Why it's smart to start small

I often hear people say “I’d love to start a business, but I don’t have the money.” And this is understandable; how are you meant to create a successful business that can compete with established brands if you don't have money?

One of the hardest parts of entrepreneurship is getting started. Many people aspire to build their own company one day, but never even get their concept off the ground because we see entrepreneurship as something big that will require lots of startup funding. You can start small with what you have and grow from there.

The  benefit of having no money to throw at your business is that the business will only succeed by its own merit. Since you don’t have any money to invest in advertising or in buying leads, you can only get customers by having a product that’s truly needed.

And having no money forces you to be creative. Take Daymond John, when he started FUBU, he had no money to pay for clothing promoters, so he relentlessly chased down his neighbor LL Cool J until the guy agreed to wear the little-known brand in a music video. This effectively served as free advertising to the community that Daymond was trying to tap into, and it put his company into the spotlight.