Lack of Money is not an Excuse to Defer Your Dream of Starting a Business
Hey there and welcome to another awesome episode of my podcast. Today I’m talking to you about another huge mistake that business owners make. It’s a mistake that costs many entrepreneurs their dreams and their success in the business that they’re in. The mistake is to believe that lack of money is an excuse for a lack of performance.
Let me tell you, my friend. If you are an entrepreneur and you signed up for this whole entrepreneurial thing, you have to understand that the point of being an entrepreneur is you have to get results with or without money.
The money may affect how quickly you can get the results and work in you get in certain ways, but you better be able to put whatever you can together. You better be able to take all the change in your couch and put that in your business, and that better be enough for you to make your entrepreneurial dreams come true. If that is not enough for you and you have the excuse of “Oohh I only need a million dollars, five million dollars.”
You know a hundred thousand dollars, whatever it is, if you think that that’s what it takes to make you happy, I’m going tell you right now, you’re not thinking about entrepreneurship the right way. Now, don’t get me wrong… Some of the best businesses in the world have had significant investments made, and in fact, many great business ideas need an investment. But if you don’t have the money, especially early on, it cannot be your excuse because most of the things that an entrepreneur does early in his or her business are not tied to how much money they have in the bank.
And it’s related to how hard they will wanna work, and it’s related to how much focus they can have. It’s related to what they’re willing to put into their business and if are they truly willing to put their hearts and souls into their business.
How to Start a Startup With no Money
So for you out there, I wanna tell you this today. Today is the day that you have to get focused on results. You have to get focused and decide that you are going to get results with or without the money. If you’re waiting for a loan that is coming, if you’re waiting for an investment to come in, if you’re waiting for some magical unicorn thing to deliver you money, that is going to allow you to take your business to the next level, don’t wait for it anymore.
You can go after of it if that’s really what you want and if you’re committed and you’re in your business doing the right things that might be the thing that takes you to the next level. But I don’t want you to wait around for that, thinking that that’s going be your savior.
And If you’re in a business right now that struggling financially, and you don’t have enough money to make ends meet, I want you to understand that this is not the time to think that money would solve all of your problems. I guarantee you wherever you’re at with your business, whatever situation you’re in financially, I promise you, there are more important things you can change. There are more important things you can do than worry about funding for your business.
I’ve seen so many entrepreneurs who’ve gone out there and fought for years and years and years and years to get the funding to put into their business. And in many cases, over fifty percent of the cases that I see, the money they put into seeding their business is very soon gone, and they’re right back where they started.
Now, they may have a fancy desk, nicer business cards, a website, and a logo and I don’t know what else, but they go right back to where they started. Because the reality is a business and entrepreneurial venture is built with your hands, it’s built with your heart, it’s built with your passion and that my friend is the most important resource you, as an entrepreneur have, and I want you to tap into that resource.
It’s in incredible resource and as an entrepreneur, you have this thing inside of you. Just fire that burns within you. It’s this thing that you want a business and you’re committed to doing whatever it takes to make that business happen and if money is what is getting in your way, trust me, you’ve got to just get positive, you’ve got to decide, and it’s all making that decision that you’re not going let these financial issues get in your way.
If you’re starting a new business, figure out how to do it without a substantial financial investment and one of my previous episodes I talked to you about testing the market before you even create a product or service. So many people are like, “well, I’ve got to make this thing, I’ve got to send it to China for prototypes and I’ve gotta do this and I’ve gotta do that”, or if a service and they’re going through trying to get the details of this service and they haven’t even proven that it can sell yet.
Ways to Start a Business With no Money
Guess what, proving that something can sell is often free if you’re smart about it. So, go back and listen to that episode so that you’re reminded of how you can prove if a product or service can sell. And then one of the first episodes in this series of seven, I talked about keeping cost low early on and not investing in a bunch of infrastructure you don’t need.
So you see, if you apply those two things, you’re not going make this mistake of thinking that lack of money is an excuse. Now some of you have been in business for a while and if you’ve been in business for a while and now you’re having financial difficulty, this is not a time to get weak. This is not a time to think that if only you had money, all your problems would go away. I’ve seen this so many times, where companies that don’t have funds, they get some money.
They get that lifeline thrown at them whether it’s a line of credit, a business loan, or money from investors. Some entrepreneurs even cash in on their IRA or their life savings and pour that into the business and before you know it, all that money is gone and they’re right back where they started.
So get out there today and decide that with or without money, you are going to make your business right because your heart and your passion for this business are the two most important resources that you have and that passion and that heart are going to help grow your business more than any amount of money. And with that said, I want you to go out there today and in your business and your life and then everything that you do, go out there and live with your heart.