t have to wait long. The next day a first customer arrived (who needed a brochure) and then another (who needed a website). The first week we charge 3,000 pesos for two services. It was still little, but it was something. We could breathe. We were in business!

And in your own business? Do not wait for the ideal moment, or until you have everything assembled and planned perfectly. Right now, the perfect is the enemy of the good. Try to have an MVP and then make changes and iterations according to the response of your market. Stay open, be flexible, and listen to your customers.STEP FOUR: SYSTEMATIZE

Image: Depositphotos.com

The first months were learning . Still our earnings were low (but they helped us get ahead). We discovered new needs, new niches, and products that we could explore. We started offering advertising copy services, social networks, translation and strategic communication. Each client brought a new problem that we had not thought about before. Then we gave ourselves to the task of investigating, learning and solving what we put on the table.

Little by little we were finding our space in the market , and leaving behind the products and services that required us a lot of time and little profit. Clients – thank God – kept coming and within a few months it became evident that we needed more hands on the business, better management systems and systematizing processes.

We also thought that we could be a company with a human sense, that would help people. We launched a call for writers who could work from home: housewives, men who take care of their children and people with some type of disability. At the end of the year, we went from one collaborator (myself), to eight collaborators with flexible times. We also launched programs to help people in need, doing our bit, no matter how small.

That involved us implementing payroll, tax, customer control and process control systems to ensure that everything went smoothly and in order. We learned to hire, train and sell. We made a lot of mistakes and we learned from them; but most of our clients accompanied us during the process.

And in your own business? This third step is the most difficult in the leap from self-employment to a formal business, because it involves delegating functions, investing, trusting people and “letting go” of direct control of all steps of the business. Find systems that work for you and find people you trust who want to work. Little by little you will find your answers.STEP FIFTH: GROW

Image: Depositphotos.com

Once the systems started working, I found that my hands were freer. In the beginning I spent all my time doing the essays, even the simplest ones. Now, with a team of writers, I had brain freedom to rekindle the creative drive; think about new clients, bigger projects and look for new business for my business.

Eventually we were able to serve larger national and international clients and launch new lines of products and services that attracted new clients. We open a publishing division. The business today has different areas, different sources of income, managers and operators that work even when I am not present. That is to say: it is a real business and not self-employment. Later, in effect, they offered me an excellent job, which I still maintain today. I accepted it because I liked it, and not just because I was desperate. As the business goes on, I can attend to both.

We are still very, very far from the Forbes 500 lists. We are still an SME with a great desire to continue growing. But, above all, I no longer be the way I felt that day at 3 in the morning. I have other concerns, but I have freedom, I live where I want, I do what I like and I can’t stop dreaming. I’m tired? This sold out! But it is a burnout of the one who knows that he is in the right race.

I have had the help of fantastic people in my family and outside of it and, in addition, my family has grown quite a bit. Trust me, it’s worth it.

And in your own business? It recognizes that there is a market and space for all types of companies, products and services. Don’t be afraid to grow up. Sure, it’s scary and sometimes lazy. But on the other side of fear is freedom. It is freedom and passion (not money) that move the soul of true entrepreneurs.

Your first business may not lift, but if you have invested your time and your intelligence, then there is no way it is a total loss. You will have grown, learned, undertaken and faced. You are not the same as before. Time to start again! Once you have learned to undertake, you will not be able to stop doing it.Copyright 2021 Entrepreneur.com Inc., All rights reserved

This article originally appeared on entrepreneur.com02

How To Start A Business When You Don’t Have Money

Founder and CEO of The Entrepreneurial Learning Initiative, providing entrepreneurial mindset education and professional development.

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Owning a business is a dream for millions of people. It offers the chance to be our own boss, to forge our own path and to create a greater sense of meaning and purpose in our lives. Indeed, it is the essence of the American dream. Yet, the pathway to entrepreneurship remains fraught with myths and misperceptions that can easily lead us astray. Among the most prevalent is the idea that starting a business requires a significant upfront investment, either from outside investors or bank loans.

Research by the Ewing Marion Kauffman Foundation, however, suggests that small business startups backed by outside investment or bank loans are, by far, the exception rather than the rule. Further, evidence has shown that larger established companies are often created by scrappy entrepreneurs who start with minimal funding from personal savings and credit cards. Despite their limited resources, they manage to succeed. The question is, how?

After more than 10 years of studying the mindset and the methods of everyday entrepreneurs, I’ve found that those who pursue outside investment or bank loans are more likely to think like business owners rather than entrepreneurs.

If you think you need money to start a business, your underlying logic may be flawed.

For those who pursue outside investment or bank loans, the logical next step is to write a business plan to convince potential funders of the validity of their ideas. However, in the process of doing so, I find that they often fail to distinguish between owning a business and being an entrepreneur.

Fueled by the desire to be their own boss, the aspiring business owner assumes that the usefulness of their product or service is assured based upon the logic and reason spelled out in their plan. They assume that there will be adequate demand, customers will somehow find them through word of mouth or social media and that orders will come streaming in. As an aspiring business owner, they assume that the only thing that stands in the way of their dream is the funding required to rent the building, purchase the inventory or the equipment and turn on the lights.

The problem is that none of these assumptions are recognized as such. Instead, they are stated as facts supported by the reason and logic spelled out in their plan. In the process of convincing others, they often fool themselves.

As any experienced entrepreneur will tell you, the road map is not the terrain. And while this build-it-and-they-will-come approach may work for large established companies with known products and services, established customers, cash flow and a recognized brand, it often leads to disaster for aspiring small business owners who have none of the above.

By contrast, I find that those who think like entrepreneurs tend to approach their ideas as assumptions rather than facts. Rather than starting a business per se, they set out to solve a particular problem, frustration or unmet need. From this perspective, they are often more likely to acknowledge the ever-changing, unarticulated and complex nature of human needs, which causes them to approach their ideas with an iterative experimental approach rather than a carefully planned approach.

This subtle underlying distinction not only decreases the need for outside investment but may also dramatically increase their probability of success.

From this perspective, the aspiring entrepreneur assumes that their initial ideas are likely to be flawed, which helps balance their passion and enthusiasm with a healthy dose of critical thinking. Rather than relying on reason and logic, they may seek empirical evidence of the usefulness of their ideas by conducting micro-experiments with potential customers in the real world. Rather than quitting their job and risking it all, they often start in the margins, investing whatever discretionary time and resources they have to prove their concept before going all in. In other words, they seek evidence of usefulness rather than outside investment as a logical first step.

Keep in mind how the customer-funded approach works.

For the aspiring entrepreneur, evidence of usefulness comes in the form of paying customers who validate the usefulness of the entrepreneur’s ideas and provide a vital feedback loop that enables them to adapt and improve. It also enables the entrepreneur to tease out adjacent opportunities that a business plan is likely to overlook.

Whatever income the fledgling entrepreneur can generate is then reinvested back into their startup, which is much easier to do when they are not yet burdened by overhead and monthly debt. And once they have paying customers, they are less dependent on outside investment or bank loans.

The great irony in all of this is that the lack of resources actually works to the advantage of the aspiring entrepreneur. Where access to resources enables the aspiring business owner to adopt a build-it-and-they-will-come approach, the resource-constrained entrepreneur is forced to adopt a customer-validated approach. I find that this not only reduces the likelihood of self-delusion but also greatly increases the probability of success. In other words, the lack of resources becomes a feature rather than a bug.

Even if you do have access to resources, you should act as if you don’t.

Rather than writing a business plan and seeking outside investment or bank loans, start by asking yourself: What is the problem I’m trying to solve? What evidence do I have that the people who have that problem will actually pay for my solution? And what evidence do I have that there is a sustainable and scalable demand? Not logic, evidence. In other words, start by thinking like an entrepreneur.

Starting a business is indeed a worthy goal. The problems arise when we begin by thinking like a business owner rather than an entrepreneur. The moral of the story is that you don’t need money to start a business. And even if you do have access to resources, you should act as if you don’t.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?03

How Fame Can Simplify the Way For You To Start Your Business And Create a Fortune

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June 23, 2021 2 min read

Opinions expressed by Entrepreneur contributors are their own.

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Becoming a successful actor is not an easy job. It absolutely requires hard work, aptitude and usually a bit of luck. But for some superstars, television and movie success is not enough. A few people have also been able to succeed in the entrepreneurial world, creating their brands, coffee shops and enterprises that have produced money and prosperity. You should believe that sometimes fame can take your life to the next level. Here is one of them who have conquered cinema and launched their successful business.

Mohammad Matin Hosseinabadi is an Iranian actor who started his own business besides his professional career. He leveraged this opportunity and embarked on his business journey by creating his own production company. He showed that is not necessary to be as famous as Jessica Alba to begin. Establishing a business requires courage more than anything.

When it comes to creating a new brand or company, one of the important factors contributing to a prosperous result is getting consumers’ trust. Distrust has always been a key element that gives rise to a failure of a business or an individual. But when you perform in a movie, subconsciously people get acquainted with you by watching your act, so you have a higher chance to be more trusted by a lot of people.

We all know the key to financial freedom is to create multiple flows of income and this is a great example of it. Most celebrities devote their time only to their career and it makes them a star if something bad does not show up, but a few use their fame and money as a business platform to create other flows of income besides their primary career.

Celebrities who have branched out from the medium that made them famous and started their own prosperous companies know the game of success. If anything unpleasant happens to them, they will not start from scratch because they have other options ready.

The Importance of multiple streams of income is not restricted to only immunize you against rainy days, it is the most remarkable criterium to financial freedom.

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