It is not all businesses that require money ( or a large sum of money) to start but many people don’t realise this. This is not to say that nothing is required. But it is common to presume that a person who thinks of making money should be ready to spend a little amount of money for expenses like transport fare, telephone calls and other things that may relate to initial search for what to do.
One best way to commence when you have no money for entrepreneurship is “commission business”. By this, it means any business that involves working for an individual, or organisation for the purpose of earning commission (this is not the same as employment).
The entrepreneur that goes into commission business, applies completely his/her wealth of experience, knowledge and creative thinking to earn some commission (usually viewed as his/her “profit”). Money so earned when invested with skills, experience and creative thinking in a private business venture results in a start-up.
There are various examples of commission businesses in the world including: daily contribution business, sale of goods for large firms, marketing services on commission basis, etc.
Another way of starting a business without much money is applying directly acquired skill to business on a very minimal scale. There are individuals who have some good talents but have failed to realise it or develop it. Many businesses can be done within the confines of your home. The money earned will be in a small scale, but if saved overtime, can be applied to a startup and nurtured to a full grown business venture.
The principles guiding success in this approach include:
- Attempt to grow up, do not jump up. If you grow up, you are likely to stay up. But if you jump up, you are likely to crash down.
- Maintain a lifestyle focused only on enabling the growth of your business.
- Always seek ways of achieving a decrease in your liabilities and an increase in your assets.
- Avoid all excessive, unnecessary expenditures that cannot in any way be described as investment.
- Cultivate the habit of keeping records – record of ideas and of transactions.
- Set out at least an hour everyday for critical thinking.
- Embrace innovation – the entrepreneurial process of creating new resources and capabilities.
- Be a manager.