15 Ways To Start A Business While Being POOR

Summary

This video script offers a comprehensive guide for aspiring entrepreneurs to escape poverty and achieve financial success. It advises viewers to assess their assets, explore business opportunities, utilize available funds, understand different business models, and prioritize needs. The script emphasizes the importance of networking, starting with limited resources, selling services, renting instead of buying, avoiding scams, and capitalizing on information. It also encourages finding gaps in supply chains, adapting to market changes, and maintaining simplicity in business operations.

Takeaways

• 💻 People watching this likely have internet access and meet their basic needs, making them not in dangerous poverty but still dependent on paychecks.
• 📝 List your assets, including skills, time, and energy, to find opportunities and trends that can help you succeed in business.
• 💰 Use other people's money through loans, grants, or crowdfunding to fund your business, ensuring a strong business plan is in place.
• 📊 Understand different business models to help generate ideas for solving problems and make your business a success.
• 🛠 List what you need to move forward with your business, such as a business plan, website, or funding, and prioritize these needs.
• 🔄 Exchange your time and skills for services or resources needed to advance your business without spending cash.
• ⚖️ Only invest what you can afford to lose, taking calculated risks to protect your family's financial security.
• 🤝 Leverage your network to gain support, opportunities, and potential customers as networking is essential in business.
• 🚀 Start selling even if you have nothing, focusing on drop shipping, services, or e-commerce to build momentum.
• 📚 Sell your knowledge and skills by packaging information as a service or product, like writing e-books or offering consulting.

Q & A

What is the definition of 'poor' used in this video?

In this video, 'poor' refers to someone who is completely dependent on their next paycheck to survive. The individual has their basic needs met but is not wealthy, meaning they rely on their monthly income and do not have substantial savings, such as a year's salary saved.

Why is it important to list your assets before starting a business?

Listing your assets helps you understand what resources you already possess, including skills, time, energy, and knowledge. This awareness allows you to identify business opportunities and areas where you can avoid outsourcing services, such as bookkeeping.

How can using 'other people's money' help in starting a business?

Using other people's money refers to accessing loans, grants, or crowdfunding to start a business. Many countries offer small business funds or incentives, and crowdfunding platforms allow you to pitch your idea to the public in exchange for investment.

What does it mean to know your business models?

Knowing business models involves understanding the different ways businesses operate, such as retail, dropshipping, or restaurants. A deep understanding of these frameworks allows you to innovate and find solutions to problems, which is essential for building a successful business.

Why is it important to list what you need for your business?

Listing what you need helps prioritize the essential steps to get your business started, whether it's a business plan, website, or marketing strategy. This organization ensures that you know exactly what is required to move forward.

How can you exchange what you have for what you need in a business context?

You can barter your skills or time for services or goods needed to grow your business. For example, offering a free service in exchange for business cards or a website allows you to progress without upfront cash.

What is the risk of investing more than you can afford?

Investing more than you can afford to lose puts your personal and family's financial security at risk. The video advises taking calculated risks and ensuring you’ve done enough research before making financial commitments.

How does leveraging your network help in business?

Leveraging your network is crucial because it helps you connect with people who can offer opportunities, advice, or resources that will support your business growth. Networking can also be a way to market your business and attract customers.

Why should you avoid buying equipment when starting a business?

Renting equipment instead of buying allows you to reduce startup costs and financial risk. This approach gives you flexibility and the ability to pivot without being stuck with expensive equipment that may become irrelevant if your business direction changes.

What is an example of selling services without owning a product?

You can sell services like bookkeeping or web design, where you're essentially trading your time and skills for money. This type of business usually requires little startup capital and allows you to start small while still delivering value.