82% of businesses fail due to insufficient cash flow. But this doesn’t mean you need a ton of capital to start a company. Whether you’re starting a company in Vancouver or Toronto, there are ways to achieve your dream.
If you are one those people who are looking to open up their own company and start your personal business welcome to the American dream.
It’s safe to bet if you are a beginning entrepreneur you are lacking the financial backing to get your idea off the ground. And, it’s probably is pretty difficult to jump through those expensive hoops without any cash.
Fortunately, below is a list of tips on how to become a great entrepreneur without a lot of big bucks.
Identify Something Annoying
People always have something to complain about. Use peoples’ complaints to fuel your inspiration. Then find a creative way to solve their problem.
Even something you find irritating or annoying can fuel your inspiration, and it would probably make you more personally invested in the issue.
For example, Travis Kalanick and Garret Camp, the founders of Uber, started their company after having trouble catching a taxi cab. Every good business starts with a great idea.
Create A Model
For you to get your wheels turning, you need to know if people will respond to your idea. Making a version of your plan that is very simple is an excellent way to do that.
For example, say you’re making an app to manage your family’s schedule. First, you are going to need to invite a certain number of families to test your app by posting an ad or putting a hyperlink on a website.
If the feedback you are getting from the test families is right, then continue with your idea and make improvements when necessary.
If your feedback isn’t that great, regroup and think of different execution plans, or completely start from scratch.
Find A Partner and Get Funding
Nothing done alone is done efficiently. That’s not to say that starting a company with a partner will be easy, but having someone you can trust by your side to bounce ideas off of and continually get help from is a great way to maintain focus and persistence.
And as for funding, get your idea out there, every crowdfunding website should have your design posted on it, so that someone with money, something you and most likely your partner don’t have, can take hold of your idea and make it become a reality.
A few ways to get funding are:
- Friends and family
- Consider taking out a loan
The American dream isn’t too difficult to achieve if you just put your mind to it and know what has to be done. People often mistake entrepreneurship to be extremely difficult and hard to manage. Those people aren’t exactly correct.
If you are trying to create your own business, take these tips, and use them to your advantage. Who knows, if you go far enough you might even be the next big thing.