Home > Alex, Core Business Skills, Innovation, Strategy > Starting your business is someone else’s business

Starting your business is someone else’s business

The title of this blog post is a paradox. On one hand, trying to start a business is a personal adventure, marked by high aspirations and a notable lack of funds. On the other hand, some entrepreneurs figured out that helping other people to start their business can be a business in itself. And that fact adds complexity to the whole process. Our would be entrepreneurs have to distinguish between people who offer genuine help or good value for the money they ask and people such as themselves, who are just starting their business and at the moment cannot truly help would-be entrepreneurs.

For example, you find a person who was able to start a somewhat successful startup and pay them $300 to speak  your event (or even better: get them to do it for free to promote their business), you rent a room for 3 hours ($300), arrange catering ($200), advertise ($200) and sell tickets to 40 wannabe- entrepreneurs for $50. The profit is $2000-$1000=$1000. Considering young entrepreneurs are very eager to chase their dreams, and are more than willing to pay $50 for a promise of networking and “startup tips”. But the real question is do you get value from your money? Or are you draining your start-up funds and waste the most important resource: your time?

I would argue that an entrepreneur should pay only for tangible services like legal services, marketing services, or technical expertise. Networking clubs and startup tips can be found online and for free. The mere fact that someone fills the room with entrepreneurs does not mean that this event will give you the solution to your business, most likely it will leave you $50 short and wanting to pay for other events of this nature. The point I try to get across is that other people made it their business to sell services to people who seek to start their business. The lesson that many entrepreneurs forget is that some people are not trying to help you, but to make money from you. But as an entrepreneur you must be frugal, since your resources are very limited.

Check this website for more startup tips http://frugalentrepreneur.com/

Source: Cartoonstock.com

Alex

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