4 answers

To have a successfull business do you have to be rich?

Updated Bridgeport, Connecticut

4 answers

Michael’s Answer

Updated North Attleborough, Massachusetts

You do not have to be rich to run a successful business! Many large businesses start small with little funding. Additionally, start up companies usually are not funded by a single rich owner. Instead, companies begin by raising money from investors and taking out loans. If you wish you to one day become a successful business owner I recommend you first find what you are interested in. In the article Why Interest is Crucial to Your Success by the Duke Today Staff, they mention success increases as people do activities they both enjoy and find personally significant. This shows that being interested in your business is one of the most important parts of your career. Additionally, remember that anything worthwhile may be challenging. Make sure to stay positive and focus on your goals!

Michael recommends the following next steps:

  • Find what interests you
  • Research your industry
  • Make a plan
  • Work with your team to execute the plan
  • Review your work and make improvements

Sandrine’s Answer

Updated Austin, Texas

Hi Marc, how are you? That’s a very good question, and my answer is no, you don’t need to invest tons of money to start your own business and to be successful.

In the other hand, get all the technology you need to build your web site, your marketing and your finance analysis and to print your documents.

Be passionate about you are planning to create because you’ll dedicate a lot of your time into it. Believe in you and surround yourself with smart mentors ( 3-4 persons).

Be organized and plan step by step the evolution of your business, it will give you a fresh different angle as you go along.

Within the next 3 years you need to be patient, you are building the foundations of your business first, then the money will come steadily. My advice? Get the pricing right don’t try to be a millionaire on the first year - patience is a virtue.

Don’t hesitate to contact me anytime you feel like it and to share your story.


All the best Marc,

Sandrine M.




Sean’s Answer

Hi Marc,

Like Michael said, you absolutely don't have to be rich to have a successful business. Most small businesses start out by taking out loans (debt) or pooling funds together with others in exchange for ownership in the company (equity). What you do need, however, is persistence and passion. If you are a business owner, your work overlaps greatly with your life. Because of this, you need to be passionate about what it is that you are doing - it's this passion that trickles down to the staff and ensures that customers are kept happy. If you are apathetic about your cause, this attitude rubs off on everyone at the company. You will also need to be persistent enough to overcome the issues that arise when running your own company. There will be a lot of things that do not go as planned, but if you are willing to accept this and meet the problems head on then you will be poised for future success.

I hope this helps!

Sean

Alexandra’s Answer

Mark, you have certainly asked a loaded question. You do not need to be rich to start a business and be successful, but you would need some money to get started. If you currently work and would like to quit your job to focus on your business, you would need to have some savings to support yourself before your business "takes off". Alternatively, you can start your business while having a "day job" or a part-time job that helps out. But the most important thing about your business would be to have a great business idea and to do something you are good at. You can also look for people to invest in your business if you prepare a good case about why your business is a good investment. I will provide some steps below about how to approach investors with your business idea.

Alexandra recommends the following next steps:

  • Think about what makes your business unique
  • Estimate how much money you need to get started: is it 10,000 or 1 million dollars?
  • Build a presentation that shows where you will be in 5 years. What will your business have accomplished?
  • Speak to family and friends and look for other people who may be interested. Consider having a business partner or partners.