Blogs of Note for the Week Ending February 27, 2015
Every day I learn something that advances my leadership knowledge and competency. Here are quotes from 5 blogs that got my attention this week. I don’t benefit from reposting any of these posts. Sometimes, I don’t even know the writer. However, I do read and personally grow my knowledge by reading posts that challenge my thinking and get me to think outside my old paradigm. It’s not important that you agree with any of these writers. It’s only important that you think. I hope you will find some new sources of inspiration with these posts. Here’s the next group of 5 in the series:
How To Finance A Small Business
Have you been dreaming of starting your own small business? If so, you are not alone. Many people want to go into business for themselves. Unfortunately, the thing that usually holds them back is not having enough money to get the business off the ground. This lack of financing has killed many small businesses before they even get started. Fortunately, today’s world offers many ways for entrepreneurs to get financing for small business ventures.
Here are some ways for you to finance a small business:
1. Friends and family.
If you have some close friends and family who are willing to loan you some money to get your business started, this is always a good way to go. Because they love you, these people will not be constantly calling you and demanding an installment payment for the money they lent to you. They will more than likely give you all the time you need to pay them back. Also, they will probably not charge you any interest on the money they lend you. This fact alone will save you an enormous amount of money.
2. Small business loan.
4 Things U.S. Business Owners Can Learn From Their Counterparts Around The World
There’s a lot of advice out there for entrepreneurs, along with common misconceptions touted as conventional wisdom. In his book, “The Real Truth About Success: What the Top 1% Do Differently, Why They Won’t Tell You, and How You Can Do It Anyway,” author Garrison Wynn reveals that the top 1% of successful business people let myths about success persist. So while this isn’t reassuring — and Wynn offers some good insights on what to do — I propose we look beyond our conventional sources of U.S.-based business coaches to more global perspective while asking ourselves an uncomfortable question: “Why is the success rate for businesses in the U.S. so low?”
8 things to do before launching a business this year
A booming business isn’t born overnight. It takes patience and hard work to lay the right groundwork. Whether you plan to build a mobile app or digital media consulting group, here are eight things to consider as you get ready to launch:
I think the sign of a good entrepreneur is the ability to spot your mistakes, correct quickly and not repeat the mistakes. I made plenty of mistakes.
Below are some of the lessons I learned along the way. If there’s a link on a title below I’ve written the post, if not I plan to. The summary of each posting will be here but the full article requires you to follow the links.
Bootstrapping Organic Growth Makes Startup Sense
When someone asks me for the best way to fund a startup, I always say bootstrap it, meaning fund it yourself and grow organically. Bootstrapping avoids all the cost, pain, and distractions of finding angels or VCs, and allows you to keep control and all your hard-earned equity for yourself. Despite all the focus you hear on external investors, over 90% of startups today are self-funded.
I grew to appreciate this approach much more when I interviewed a popular serial entrepreneur, Rich Christiansen a while back, who has done almost 30 businesses wholly by bootstrapping. He published a book with Ron Porter, titled “Bootstrap Business”, that provides a wealth of practical examples and advice on this subject.
The essence of his approach is to dedicate yourself to becoming a frugal minimalist in everything you do. I like his approach, and have extracted some tips from his book and other sources on how to do it:
- Use a virtual office. Rent is one of the biggest expenses for any business. If you can, start your business in your home office, basement or garage (Bill Gates, Steve Jobs, and many other legends used this approach).
The Transformational Leadership Strategist TM