Should you have savings before starting a business?

Let’s Talk Business Accounting and Finance Should you have savings before starting a business?

  • Post
    Simon G Little
    Participant
    I’m wondering what you guys did when you started your business. How did you manage your money? Did you use credit or find friends who could help? Or ask your parents or something like that? Or did you save like crazy until you had enough money to carry yourself for a bit.
    0
    0
Viewing 6 replies - 1 through 6 (of 6 total)
  • Replies
    Dave Sitalis
    Participant
    I’m a believer in having everything you need to be self sufficient. No bosses that way. No one watching everything you do, judging, etc. You can do things you way, and take the chances you want to take without judgement of others if you fail. Everyone fails. The most successful people probably failed the most having taken the most chances. Not having to worry about someone second guessing your decisions frees you in ways you can’t get when you use someone else’s money. If you can do it yourself, do it yourself.
    0
    0
    Julia Merrace 
    Participant
    This obviously depends on the business. What business are you in?
    0
    0
    Simon G Little
    Participant
    My company focuses on marketing and content design for other companies. We help to market and promote companies brands through print and digital creative content, website development, and strategy.
    0
    0
    Marius Kent
    Participant
    You don’t need a lot of capital for a business like that. Mainly you just need time and experience. You’d need a nest egg to make sure you can support yourself until you start to see revenue from a few customers – basically until you get things rolling. Good business to be in if you can get that going, and if you’re good at it.
    0
    0
    Akshay M
    Participant
    I often wonder when this question arises whether this wayof thinking itself becomes a limiting thought and thus contributes to a lack of success. Surely the path of the Entrepreneur is to break through the limitations, who says you need savings to build and are you really likely to be successful if you don’t step out of your comfort zone and solve problems because you have to in order to succeed? When you look at the studies of successful people were they generally the people that saved up enough money for a few years just in case it didn’t work or did they put their hearts and souls on the line to bend the universe to their will? If you are interested in looking at alternative thinking to the one implied in your question feel free to message me I have a number of complimentary training videos about how to build financial freedom
    0
    0
    Simon G Little
    Participant

    I often wonder when this question arises whether this wayof thinking itself becomes a limiting thought and thus contributes to a lack of success. Surely the path of the Entrepreneur is to break through the limitations, who says you need savings to build and are you really likely to be successful if you don’t step out of your comfort zone and solve problems because you have to in order to succeed? When you look at the studies of successful people were they generally the people that saved up enough money for a few years just in case it didn’t work or did they put their hearts and souls on the line to bend the universe to their will? If you are interested in looking at alternative thinking to the one implied in your question feel free to message me I have a number of complimentary training videos about how to build financial freedom

    That’s an interesting way to put it but normally these people had some sort of funding in order to reach their goals, right? I don’t think I would see it as a limiting way of thinking just a safety net because no mater the amount of heart and soul I put into it, there will still be limitations that I will face without having that basic foundation.

    1
    0
Viewing 6 replies - 1 through 6 (of 6 total)
  • You must be logged in to reply to this topic.