by Calvin Cox on September 27, 2012
A lot of startups fail because they don’t get a chance to succeed, not necessarily because of a bad idea or business plan or product, but simply because of two main things.
TIME & MONEY
By definition, most young entrepreneurs have two things in common – lack of money and lack of time to make money.
A new Idea or business needs time to develop and the resources to ensure proper execution of the idea.
Without those vital components available, your chances of success dwindles dramatically.
So the question is – how do you get the money (without going into debt of course) and time to effectively execute your business idea.
GET A JOB !!!
Preferably a job that will allow you to still have time to work on your business. Getting A job allows you to make the necessary money required to assist with your business startup cost as well as your living expenses. Having said that, in order for this to work you’ll need to keep your business expenses to a minimum. Too much overhead i.e. marketing team of 5, website design team of 2, branding and logo design team of 3 and and a financial analyst does not add up to a shoestring budget.
Getting a job also allows you more time to perfect your idea by relieving the stress that comes from needing to make money fast to pay your even(11) man dream team.
with money and time concerns out of the way and the reduced stress from not having to worry about paying your employees – you can now focus on being creative to do what’s necessary to produce a product or service worthy of success.