I know what I am about to say may contradict what you have heard about starting a business, but it will help some of you in the long run. Many people say Think Big when it comes to starting a business. I agree with that concept a little. Yes you should Think Big, but Think Small when it comes to application. Don’t forget about the Think Big vision, but progress to it. This gives you something to aim for. Be mindful of your resources when it comes to application. You don’t want to take out a $20,000 loan for your first business and then get in the business and realize you don’t like what you are doing. And to make matters worse, the business is not making a profit. Some say that all depends on planning, and I agree planning is important but it’s not everything. There are plenty of people that have written excellent business plans yet the business didn’t do well.
My view is Think Small when it comes to application. Think of ways to reduce the cost of starting the business. Try to use the money you
have available. If that is not enough, get
loans from friends and family, but be sure you are putting in your money first (hopefully
most of it). Why would anyone want to
invest in your business if you aren’t even investing in it? If you want to start a clothing store, why not
sell your clothes to friends, at shows and conventions as a vendor first. See how your product sells. See what sells the best before you take out a
loan to get a storefront and pack on overhead to your business. See if you can stay afloat without the overhead
of a lease first. Yes, Think Small!! This way, if you don’t like the business or
there are changes you need to make (usually there are), there will be little
loss. Some professionals would call this
a calculated risk. I call this a Smart
risk. Please understand that no business
will survive without some type of risk.
Why not minimize the risk? That
way if you lose, you lose small and gain wisdom. But if you win, you win in profit and gain wisdom
to go even further. In all businesses,
you will have to grow as you go. I say “Grow
through it.” Just like college
teaches you, so does experience. Experience
101!! So Think Big, but apply Small then
graduate to the “Think Big” vision.