To be entrepreneur without money
How to jump into the entrepreneurship pool when you don't have any real investment?
Let's not lie. It is easy to run entrepreneurial projects when we have money.
Let's not lie. It is easy to run entrepreneurial projects when we have money.
- The first reason is that with money can be easier to get known.
- The second one is that if you are from a rich family, it is likely that your family has a good network that will be very helpful.
- The third reason is that you will have more chance to attract wealthy customers in your network.
Netherthless, having not a lot of money does not mean you cannot be an entrepreneur. I personally don't have a rich family to back me up for my different entrepreneurial projects and I will try to give you the different methods and ways to be entrepreneur without making a big investment.
First of all, do not work on an idea that requires a big investment if you do not have the money to invest. This is one of the principals of Effectuation which explains that you must use the means you have. In other words, do not jump in an expensive project when you don't have the means to make it right. Yes you can try to raise funds but in the beginning you need to manage your idea without funds.
Second point: Take this as an opportunity to be creative! Indeed I think that not having money to invest is the best way to innovate your business model. We can for instance take the example of Air B&B. They defined that model because the founders where in difficulties. So in every step of designing your product, take into consideration the fact you don't have budget to manage it in a conventional way and find a work around that can be your differentiation.
In one of the projects I manage, we have a very small budget in the packaging. However our competitors are putting a lot of cash in the packaging by itself and that is what a lot of customers love in the concept. To resolve this problem, we decided to make the packaging ourselves by using simple, not expensive and vogue fabrics and add a nice ribbon to take it beyond simple function and satisfaction into excitement and customer delight.
Don't be shy to get your hands dirty! Making some of the things by yourself may cost you a lot of time in the beginning but it is a needed path to make a successful product and start to build your cash flow.
Thirdly, progress step by step. Do not hope to build everything in one go. It is not possible and more importantly it is not good. Indeed you need to do things piece by piece and validate with your customers the direction you take. It is better and more than advised to start with small customers and build a product that fills their needs and also adapt the service required to sell it correctly.
Thirdly, progress step by step. Do not hope to build everything in one go. It is not possible and more importantly it is not good. Indeed you need to do things piece by piece and validate with your customers the direction you take. It is better and more than advised to start with small customers and build a product that fills their needs and also adapt the service required to sell it correctly.
With tools like Wix or Weebly you can build a first version of your site. They do not include a friendly customer profile however at the beginning that is sufficient to attract your first customers. When your traffic starts to increase then you can migrate onto something more adapted and customised.
Fourth point: Use your network. In business there is no place for shy people. If you know someone in your network that can help you for free to make one of the pieces of your project, ask! If you know some bloggers in your network ask them to talk about your company. Also remember that the best way to have customers is to be referred. It is free and it is one of the most powerful ways to be known in B2C and B2B. So talk about your project around you and ask to your friends to refer you.
Last point I can suggest is probably: Don't spend too much. I met some entrepreneurs that spend a lot of money in any cost they can charge to their company to pay less tax. Don't fall in that bad habit until you really have a good cashflow.
If you do have some other advice to give to other entrepreneurs, please leave a comment. :)
To know more about the project "Livreur de Fantaisies" you can visit the webiste www.livreurdefantaisies.com
To know more about the Start Bar and the consulting services we provide, contact us at info@thestratbar.com
Also follow me on twitter: @HoneyRaha 
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