It doesn’t matter if the idea is right or wrong, just try...

[Bond]

"The advice I like to give young entrepreneurs is go out and do something. It doesn’t matter if the idea is right or wrong, just try something. You might fail at it, but if you tried it, you’re going to learn something. And maybe the best thing you learn is what you actually want to do."

"You need to do something you love and make money at it. The people that say you just need to do something you love, that’s silly. You have to make money. It’s not about making tons of money, it’s about making money so you can live a lifestyle you want to live while doing something you love."

How Grasshopper CEO David Hauser Built A Company With No Money And Lots Of Trust

 

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[Darkside]

He's right. The fear of failure has probably prevented thousands if not millions of potential businesses from starting. You never know if it can succeed or not unless you try. My advice would be to limit your financial risk as much as possible; don't borrow a lot of money or use credit cards to finance your business; try to bootstrap as much as possible so that if your business fails you won't have lost much.

 

[HenkHolland]

My advice would be to limit your financial risk as much as possible; don't borrow a lot of money or use credit cards to finance your business; try to bootstrap as much as possible so that if your business fails you won't have lost much.

This is very important, Darkside.
There are too many people losing all their savings in their first venture.
Even if you have sufficient capital to start a business in a 'luxurious' way, pretend that you don't have that capital and try to find ways to start on a shoestring. An added advantage is that this approach usually helps in outsmarting the competition, which is good for you no matter where you stand financially.

 

[Darkside]

This is very important, Darkside.
There are too many people losing all their savings in their first venture.
Even if you have sufficient capital to start a business in a 'luxurious' way, pretend that you don't have that capital and try to find ways to start on a shoestring. An added advantage is that this approach usually helps in outsmarting the competition, which is good for you no matter where you stand financially.

That's right. Bootstrapping teaches you how to be more efficient with your funds; you won't go wasting it on unnecessary expenditures, which will help you better compete against your competitors by giving you the extra funds to do advertising or whatever else you need to do to grow your business. I've said it before but I'll say it again, successful entrepreneurs tend to be frugal with their money.

That doesn't mean that they are risk averse; they tend to take risks but they do so in a way that greatly reduces their potential losses and liabilities if they are to fail; so they are not going all in but rather playing it smart by spending a little and seeing how things turn out and if it fails they don't waste anymore funds but if it succeeds they increase the amount they're spending to help their business grow.

Foolish people tend to use their life savings, take out huge loans or put their home up as collateral to start a business when they aren't even sure it will succeed yet. Failure is part of the process; so in order to have multiple shots at starting a business you have to limit the cost of failure in the businesses that you start or else you'll find yourself with no money and most likely in debt which will destroy your credit rating and that will prevent you from getting any business loans in the future.

 

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[buckmajor]

Nice post and great comments! I'm in the process of trying something myself, and hopefully to reap the rewards further down the track....exactly what MJ said in my other post "I have eggs but no chicken"

I like your advice "Don't borrow a lot of money". The reason why I never borrow because I don't have the funds to pay them back lol.

Cool! I'm so excited, now I can build my website....YES here I come!!