How To Exploit The Power of Broke to Succeed in Business
It is amusing how people are not willing to spend 4-5 years building a business, while they spend 40 years miserable and broke in a dead end job. With that said, having a job is a privilege. However, if you are not growing, the least you can do is find another or figure out how to succeed in business.
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Before you rush tell your boss to shove it up their ***, you probably need to come in terms with the realities of the business world. Unless you are among the lucky few, who are inheriting a family business empire, you have to work from the ground up.
How To Succeed in Business: Living on a Tight Budget!
Congratulations, for being among the few who have the guts, act on your one out of a million investment ideas. There is a small problem though; you are working with a tight budget if not empty pockets.
In fact, the only thing you have is time, wanting skills and the hunger succeed in business. What if I told you that the hunger for success can become one of your greatest assets?
The power of Broke
As strange as this may sound, being broke can turn out to be your greatest competitive advantage depending on how you play your cards. Here’s why?
Being broke means that you are desperate and have got nothing to lose. This also means you’ve got everything to gain. Here’s a fact, if you have to succeed to survive, succeed you will.
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If you don’t have any money to throw at the problem, you are forced to think creatively and work twice as hard. You also spend every second of your time relentlessly applying the last ounce of your passion on your idea.
You try to leverage any available resource. More often than not, determination and ingenuity are all that is needed to succeed in business.
This is a Survival Plan
Most people want to know how to succeed in business without really trying. Understand that having money and other resources can get you some great competitive advantages when starting out. If it turns out you don’t have such resources, it is time to turn this situation into your silver lining.
Though a business plan is important, what you really need is a survival plan. The mistake most people make when starting a business with limited capital is they want to make huge profits too soon and too fast. When these profits don’t come as fast as they want to (they usually don’t), they despair or quit.
Read: 6 Deadly Mistakes That Cause Young Entrepreneurs To Fail
What you should be focusing on is making enough to keep the lights on as you grow your idea. When working with minimal resources, you have to work harder, smarter and longer than everyone else. The extra legwork will not only enhance your skills but also enable you to spot opportunities to exploit before others catch on.
You Will Need Help To Succeed In Business
Help does not necessarily mean getting funding from investors. You will make a lot of mistakes in the startup phase. So, the bigger your capital, the more expensive your mistakes will be.
The beauty of the power of being broke is that it allows you to experiment because you can afford to make mistakes. Moreover, you will not have investors breathing down your neck to grow their money fast.
Even if you succeed, you are likely to need more money to fund the growth. Which mean having to find more investors. In the long run, you will have other people running your business or even end up being locked out.
Help, in this case, means mentors. Those that have succeeded and failed in your line of business. Once you have armed yourself with the right information, pursue your goals with burning passion. Avoid the mistakes you can, and try to recover fast from the inevitable ones. They are often meant to set you on the right path.
Look At The Bigger Picture
No matter how many times you fail, get back up fast, with a different better strategy. Continuous change and improvement has to be part of your DNA. An opportunity is seeing a problem, and then having a solution which includes your products or services. As such be willing to set out in your own unique path while you remain authentic.
You have to invest in yourself and believe in yourself, your service or product, else nobody will. To help you achieve this you need to look at the big picture. Ask yourself these questions: ‘Where do I want to be or your brand to be in 10 years time?’ How would ‘the successful me’ be doing the things I am currently doing? Then do exactly that.
Using The Power of Broke To Succeed in Business
The power of broke can work for anyone in almost every kind of situation. However, don’t be mistaken to think that it is an automatic advantage. It entails making conscious decisions and actions by leveraging on the will that comes during desperate times. Tapping on that need to survive while you relentlessly try new ideas and approaches is what will bring you success in business.
