Don't Start a Business with No Money

bluedemon (45)in #business • 7 years ago (edited)

When people are struggling financially sometimes they want to start a business thinking that's a way out. Sometimes it is and sometimes it isn't.

The worst time for you to start a business is when you have no money because you're desperate.

If you're desperate, chances are you're going to fail that business. Statistics show that 9/10 new business fails within the first 5 years.

Why You Have No Money In First Place

I wrote an article about this subject, Why You Are Still Poor!, so I'm not gonna go deeper on this subject, but there's a reason why you have no money in the first place.

Maybe you lack experience, skills or even knowledge. Maybe the problem is your mindset. The thing is you're not ready to be an entrepreneur if this scenario applies directly to you.

Don't Start a Business Just Because You Wanna Make Money.

Don't get me wrong I love making money, who doesn't right? But if you're struggling that much financially maybe you should consider learning all you can about entrepreneurship before you start "spending" money with mistakes that you could easily not having them if you had the knowledge.

I've put the word Spending between "" because every successful person will tell you that the mistakes are good for you to learn as well. Mark Cuban (Famous entrepreneur from Shark Tank Series), says:

[You Only Have to Be Right Once]

Get Some Money Coming In First

Get a primary source of income is the first step to your success. Get a job, pay the bills, Full-time or even Part-time but get some money coming in first.

Then, when you're off work, that's when your business starts. If you can do this you get closer to your goals. But starting a business with absolutely no money that's craziness.

Entrepreneurship Isn't For Everybody

I don't think everybody should start a business or be an Entrepreneur. I don't think is for everybody.

The media promote so much about Entrepreneurship on youtube, social media or magazines like, "Be your own boss" or "Start your own business" that most people would want to reach that life.

Sometimes you see on the cover of a magazine:

"This guy made X Million Dollars"

Yeah, but you don't see the one's who lost everything by mortgaging their houses twice, and burned all their credit cards, etc... You won't see those guys on a magazine cover.

Remember 9/10 small business fail within the first 5 years.

Just like everybody can't be a Basketball or a Soccer Player, Entrepreneurship also requires a set of skills that only a few people have.

My Friend ddua wrote a very interesting article on this subject Why Isn't Entrepreneurship For Everybody?

Feel free to check it out it's a great article.

You don't necessarily have to be an Entrepreneur to make a lot of money. You can have high-income skills that makes you very good money and have a very comfortable life.

BlueDemon