You need a lot of ingredients to launch a successful business, but a big pot of money isn’t one of them. Virgin founder Richard Branson explains why.
Editor’s Note: Entrepreneur Richard Branson regularly shares his business experience and advice with readers. Ask him a question and your query might be the inspiration for a future column.
Q: Does starting a business always require a big pot of money?
No. While you will need a few core ingredients to launch a business and then make a success of it, a big pot of money is not one of them. In fact, having substantial financial backing can actually slow or stop you from identifying your business’s problem areas and coming up with ways to fix them. In many cases, it can be better to start with very little money, since the skills you’ll develop as you overcome the challenges of growing your business will be invaluable – you’ll notice your mistakes earlier and adjust more quickly, which will make for a healthier company.
Let’s face it: Your first few attempts to start a business are not likely to go according to plan. I have launched my share of businesses that didn’t get off the ground, and looking back, these were useful experiences.
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