Many want to start a business but don’t have any money or capital . Many have sound ideas, but feel they need a lengthy business plan and a large amount of cash to get started. The reality is, most successful entrepreneurs end up bootstrapping their business. If you are passionate about what you are doing, there are always ways to get things done with limited resources. Here are five keys successful entrepreneurs use to build thriving companies.
1. BUILD A BRAIN TRUST OF FREE ADVISORS
Nicole DeBoom was a professional triathlete for 11 years. She knew a lot about women’s sports clothing, but very little about the apparel industry. Her solution was to find a group of advisors who could teach her what she needed to know and introduce her to other contacts. Nicole explains: “When I started out I had coffee meetings ten times a week. I just started picking people’s brains.” The end result: Nicole found the resources she needed, launched her company, and has now sold over $25 million in women’s running skirts. Her advisors have been a huge key to her success.
2. FIND AN ENTHUSIASTIC ANGEL INVESTOR
One of the goals of building your brain trust is to find potential partners who want to get involved in your company. Jeff Wester is a great example. Jeff wanted to build an old-fashion Black Smith shop in Sisters, Oregon. He found a wealthy mentor who had built a blacksmith shop earlier in his career. He gave Jeff a piece of ground and funded his new shop. He then created a promissory note so Jeff could pay him back over time, which he was able to do.
3. FIND SOMETHING TO SELL TO GET INTO THE GAME
Allen Lim spent his early career in the cycling industry. He created several all-natural hydration drinks that some of the top cyclists in the country loved. He wanted to turn his hobby into a business but had not money. He found an old used funnel cake cart and converted it into a burrito kitchen. He sold burritos at running and cycling events around the country to pay the costs of marketing his new products. With the revenue from burrito sales, his total cost to launch his new products nationwide was $800. Today, Skratch Labs is a major supplier of healthy products to both professional and amateur athletes.
SOURCE : ENTREPRENEUR
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