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

#business #Sales #Agents #Financial # #finance #Services

+25 Karma if successful
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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

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Damien’s Answer

Hey Marc,

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.

-Damien
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Ingrid’s Answer

You do not. There are many businesses that start small and grow into fantastic operations. One of the key ingredients is customer satisfaction. They will carry you and share your business with others, if they are satisfied with your product/service and customer service should they need to contact you. It's okay to have things go wrong sometimes, but how you deal with it will be remembered by customers. If you focus on putting your best foot forward for the customer, you will do great. The other key ingredient is disciplined management of your financials and for this, you can seek help from professionals such as accountants, if needed. Best of luck!
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Daniel’s Answer

No you definitely do not have to be rich to have a successful business, then again it depends on your definition of "success." My family and I went through a really tough time years ago and my father was laid off. He used his last $2k to start his own business and now grosses more than $600k per year and he's a one man show, no employees.
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Sami’s Answer

Money plays an important role to finance a business since there are some costs that needs to be paid on a regular basis. But money is not the only element that makes a business successful, public relations, customer service and good management are also crucial for any business to grow.
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.
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Michael’s Answer

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
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Glenda’s Answer

Quote Andy Lawson: It's not what you have, it's what you value that makes you rich! Some of the most successful companies have been founded by people with very little capital and lots of determination.
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Wade’s Answer

Marc,

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.
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Glenda’s Answer

Quote Andy Lawson: It's not what you have, it's what you value that makes you rich! Some of the most successful companies have been founded by people with very little capital and lots of determination.
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Kevin’s Answer

Not sure what you mean by being rich? However, the most successful business owners are passionate about their business and will do what it takes to be successful. So, they are rich with the "Can Do" attitude. They take all the necessary steps for doing what they can do easily and get help with the things they are unsure of accomplishing well themselves. So, they do not try to do it all themselves and are still "rich" because they have the wealth of help to become and stay successful.
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Roger’s Answer

Hello Marc,

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

Roger

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Brendon’s Answer

You can start a business with a small sum like $100, or a large amount like$1,000,000. Depends on what the business would require. You should figure out how much you are looking to make with the business. Best of luck, it's not easy to make a go of being an Entrepreneur. Don't become discouraged. The fact that you took the time to ask this question shows that you are taking it seriously. Be willing to make mistakes. Best of luck!
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Bryan’s Answer

No. You can build a business in America with nothing. That's the American dream!
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Guadalupe’s Answer

Hi Marc,

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.

Good luck!
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Jim’s Answer

Sandrine’s Answer is fantastic and I hope you refer back to it often as you move forwards.
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.
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Sandrine’s Answer

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.




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Jackie’s Answer

It certainly helps!

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.
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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.
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Lucas’s Answer

Certainly not. Plenty of companies have started from nothing. Yours could too.
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