Latest posts by FionaPerry (see all)
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For the true entrepreneur at heart, making your first foray into the world of business is not often something you can remember and explicitly point back to. It’s often not one specific moment of suddenly waking up one day and deciding you’re going to be your own boss and start making money for yourself. When it is spoken of you as a success story, you’ll often find the entrepreneur at the centre of it all is reminded of many instances which depicted their entrepreneurial spirit which they’d personally forgotten about.Your mom might speak of how you tried to naively sell photocopied worksheets you picked up in a rubbish
Your mom might speak of how you tried to naively sell photocopied worksheets you picked up in a rubbish dump, or something insanely ridiculous like that which you’ve since completely forgotten about as part of the long journey which led you to being a successful entrepreneur.
Of all the challenges entrepreneurs face however, and there are many, one of the biggest of these is a lack of access to funding or assets to kick-start your venture. Nobody really wants to invest in someone whom nobody has ever heard of before or someone with no clear evidence of a track-record; understandably so too. This is a particularly big hurdle in the case of just knowing that you have a winning idea, but you neither have the start-up capital to get the operation going nor the infrastructure or assets to set the wheels in motion.
This is when that true entrepreneurial spirit shines through however, because entrepreneurs often find themselves having to take up projects or contracts which aren’t really in line with their main offering, yet they take this work up just to keep the cash-flow going. The trick is to never take your eye off the main goal and subsequently, allow your main offering to suffer, but otherwise there’s absolutely nothing wrong with deviating just a bit form the main offering so as to raise some much-needed working capital.
On the other side of the coin, you often hear of stories of entrepreneurs who were primarily focussed on getting one area of business up and running, and while trying to complete a few side-projects just to keep the cash flow healthy, they ended up discovering a market gap in a totally different niche to what they’d originally intended to grow in. There’s nothing wrong with that either, but the important skill or trait which is common to both these cases is that of being able to create earnings opportunities with limited assets or capital.
Consumers Pay for Convenience
Success as an entrepreneur with very little assets or start-up capital starts with being able to break down the typical supply chain and find a way to bridge the gap between consumer and producer. Consumers do indeed pay more for convenience than anything else. Think about the example of buying a gift. Florist, Flowers for Everyone, is a fine example of this way of thinking in that they deliver flowers right to the doors of consumers. In this specific case, whoever is buying the flowers could very well have gone to the market to pick them out themselves, or indeed even pick them from a garden somewhere. What they’re paying for rather is the convenience of not having to physically go through all those processes, which is where the opportunity lies for entrepreneurs with no start-up capital or initial assets to work with.