BIZ TIPS FEATURES STARTUPS

Three Important Tips on How to Build your Startup Without Selling your Freedom

 

I once asked an inspiring young entrepreneur if he built his business himself or he had investors. He told me that he built it all by himself because he never liked the idea of taking loans or depending on anyone. He has always loved being independent as much as he loved being his own boss. I really appreciated his point of view and wish more entrepreneurs could think like him. I have heard stories of investors kicking out the founders of companies simply because they feel they are no longer satisfied with his input. Doesn’t it sound strange for one to be kicked out of his innovation? Investors are akin to distractions and the lesser the distraction, the more chances of you focusing on what you really need to grow and expand your business.

Let’s look at some ways to build your company without having to sell your freedom:

Start Small

You can start small by saving up for the business while you are still working. The fact that you want to own your own business doesn’t mean you should jump out from the one you are earning from; believe me, that’s a recipe for disaster. You might think that those long hours of work are hell but watch as the money you have saved up goes down the drain in less than a month after you quit, and then you will determine which is more hellish. Rather than quitting your job upfront, why don’t you start the business as a side project alongside your job? Dmistry Gerasimenko, the founder of Ahref worked on numerous projects while he was still an employee. He had actually used his salary to pay other developers to develop projects for him. He finally quit his job when he realised he was earning more on his side projects. You don’t need to quit that job before starting your own business, the two can actually co-exist. It only takes focus and determination from you to make it possible.  When you can do this, you would be able to grow a business that can function even without you being physically present.

Be Profit Driven

This entails spending less than you earn. When you do not have investors, you know it is up to you to generate capital to sustain your business. Some entrepreneurs tend to waste money on things that are unnecessary because of the pressure investors mount on them to achieve exponential growth. They hire more people than they need to do the job and fire them at the end of the day which is a clear indication of irresponsibility, which no one would like to associate with. Those who do not have investors are only profit driven. They do not need the unnecessary public show. They are constantly cutting costs and looking for ways to achieve their goals without wasting resources. When they are able to do this, they can find time to do other pleasurable things such as going on vacation or hanging out with family and friends.

Build From Anywhere

You do not have to be located in a metropolitan city before you build your business empire. That is the wrong notion people have and this tends to either delay them from starting a business or drains their startup capital due to the costly office rents of the metropolis.

Focus On Creating Values

Most entrepreneurs do not have the patience to create long-lasting values that has the capability of even outliving them. They just want their product in the market. They do not want to realise it takes persistence and consistency to create a product of true value. Most successful businesses you see today have a life span of over ten years of silent growth. You do not need publicity for your business; you need values to ensure customer loyalty and retention.

When you are able to put all these in place, entrepreneurship would be far more rewarding and smoother than you thought it would.

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