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!
Like many others have posted here, you don't need to be rich to run a successful business. I believe that you do need to be passionate about the industry your business is in and be ready to face many challenges, since running a business can be very unpredictable.
I recently read a book, titled "The Hard Thing About Hard Things", by Ben Horowitz. If you're thinking about starting your own business in the digital age, I'd highly recommend giving it a read (or listen if Audible is your thing). One of the key themes is to place the right people in the right place at the right time. In this regard, I'd say that a key component to running a successful business is understanding what type of people you need to make it successful and being laser-focused on filling those roles.
A lot of companies have started as a small office in the garage of the house, and with determination and commitment they've attracted funds and investors and now they are worth billions.
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:
You do not have to be "rich" to begin a business; you do need some money, how much depends on what kind of business you want to have. What you need most to start a successful business is a great idea or product that solves a problem for a lot of people.
From personal experience I can say the answer is no.
If there is one thing you need is: Thrive and Grit.
My father did no go to college as his single mother could not afford it. He was not the smartest kid on the block (still isn't) but he had a clear Goal.
- Retire as soon as possible
He set up a business, it failed , he set up second business it failed again. His third business was small (2 employees) but allowed him to start saving good money. He lost most of his savings during the 90's recession. He learnt from the mistakes. Must importantly, he kept going and retire at the age of 50.
Hope that helps and good luck
Absolutely you don't have to be rich to have a successful business.
Most small businesses start out by taking out loans (debt) if necessary. You need to be persistent, patient and focus in your ideas.
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 have noticed over my career some very successful business starts up do fantastic because the person or persons starting them have no options but to be successful and are driven to reach their goals.
Pouring money at something doesn't mean it's successful. It just means you spent a lot of money.
Good luck in your venture and my best wishes to you and a successful career.
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,
If you have great ideas, there are ways to raise capital to support your dreams, build a business, and be successful on your own. Everything from Shark Tank and VC funding to small business loans. Your role is to stay focused on your product, it's mission, and how it will help others and then you can read business books to learn how to get the money part figured out.
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: