How do I start a business from scratch with no money, no credit and no expert friends to help?
No money, no credit, no expert friends, no problem…
Here are a few really simple concepts to understand that will help you overcome these roadblocks:
Pivot towards your skills and experience
Humans have a tendency to undervalue what we are good at because we think everyone is good at the same things. If you intrinsically understand good design don’t pivot away from that to build your business. Don’t try to learn a new skill while trying to build a new business (which is a new skill you’re learning). Take one thing you are amazing at and use your muscle memory there to make your life easier. Pivot towards things you’re good at, not away from them.
You don’t have a time problem, you have a priority problem
Most first-timers don’t think they have enough time to build their business. They worry about competitors beating them to the punch, the market falling from under them or their timing being wrong and missing the opportunity they see.
These things could all happen but are mostly out of your control. Worry about what you can control: your priorities.
What’s the #1 priority for a new business? Selling. If you can make one sale you have validated that a person wants to part with money for something you’ve built. Prioritise this and forget about not having enough time.
Nobody is waiting for you to fail
“What will people think.” ← The five scariest words to a new entrepreneur. Here’s the truth — nobody cares about you and nobody is thinking about you. 99.99999% of human beings on the planet don’t know you exist. So act like, be free and build whatever you want.
Everything you need to know has been published online already
I’ve never had a mentor in the traditional sense. I read a lot, I watch YouTube videos, I try things that others have tried and then fail. But I have always been a quick learner and I hold strong opinions very loosely.
You don’t need a mentor to build anything, you need to get started. So use the tools at your disposal: Books, blogs, twitter, tiktok, youtube, podcasts, etc etc etc. Access to great minds has never been freer.
Upgrade your friends
If you still really, really want a mentor then I suggest you upgrade your friends. Harsh but true.
If you only hang around corporate employees with no entrepreneurial drive and spirit it’s going to be much more difficult to become an entrepreneur. Find people you want to be like and talk to them, ask them how they did what they did and put your pride in your pocket.
Some of my best friends had no choice but to become friends with me because I popped up wherever they were, slid into their circles and voraciously learned from them. Go to founder events, find startup Discord channels, follow TikTok entrepreneurs and engage with them, comment on their posts. Go local and meet with people like yourself. It’s difficult but not even close to impossible. The only roadblock is your ability to be lazy.
Just because you don’t value your skills doesn’t mean they’re not valuable
A big mistake that first-time entrepreneurs make is thinking that the skills other people have are more valuable than your own skills. If you know how to knit exceptionally well then you have a skill that is valuable. You should use that skill and try to make your first sale.
The 3 F’s
Friends, Family, Fools ← are the people you sell to first. Those are the people you talk to about your idea. Those are the people you lean into when you’re just getting started.
Fools are early adopters, people who like to try new things and are much more relaxed than the standard customer. Find them and sell to them, get their feedback and enjoy the ride with them.
Finally…
DO NOT BOTHER WITH A BUSINESS PLAN
Business plans are an extreme waste of energy when you’re starting out. It’s a roadblock that MBA graduates insist help them build better businesses.
Instead of spending your time and energy writing out words that will be obsolete 3 months into building your first business, answer these three questions:
What are you selling?
Who are you selling to?
Where do you find them?
Then go talk to those people about your business.