Capital is a multidimensional term; That is, several different meanings can be attributed to it. Sometimes capital means money and sometimes it means the tools, tools and equipment that we use to make money. Sometimes capital means inner possessions; An option that depends only on individual effort and nothing can threaten it.
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The largest businesses are started with low financial capital and very large individual capital. But how do you balance these two types of capital and start a business using them? If you stay with us until the end of this discussion, you will find the answer to this question.
Christopher Rice, Author:
Every day is a bank account and time is our currency. So no one is rich and no one is poor. We all have equal time 24 hours a day. It is important to know what we do with our real possessions.
How much capital do you have?
“Knowing is an ability,” said a great man. How much do you know about yourself, what you want to do, where you are now and where you want to be in the future? As we said a moment ago, capital has several meanings.
For now, let’s focus on just two meanings; That is, financial capital and internal capital. The best helper of a questioner is pen and paper. So, pick up a piece of paper and start a full-fledged exploration of your assets.
I suggest splitting the sheet into two parts. Dedicate the larger section at the top of the page to internal capital and the smaller section at the bottom of the page to financial capital.
In the first step, determine the exact amount of your financial capital. It does not matter how much money you have. It is important to have a relative understanding of what you have.
After writing the financial capital, it is time for the internal capital. What abilities do you have? What trainings and skills have you acquired? What are you good at? You may also need help from those around you to know about these substances.
Do not rush to fill in this section. Try to use what you have in your bag to start a new business. After writing this sheet, the companions of this article are divided into four groups:
- Those who have low financial capital but high internal capital.
- Those who have a lot of financial capital but little internal capital.
- Those who have little financial and internal capital.
- Those who have acceptable financial capital as well as internal capital.
Starting a business with low capital
By the end of this discussion, we will provide suggestions for all four groups. Your journey is long and full of various adventures. So you need to prepare the right backpack for your trip. We will help you pack your travel backpack. But remember, it is always up to you to follow the path.
1- Offers for the first group (low financial capital and high internal capital)
Look for ways to get started with less capital
When we have little capital, the first thought that comes to mind is to increase it through borrowing or borrowing. Of course, if we have a very good idea, we will also think of a way to attract capital. But low financial capital is not always a bad thing.
In fact, billions of dollars will not be enough to get you started if you do not know what you want to do. So get rid of the idea that you can not start a business because of your limited financial capital.
The web world is a great platform for working with little capital. It may be best to think about starting a new business based on your skills. There are many options before you.
For example, freelance in various fields, affiliate marketing, content production and monetization through advertising or subscription (whether on the website or on social networks) , online training of skills as a package or online class, consulting in various fields (financial, educational And a summary of any field in which you specialize.) Etc.
Remember, you will only find the answers when you look around.
Have a small start
When faced with financial constraints, it is best to follow a “small start” strategy . Of course, before you start small, you need to use marketing research to understand the size of the industry you want to enter. Then make your own plan. Small start refers to both quantity and market.
Let me give you an example. For example, if you want to start a book-selling business – after examining the market – consider age group A (children who are not going to school yet) . Again, you can make your work smaller by subject.
For example, focus only on books that teach the alphabet. That way, you can plan a small start-up for your big business.
2- Offers for the second group (high financial capital and low internal capital)
Apply your skills to your head and ears
In the words of American writer and philosopher Ayn Rand , money is just a tool; Like a powerful car. It will take you where you want to go, but it cannot replace the driver of the car.
Starting a business with little capital – especially if that small capital is internal – requires calculated steps. In fact, improving your skills is the key to success in business. Especially if you are working on increasing your financial skills, such as accounting or investing.
Remember, no matter how big your current capital is. Because if you do not have the knowledge to manage and increase your capital, you will lose it very soon.
Increasing your marketing and management skills is an integral part of your training process. Because when you can manage yourself and your current capital, in the future you can take the helm of your employees and your massive capital.
Henry Ford:
If your hope is to reach the needy with money, you will never reach the needy. It is only through knowledge, experience and competence that a person’s security in the world is ensured.
Use different sources
Sometimes young entrepreneurs make a small but very effective mistake in improving their skills. They think that focusing on one resource alone can meet their needs.
For example, they limit themselves only to books and are deprived of understanding practical experiences that are only possible by attending training courses. The right way is to participate in quality and prestigious courses and not miss the opportunity to read good books.
3- Suggestions for the third group (low financial and internal capital)
Working with little capital is what you are really facing. But there is no need to worry. All you need to do is take action to increase these two assets.
Do not be afraid to make mistakes, fail and even be ridiculed. Start your engine and strive to grow as someone who has nothing to lose.
The interesting thing is that if you focus on increasing your internal capital, you can soon find ways to increase your financial capital. According to Benjamin Franklin, investing in knowledge is the best return!
4- Offers for the fourth group (acceptable financial and internal capital)
What is holding you back is not following the formula for success. In fact, you are also involved in working with low capital. But this lack of capital indicates your inventory of motivation and purpose.
The formula for success will help you turn scary goals into practical steps and move forward. This formula consists of the following three parts:
- Target
- Strategy
- Action
Do you have a goal for yourself?
Having a goal is the only way to move forward, keep going and win. Without this brilliant gem, you will be lost in the mass of work, and by acting in the wrong direction, you will waste your capital and exhaust your soul. If you do not have a goal for yourself, you need to take two steps back.
These two steps include the following:
Find interest
This search is probably the most crucial thing in your life. Many of us do not know what we are interested in. In this situation, like a lost child, we get confused among the favorite things of others.
Finding your favorite job is the path you must take yourself. Remember that in most cases, your favorite job is closer than you think.
This means that you do not have to be too far away from yourself or try strange ways to find your favorite job.
Maya Angelo:
You can only be perfect in what you love. Do not target money. Instead, divert your thinking to good things in life. Then do it well enough that people will not be able to take their eyes off you.
Bridging between interest and business
To do this, you need to look for ways to monetize your interest. Many people whose business is now global and very successful have used this method.
For example , Phil Knight, the founder of the Nike brand , loved to run. So he went for something that would always keep him alive as an athlete; That means selling running shoes. He later expanded his business and set up his own shoe factories instead of selling other people’s shoes.
Few athletes now do not recognize the Nike logo. With a little creativity, you too can bridge the gap between what you love and the business you want to start. In this way, you do not get tired of working and you do not forget your interest in the wind.
Set up a purposeful cycle between strategy and action
Now it is time to move on to the next step. Developing a strategy begins with identifying ways to reach your goal. After that, you have to enter all those steps into the practical phase. But the work is not over yet.
From here, things get trickier, and this is where the true magic begins! You need to go through this cycle long enough for the feedback you receive to be acceptable.
Remember, the goal does not change, it is a strategy that is constantly improving until you reach the right result.
Thomas Edison:
Opportunity is lost by many people because it is in work clothes.
A summary of what we said together:
- Working with little capital is not limited to struggling with finances. Our main assets are internal.
- It can be very successful if low financial capital is managed with planning, target market analysis and the right strategy.
- Having a small start is the most important strategy used by many global business owners; People like Sam Walton (founder of Wal-Mart), Phil Knight (founder of the Nike brand), Steve Jobs (founder of Apple) and….
- Improving skills is an asset that is always in your hands. Not only does it not depreciate over time, it can also attract a lot of financial capital.
- Being a resource is one of the barriers to multidimensional learning. Do not limit yourself to a specific source. Do your best to learn from anyone who has something to teach. According to the Buddha, think that everyone in the world is an intellectual except you. They are all your teachers and they all do the right thing to help you.
- Not having a goal is an option that will cause young businesses to fail.
- The first step in finding a goal is to find something you love. Then you have to make a big bridge between this interest and your business.
- Strategy and action together form a cycle of success. In this way, strategies are constantly optimized by action feedback. This process continues until you reach a correct and acceptable result.
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