How to start a business with no money. Most people think that starting a business is very difficult. They believe that they have to sacrifice their job; they need money to invest; they need to take financial risks; and much more. If you are thinking about all these things in your mind, You have clicked on the right video.
Today we will discuss some principals from a book named Change the Way You Work Forever. The author of this book, who himself has been running a million-dollar software company for 20 years, has shared very useful knowledge to start a successful business.
The author mentions that whenever someone thinks of business, they directly think about making a billion-dollar business like Nike, BMW, Apple etc. That is wrong. The author advises starting a side business first, which is profitable and sustainable and will get you a good side income. Anyone can start a side business easily without giving up their current job or studies. Moreover, it doesn’t require a lot of investment.
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In this book, the author has shared some awesome principles that he has learned from years of experience that have helped people easily start businesses.
1) SCRATCH THE ITCH
Vic Firth, a great drummer for a commendable orchestra group, got curious about an issue. The issue was that no matter which pair of drumsticks he used to play drums, they weren’t the same in terms of density and weight. Because of that, the drum never produces the same level of pitch and sound, which used to irritate Vic a lot.
Finally, a day came when he decided to do something about this issue. Hence, in order to solve the problem, he went to his basement, and after some research, he created the same density, weight, and pitch drumsticks. Later, he named those pair of sticks “THE PERFECT PAIR.”.
Eventually, his drumsticks became so popular that now his drumstick-making company owns 62% of the drumstick market and dominates the market.
Similarly, track coach Bill Bowerman faced some difficulties getting light-weight, perfect shoes for his pupils on the market.
When he didn’t get any of those shoes, he himself went to a local work shop and made light-weight and strong shoes.
Surprisingly, almost everybody liked those shoes, and from then on, the Nike Company started its journey. Now this company is world-famous.
The author of this book started a consulting firm at the beginning.
A time came. When he got to handle lots of projects from different companies, he realized that there was no perfect tool available in the market to manage that many projects.
Hence, he came forward and took action, along with his partners, to create software that could easily handle this project. Not to mention, it was a great invention.
Hence, every company felt a need for that software and started buying it, making their business grow.
Now he is earning millions.
Have you noticed the common point in these three examples? All of them in these examples faced some problems and felt some itch in their lives.
But these problems couldn’t stop them, as they took immediate action to overcome their issues, which made them successful later.
You and I are no different. We are also facing problems in our daily lives. Just figure out how to come up with a useful solution for those issues, and who knows, you might own a million-dollar company.
Your main goal should be to solve a real problem, and it would be best to have your own problems. You will understand your problem better, and chances are you will solve it quickly. While solving others problems, it would be like shooting in the dark.
Video:How to start a business with no money
2) WITH CORE MINIMUM
Let me ask you a question. Suppose you want to do a pizza business.
Now what should you focus on first to convert this idea into a successful business?
Would you focus on decorating the shop, or should you hire employees first?
Well, obviously, your main goal would be to make the best pizza out of all so that customers will come to shop again and again.
No matter how good your shop or employees are, at the end of the day, customers will come for the quality pizzas.
In that case, yummy pizza will be the core of your business.
At the beginning, your main focus should be the core of your business.
But most people take the wrong action and put their all focus on energy and money or on other things instead of their core.
Focusing less on the core is not a wise decision.
For example,
The author had just focused on the core and invested very little when he started his business.
Instead of having their own office, they used a shared office space.
They could have used more servers. But they used only one good server.
They themselves did the work of customer support by answering mail and making calls.
Similarly, you should also focus on the main thing, not on nice-to-have things.
Having a quality degree is so nice, but you don’t necessarily need a certificate because nowadays one can learn various things from Google and YouTube.
It’s not bad to quit your job for a complete focus on business. Bit still you can handle both of them by not wasting time on useless tv shows, social media or on procrastination. Just get on work. Rest will follow.
It’s not always true that if you want to start a business u need to take an investment from outside.
Because It’s not impossible that you create something awesome at home with free and cheap things.
Don’t forget that today, in this era of technology nothing is impossible.
Things that were tough earlier can be done easily with the help of computer now.
Hence ask yourself and write it down what are important things that you need to start a business.
After that check the list again if you seriously need those things or not.
You can also use alternative cheap things for your first step.
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3) Fight Passionately
When you finally start a business solving a certain problem the question arises how will you stand out. How will u make others choose your business?
Well the best way is to compete with your rival brand.
Example,
Have you ever heard of Dunkin Donuts? They used to market themselves as anti starbucks.
They made sure to present themselves as the opposite of starbucks.
example,
They never gave fancy title to their cups unlike Starbuck.
They even had a website named dunkinbeatsstarbucks.com where visitors send cards to a real friend in order to prevent them from wasting money on starbucks etc
Likewise, Audi advertised themselves as anti-old luxury cars.
They would often make fun of Lexus Mercedes brand in their ads. And state that they are unlike them
Recently I saw an ad of 7 up, a Pepsi company brand where they said today’s generation is unclear of everything and we are just like them. By making such ad they are challenging a cocacola brand named sprite where they say completely opposite of 7up.
You will often notice that like these two other companies are also competing one another. Why?
Because they know that people like to take side and when we are on a particular side we get attached to them emotionally.
Therefore, when you mention your beliefs and challenge the opposite side then that will automatically attack those who have the same belief as you. They will support you and use your product.
4) WITH LESS
Harvard Cambridge, one of the best universities in the world never opens more brunches in different countries even if they easily can. Why?
Because they know It’s wise to compete with few. They know if different brunches are opened in other countries their quality and image will not be the same.
Many businesses are busy in competing with numbers.
They think they need to have more to be the best, they need more employees in office, they need more feature in the product and what not.
For example.
Most of the restaurants think having more food items in their menu will bring more customer.
Author mentions that such thinking is not right.
Author went to two coffee shops near his house. First coffee shop had a huge menu having different types of coffee. He used to get confused choosing one every time.
Still he tried almost every coffee but none of them appeared good to him as the quality of these coffee were not so good.
But in the 2nd shop, there was only 4 types of coffee in the menu from where author could easily choose the coffee. The best part was that the quality of the coffee was awesome since they used to focus on only those few items more and as a result the author started going there more and more.
You will see people repeating the same mistake. If their rival gives 2 features in their product, they will give 3. If competitor adds 3, they will add 4.
Hence, they can’t concentrate on developing the quality of remaining products resulting in loss of profit
By focusing on few things and Its quality one will be competing with big fish.
They will become successful for focusing on quality not on numbers.
hence even you must compete with less at start by this you will save more money, will have more profit and soon you will face success
From These 4 principles one magic sentence is made which you must memorize.
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Aside from these 4 principles author has reminded us something awesome.
According to maximum people we must learn from failures but author says we can never learn what to do from failures, what we will learn from them is what we Shouldn’t do.
Author advices us to learn from success and we should follow them who are already running successful business only then we can be successful.
The main goal of Rework is to reduce your failure chances. Rework is an amazing book.
According to Billionaire Mark Cuban, if 2 people come for investment, he will invest on the one who has read this book rather than the one who has MBA.
If u want to buy this book or want free audio book of this book, link is in the description.
It was just a trailer. To watch the full video please find link in the comment and description section.
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