Entrepreneur: Is Your But in the Way? (Part I: Capital)
Author: Eric Everson, Founder: MyMobiSafe.com
I would start a business BUT… I want to grow my business BUT… My business would be more profitable BUT… STOP the madness and get your “BUT” out of the way!
Every year people all around me use this time between now and the remainder of the year to hypothesize and dream about what the next year will mean to them. One of the topics that invariably surfaces year after year is this certain matter of entrepreneurial destiny. Perhaps you are one of those very people… if so, you are thinking some variation of: I’m going to start my own business next year.
For far too many entrepreneurial dreamers, one thing always seems to get in their way… I call it their BUT. To level with you as an entrepreneur myself, I get it and I’ve certainly had to overcome my BUTs along the way too. I am an innovation entrepreneur and I specialize in mobile technologies, so as one could imagine my biggest BUT usually boils down to capital. In today’s economy where it seems more likely to fund a venture by investing in lottery tickets than to actually get a real line of small business credit, capital can be a barrier to entry that many entrepreneurs face. Don’t let capital (or especially the lack there of) steamroll your entrepreneurial dreams, just get more creative!
Do you remember what made the 1990’s so great? No, I’m not talking about Kurt Cobain and baggy jeans, I’m talking about the times when a garage startup was a much cooler place to be than a corporate office. Looking back at some of those greats the one thing that stands out is that they didn’t let their BUT stand in the way of launching their companies. Sure some (including so many of those that got swept up in the dot-com bubble) were not the greatest business ideas on the planet, but somehow even they figured out how to materialize the dream of entrepreneurship. It all comes back to getting creative when faced with hurdles of capital.
Do you really need a million dollars to start a company? Hell no! If the 1990’s taught us anything it was that those entrepreneurs that survived without huge Venture Capitalist investments often emerged as stronger financial managers as their businesses gained traction. If you can manage your business through the tough times of startup on limited capital, then chances are if the economy takes another dip (which seems as certain as Christmas lights in December) you’ll be more equipped to weather the storm.
Getting creative in launching your startup means defiantly rejecting the barriers that stand in your way and looking for efficient alternatives. Do you need that huge telecommunications system as a startup? No! Chances are a decent phone and a Skype account will provide you with all the international calling you’ll need to set your business in motion. Do you need to rent that commercial property? Look around for alternate locations (hint, hint – they weren’t called garage startups because they rented out space on Main Street). I started my first venture out of a spare bedroom and felt like I’d hit the big leagues when I moved into the attic of my father-in-law’s dirty axle shop. Start by throwing out all that _____prenuer.com trash about investing countless dollars into a franchise and consider launching your own version of that kind of company (at a fraction of the cost). Check your corporate ego at the door and decide what you REALLY need to start your business and find it at the best possible price you can get it... don't be afraid to get creative, even barter if you must!
Above all else, get your BUT out of your way! I’m posting this as Part I, if you like it let me know and I’ll keep it coming and if not I’ve got a whole other kind of BUT for you. :0)
Eric Everson “The MobileTech”
Eric Everson is a leader in mobile technologies and is the founder of the U.S.-based MyMobiSafe.com. If you would like to contact Eric Everson for interview or with consulting related inquiries contact him directly at EricEverson@Hotmail.com