Entrepreneurs are the risk-takers in life, right? They are limited to the all-or-nothing types who are okay with dumping their life savings or taking out monstrous loans to fund their business, live or die.
Wrong.
Entrepreneurs are perhaps more confident and independent, if anything. Bold, maybe. There are lots of words that can possibly describe most entrepreneurs. And yes, some are risk-takers. There certainly are no shortage of those who have tapped into their life savings, retirement funds, and taken loans to get a business started. But I’m here to tell you that’s not how it has to be. Your entrepreneur expedition can be started mostly risk-free, and it can be done by anyone. Let’s talk about it.
The (Not-So-Risky) First Steps
First off, your business will only ever be as good as your plan. You’ve got an idea, that’s why you want to be an entrepreneur to begin with. But how do you make your idea into a formidable business? This is where you invest a lot of your time thinking, whether you take your computer to the local coffee shop at 6 am before work (hopefully not Starbucks, support local business!) or sit up late losing sleep at 2 or 3 am fleshing out ideas. Trust me, this stage is exciting! Your brain will stay on 24/7 and you’ll catch a great idea in the depths of night. Embrace it. Love it. Welcome to the journey.
This thinking/planning stage is also where you will want to begin forming the foundations of your team. I am a huge proponent of starting a business with help. Two heads are better than one, right? Find someone who believes in your vision and is willing to work with you for free or based on retainers. This sounds hard, but it’s not. There are plenty of people out there who would be interested in working with a startup for little or no compensation based on the idea that they will likely get greater returns in the future and, honestly, because business strategists and advisors love doing it! I know everyone on my team does, at least.
Once you get your plan down to a point where you can start trying to gain some ground, make a budget and get capitalized. Budgeting for hypotheticals can be daunting, but if you have a solid understanding of your plan and what it takes, then it is certainly doable. And of course, budgets are made to be altered as time goes on.
The Risk-Free Way to Find Money
Once your budget is created and you know how much money you will need, get that money! This can be done in a variety of ways. If you have money that you have saved that you are willing to lose, then that is a good start. This can be the money that you use to cover the most immediate or basic expenses like any software you might need, paying advisors or assistants, paying a marketing team, etc. You can also seek loans or investments from friends, family, or other outside parties. I have found that people are traditionally more conservative with these types of funds because of the nature of them and most people are going to stretch them further. It also, and more importantly, takes some strain off of you to get things going.
If you can outline your ideas and make advancements to where they make sense to potential investors and can show your enthusiasm and excitement, you will be able to raise the money that you need to make your dream come true. With the right team and effective capital raising, you can really kick off your entrepreneurial expedition the right way and bring your new exciting products or services to people’s lives as quickly as possible. It may not be easy, but it will be well worth it.
