The Thing About Money
by Case Lane
One of the number one reasons aspiring entrepreneurs say they cannot start a business is because they don’t have enough money.
This thing about money is a top three excuse for not getting started. Yet 10 times out of 10, the aspiring entrepreneur who makes that statement does not know how much it would cost to bring their business idea to the global marketplace.
And 10 times out of 10 the wantrepreneur does not know how much money is actually available to them, if they were actively looking for it.
Instead, people with business ideas in their head are taking themselves out of the game before it has even started. And by putting money ahead of action, aspiring entrepreneurs are losing the life dream of running their own business.
To avoid this trip, entrepreneurs need to change their attitude about identifying startup money.
Eliminate the mental restraints
In societies that do not talk about money, many people have mental restraints around the subject. The most basic one being: don’t talk about money.
There are many reasons why people do not talk about money, but this article will purposefully ignore that history to focus on the topic.
Money is a thing of value. We use it to exchange for other things of value we want or need. It is important to our lives, it makes things run smoother, and we could always use a bit more.
Talk About Money
To start changing the rules, be willing to talk about money. And to talk about it in specifics.
As an aspiring entrepreneur with a business idea, you want to be able to state exactly how much money you will need to start your business. Not ramp-up, grow for global markets, or hire staff – but just to start.
You have decided to participate in the global economy as an entrepreneur because you have a business idea in your head, and you believe you can add value to the global marketplace. You may be a little uncertain about what being an entrepreneur means so you’ve read books and articles, and watched videos and documentaries about successful entrepreneurs.
You’ve begun to develop a mental picture of what you will need to do to join those people on the road to success.
You are ready to launch your business. What do you need to do first?
This is the point when you begin to calculate – literally – what you will need to start your business.
Start with Resources You Can See
Some of you will say – zero beyond the value of your own time.
Some businesses, specifically online businesses, can be started with no money and use free resources.
Or you may have a service to offer that you promote through social media. Sometimes you can start your business with nothing and that’s how you get going.
Others may be thinking about a brick&mortar business, like a storefront, that requires a lot more upfront capital. But how much more? You still have to figure it out.
You have to know how much money you will actually need.
The thing about money is that it’s ubiquitous, it’s always around. And the best way to get your hands on it is to make sure you are prepared when the time comes to build the business.
Of course money is important, and we all want more than we could spend in a lifetime so that we can live as comfortably as possible, and do whatever we want to do. And of course having a pile of money that lets you start any business you can dream of would be fabulous because you could experiment and play around and see what works for you.
But if that’s not an option for you, there is still no reason to believe you will not have the resources to start your business when you’re ready to start. Because you can start with the resources you have around you. But you don’t know what those resources are until you do your research, and understand the actual cost of starting your business.
If you just keep saying you don’t have the money and therefore you cannot start a business, you’ll get nowhere.
Focus on getting the business started. Learn about the resources you need to make your idea happen. Stay committed to bringing your business idea to fruition.
Successful entrepreneurs know how to pull resources together when needed, and how to utilize resources to their advantage. And you can do the same thing.
Avoid all Excuses
Negative money thinking is an excuse not to get started, which could be hiding your real fear about taking a risk and putting yourself out there as an entrepreneur, when you could always do the 9-to-5 like so many others.
Hiding behind the money excuse as a way to stop you from getting started only limits your life. If you are dreaming about lifestyle freedom, the ability to control your own schedule, and run your professional life as you see fit – then you want to get your business going. You think like an entrepreneur and want to put into reality the expectations you have for your own life.
This includes managing your concerns about money and any fears you may have.
Think Value
The thing about money is that it’s a product to be valued. But you manage and control it to your advantage. You set the parameters for what you need. Many successful entrepreneurs have spent their last dollar, leveraged every asset they owned, and dipped into the pockets of families and friends to make their business a reality.
You may end up doing the same thing. But you won’t know until you have begun to put together the pieces of the business that you want, in the way you want to run it.
Your actual goal – lifestyle freedom – is the most important part of your process, not money. Because as long as you keep in mind why you are pursuing your business opportunity, you will be able to sustain a vision for yourself that will take you exactly where you want to go.
Summary for how to think about money when you are getting started:
- Focus on getting your business started
- Know how much money you need to get started with your business.
- Start at zero and see how far you can go with planning and action before needing a single dollar
- Utilize the resources you have around you, especially free options
- Remember your goal is lifestyle freedom and dream you have for the life you really want
Offline U: The Education You Get from Not Going to College for Business
by Case Lane
Aspiring entrepreneurs have heard they do not need to go to college to obtain the information they need to run a business. There are other ways to obtain an education. But the ‘other ways’ are not always clearly defined.
The value of post-secondary education has always been in its formality. Not only do you do through a prescribed set of courses that result in a diploma, but also the diploma is recognized because other people understand the process, and the value of the paper.
But given the cost, time and demands of a formal college education, many are opting to move forward with a business and you do not want to use formal education to help you. Aspiring entrepreneurs want to learn in the real world, doing real business activities.
How do you succeed without the college formula?
Neither business school nor college is necessary to become an entrepreneur. Many successful entrepreneurs did not go to college, and few (as a percentage of all entrepreneurs) come out of the B-schools.
But both business school and college are also considered outstanding opportunities. College is still the ticket to higher wages, professional careers and advancing in life.
The challenge is to determine which path fits for each individual situation.
Go ‘Offline’
An aspiring entrepreneur can obtain an education, learn the facts and concepts necessary for business outside of the formal college campus. A self-disciplined person can pursue an ‘offline ‘course of study that will help achieve the success they’ve been looking for.
And self-discipline can be imposed if the person has some idea about what to do to achieve similar results to the formal college student.
This approach is Offline U because many courses of study are presented online, and are still formal methods of learning.
Offline U means turning away from all structured education to learn through direct action, observation and doing.
Image by Sebastian Šoška from Pixabay
You get the information you need from available sources, usually for free. Following this path, you have to remember the information is not going to be presented in any particular order or context like in business school. You are not going to be able to segregate the marketing information from the finance information. You are going to require your own system for doing that.
So to start, you decide how you are going to organize the information you receive.
If you already have a business idea, the ‘offline’ course of study can be even more productive because questions and information gathering can take place within the context of turning your idea into a business. The research becomes directly practical.
If you don’t have a business idea, you can use one that already exists to practice how to frame your ‘offline’ studies around a specific product or service.
Once the organizational infrastructure has been set-up for your offline education, you can implement the following practices to give yourself an Offline education that advances your business opportunities:
Read books and articles about successful entrepreneurs
The information you need about how entrepreneurs built their businesses is readily available in thousands of magazine articles and hundreds of books. The blueprints are spelled out in black and white.
If Sir Richard Branson were your best friend, you would read all his books to have the answers about how he built his business, not ask him to explain the story (or else he would know you had never read his books).
Reading the entrepreneur’s story allows you to understand the background how the enterprise was built.
Reading entrepreneurs’ stories also reveals one obvious and timeless fact – the most successful entrepreneurs did the work. They worked night and day on their business enterprise, and reaped the reward. It’s as simple, and as difficult, as that.
Interview someone who is doing what you want to do
If you know anyone near you who is a successful entrepreneur, ask for an interview. For the cost of coffee or a lunch, you may get information that is never taught in school.
To get the interview, honestly make the request from the perspective of a niche demographic that is either unique or aligned with the person’s causes or ideas. Even if you are a working professional, if you belong to any type of club or organization find a connection with the person you want to interview.
You can also interview on behalf of the organization perhaps as a profile for their newsletter. But make sure the request is legitimate.
Research the information other people are saying
Today you can find a lot of material about entrepreneurs and businesses, including interviews, documentaries and profiles that reveal more about how the business is run than you may have calculated.
Do a search for these resources, both positive and negative. Give yourself time each day to spend an extra hour or two with stories that give you ideas. Take notes, and then go back and review your notes, and put them in the context of your own business idea.
Meet like-minded people
Take a look at the meet-ups for entrepreneurs in your city or events that involve entrepreneurs. If you’re shy, approach different people with the same prepared set of questions. For example, ask:
‘I’m curious, how’d you get started as an entrepreneur?’
‘What do you wish you knew from the beginning?’
‘What do you think was the one key to growing your business?’
People love to talk about themselves, especially if they have a willing, eager audience. While stroking an ego, you can give yourself an entrepreneurship 101 lesson.
Go to work for an entrepreneur or organization you admire
If you want work that is meaningful, but are not quite ready with your own business, you can check the job openings at companies you admire, or with organizations you are interested in exploring.
One caution, going to work for any company may not be as glamorous as you could hope, and you may never meet the founding entrepreneur. In fact, the experience may even be a turn-off. But you will learn.
All experience – work, education, going to the store – could teach you something you did not already know which could help you in your business.
If there is a business run by someone you admire, and you think they could use someone like you, there’s no harm in applying, and earning money instead of spending it to get the information you believe you can use in your own business.
Attend conferences
Conferences will cost you some money, but the events are rapid-fire learning experiences. Pick the conference that focuses on your business idea or industry, and use the opportunity to not only learn about the industry, but also to meet other people working in the same field.
You might even find the connections that will feed back into interviews, meetings or employment opportunities that lead you exactly where you want to go.
In summary, to get an ‘offline’ business education outside of formal college or B-school:
- Read books and articles about successful entrepreneurs, and learn how businesses are built
- Interview someone who is doing what you want to do, and ask them about getting started and growing a business
- Research the information other people have about successful entrepreneurs including through interviews, analysis, documentaries and articles, that present both positive and negative views.
- Meet like-minded people at your local meet-ups or entrepreneurial events
- Go to work for an entrepreneur or organization you admire
- Attend conferences
Disclosure: links to books and physical products are Amazon affiliate links. I earn for eligible purchases at no additional cost to you.
Be a Contributor
by Case Lane
Lead, follow or get out of the way – phrase attributed most often to General George S. Patton and others
Some people have great ideas for how to get things done; some people want to work for, or with people with great ideas; and some people are indifferent one way or another. They are prepared to consume the good ideas when they are made available, but they have little interest in participating in the rise or fall of changes and risks.
And then there are people – too many people – who are not interested in any ideas. These are people who have something negative to say, or pushback against ideas, and generate essentially zero progress for the evolution of humankind. Those people are the obstructionists.
Identify the Obstructionist
Obstructionists try to convince rising entrepreneurs not to start their business, or tell ambitious self-starters they will never be successful, or are convinced the life they are in is the only life they – or anyone else they know – will ever have.
Obstructionists are standing in the way of those who want to move the world forward. And quite often obstructionist thinking is standing in the way of aspiring entrepreneurs.
Entrepreneurs who also operate as obstructionists diminish their own chances for success while negatively affecting others.
Plan to Be a Leader
The fundamental idea of an entrepreneur is to take a good idea and put it where people can make use of it.
Image by Gerd Altmann from Pixabay
But often the road to make that happen is full of obstacles. Some physical, some verbal, some administrative. Obstacles that are erected and maintained by people who do not want you to go where you’re going.
The first time an entrepreneur decides to verbalize a business idea is often fraught with peril. The entrepreneur likely had an epiphany perhaps after seeing something in a store or experiencing a frustration in the marketplace. The idea is based in a genuine recognition of a gap in the marketplace, and a consumer need.
But often when the idea is communicated, in non-entrepreneurial worlds where the majority live, the response is negative.
Those closest to a rising entrepreneur – family, friends, neighbors, teachers, religious leaders -are often the last to support the idea. They fear the risk of beginning a new venture with no guarantees.
They may also be embarrassed to have that one person in the – family, neighborhood, community – who will not do what everyone else says is the right thing to do.
Some aspiring entrepreneurs will get past the negative thoughts and start a business anyway. Others will never be able to move forward.
Unfortunately negative programming leads people to believe that the others are right. If no one you know has ever done what you are proposing to do, you must have the courage to face the unknown. And few hold to that courage.
Where leaders rise
In the entrepreneurial world, leaders are the people who take their business idea and turn it into a viable business regardless of the obstructionists. Courageous entrepreneurs face obstacles, overcome negativity, struggle to find the time and the money, and patiently refuse to take ‘no’ for an answer while making their business a reality in the global marketplace.
The example set by these entrepreneurs has set the stage for many other who eventually follow.
Where followers begin
Followers watch and learn from leaders. In fact, many leaders are also followers, incrementally adding to their knowledge by emulating what other leaders do.
Followers are excited to be around leaders. They have an opportunity to contribute by supporting the leader in achieving a vision that they support.
When an aspiring entrepreneur gets started as a follower, they put themselves directly on the path of leaders. With digital resources that facilitate the ability to follow a leader through articles, videos and on social media, an aspiring entrepreneur can pick a leader they admire, or a company to learn more about, and read, watch, listen and support the leader’s activities.
Followers even go to work for the leader or their company for the experience of learning from a proven success. These learning experiences help the original follower become a leader.
And obstructionists disrupt
What about getting out of the way?
Leaders and followers need obstructionists to get out of the way. Those that try to diminish the work of innovative thinkers, entrepreneurs and investors are limiting their own world.
Obstructionists tend to be those who are trying to slow down the world to suit their purposes. Instead of contributing ideas and inventions to build a better world, obstructionists are trying to hang on to the status quo, to protect themselves, and fading power.
Rising entrepreneurs have to find a way to get beyond the obstructionists and keep pursuing business goals. But sometimes the obstructor is in an individual’s own head.
Overcoming obstructionists, includes surpassing a personal tendency towards limited thinking and negative programming to become the businessperson you really want to be.
It also means overcoming the human need to better than the next person by criticizing other people’s work, plans or dreams while sitting on your own unfulfilled intentions.
There’s no reason to obstruct yourself or others. There is plenty of room for everyone who wants to create a business that adds value to the global marketplace. You can be a contributor who makes a difference in the lives of others by bringing a product or service into the market.
Be a contributor
Entrepreneurs are contributors. Leaders within their own world, followers of other leaders who provide constant daily fuel for the global economy, and hope and opportunity for employees and customers.
As you work on developing your business, keep in mind that you want to stay connected to contributors. Trying to stop others from achieving their stated goals will not make you successful. Neither will negative feedback, comments or bad-mouthing.
Focus on what you are doing, not what others are doing. Stay on top of your plans and dreams, not the activities of others that have no effect on you.
Top-flight global entrepreneurs do not spend their whole day criticizing others? Not if they want to be successful.
They work on continuing to deliver value. They focus on personal development, and meeting and surpassing their business goals. If you turn your own mind on to such pursuits, you will reap the benefit in the rising success of your business.
Contribute to your own life
Contributing also applies to how you run your life. Eliminating obstructionist behavior in business can transform to improving your personal relationships, and the opportunities of your own life.
Focus on positive, individual effort and goals. Focus on what you are doing and how you can make your world better through your entrepreneurial business ideas.
To Be a Contributor:
- People are asked to lead, follow, or get out of the way
- Unfortunately many people choose not to move, they are obstructionists who refuse to do anything but get in the way
- Obstructionists try to prevent you and others from achieving goals by providing negative feedback, or physical or mental barriers to success
- Sometimes that obstructionist is you.
- Perhaps you have been negatively programmed by other obstructionists, or perhaps you like looking for excuses
- To push back against obstructionism, you must be a contributor
- Global entrepreneurs are contributors
- You provide value by bringing a product or service into the global marketplace
- And you reject obstructionism and its many barriers, in favor of having the life you have always wanted running your own business as an entrepreneur
