If the answer is no, what are some ways that can get a business started? I am currently a student working from pay check to pay check. I always wanted to have my own business, and at the moment I would like to start soon, and begin making some money. It would be nice especially after graduation when I have to start paying off school loans.
6 Responses to Do I have to have a lot of money and good credit in order to become an entrepreneur?
More than anything, you need to be SMART.
If you have no money, then you need to know where to find it. You need to know how to use other people’s money. You need to learn how to bootstrap your business and grow it more slowly.
Good credit helps if you are trying to get a loan from traditional financial sources such as banks or even the SBA loans.
You need to know what your business is — what affects it, who are its customers, and how do you reach these customers. You need to understand what it entails. You can’t expect to start an upscale coffee shop when you don’t have any resources available and can’t find financing elsewhere; or if your location is low income area.
I suggest you check out the following books:
– What No One Ever Tells You About Starting Your Own Business: Real Life Start-Up Advice from 101 Successful Entrepreneurs
– If You’re Clueless About Starting Your Own Business and Want to Know More
– Start Your Own Business : The Only Start-Up Book You’ll Ever Need
-Steps to Small Business Start-Up : Everything You Need to Know to Turn Your Idea into a Successful Business
Don’t invest any money. Read this free ebook available here
i read this week about a student .. i think it was from duke U that basically made himself homeless to see if it was possible to live the American dream… in 1 year when he end the test.. he went from $10.00 in the bank and homeless to having an apt. car and $5000.00 in the bank…
why am i telling you this story.. it is all about what you put in to it… UPS /FED EX have part time jobs listed in the paper for $210.00 a week part time with health insurance… 1 year doing that not spending the cash puts $10800 in the bank…
how much do you want it? what product are you suppling.. what service… it isnt other people that pick this for you.. it is you that pick the way you go in life
Answer: No. Not all entrepreneurs came from money, good credit, etc. History has already painted your answer.
To get a business started. Hmm, first I have a blog with a lot of useful information. It’s written for entrepreneurs:
My site is about learning, growing, and thinking like an entrepreneur. My company is a web development company.
The first thing you need to do is educate yourself both in what your line of work will be and marketing. I say marketing because that’s basically what an entrepreneur is, a marketer.
Buy Seth Godin’s book, Purple Cow. You can buy it at Amazon. It’s well worth the money.
What you really need to do is think about what you want to do. Usually the best thing to do is whatever you would do if money wasn’t involved (i.e. a hobby or something). Don’t concentrate on making money right away (but don’t ignore it). Do what you love, do it well, and the money will follow.
There’s an area in my website I maintain called the Relax Cafe. You should check it out.
I’d be glad to help you in any way I possibly can. Just post in my forum any questions. If I can’t answer them, I’ll find someone who can.
As far as credit goes, here’s a credit repair page I wrote to help you fix that bad or no credit:
To find more help, one of the best entrepreneur help companies out there is S.C.O.R.E.
Hope this points you in the right direction.
John
Hey and congratulations on your decision to start your own business! I’m not sure what type of business you’re looking for but I’ll leave you a link to the business I chose.
Good luck in your search & Create Success!
Shannon
Hi, I’d love to share the details about my business with you. I’m a designer with Latasia Jewelry…it is a fantastic, small (but growing!) company. I love the products, the people are great and the commissions are super! I can even help you get started for free. If you’d like more info, you’re welcome to visit my lens at
My contact info is available there, or you can contact me thru yahoo answers and I’ll be happy to help you any way that I can!
Good luck with whatever you decide!