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Even the Best Entrepreneurs Started out Small

Holding off on starting your dream business until you have the budget to match the image in your head might seem like a smart plan, but, realistically, you might never reach that desired budget. Of course, no one wants to go into business with absolutely no capital funding behind them, but a small amount on a shoestring budget can create the foundation for what might, ultimately, prove to be an international business sensation.

The late Steve Jobs is a well-known and exceptionally relevant example of just how much you can do with a limited budget. Most people already know that Apple Computer started in a garage, but Jobs also dropped out of college when he could no longer afford the tuition, and he ended up crashing on the floor of a friend’s room. During that time, he stayed fed by the kindness of a local temple that gave him free meals. Jobs certainly did not have the budget on hand to launch a business with the technological influence and success that Apple has now, but his limited financial means still sparked the beginnings of an empire.

A lesser-known, but still admirable, entrepreneur who made her mark in life with a small budget is Anita Roddick. Founder of The Body Shop, she managed to snare a business loan of only $6,800 to get her body care business off the ground. In the early days, she cut costs and corners wherever possible, and repeat customers often returned their empty jars and containers, which she then cleaned and refilled with new products. That was back in the day when Roddick was still mixing her products in her own home with no employees and had only her daughters to help. In 2006, Roddick sold The Body Shop for $1 billion to L’Oreal.

Unrealistic money expectations so often deter big dreams. In reality, a shoestring budget is entirely appropriate for the early days of a new business. It is often those early, cash-strapped days that teach entrepreneurs the finer points of budgeting, hard work and just how much you can do with a dollar.

4 Tips for the Best Possible Accumulation of Wealth

 

The term “growing wealth” is a popular choice for discussing the various methods and strategies that contribute to the accumulation of real wealth, but it can be somewhat misleading. Growing wealth can imply a somewhat apathetic process, but it does take a considerable amount of resolution and determination to begin this growth process. Just like with a tiny seed, nurturing and caring for one’s wealth through the seedling stages can be the most time-intensive period.

This might be why so many self-made millionaires started out as entrepreneurs. Truly successful and serial entrepreneurs typically all have at least one thing in common — an unabashed desire and purpose to strive for their ambitions. Wondering how to make it into the world of entrepreneurial wealth? Here are four good ways to start:

  1. Make wealth your full-time job. In order to start from the bottom and then work and invest your way to the top, building wealth needs to be more than just another long-term goal. Treat it like a job and then put forth the same effort and dedication that you would toward any other business endeavor.
  2. Create an investment portfolio. Investments help create additional sources of income and are especially important when business is slow. Your portfolio might only contain a few investments in its early days, but each additional investment made will help create a more stable foundation for the accumulation of wealth.
  3. Remember that investments alone might not be enough. Investments really are great, but they are only one piece of the puzzle. When working toward significant wealth, risk management, tax advice and even estate management strategies should be addressed and regularly updated. The estate plan is especially important as you can include a financial power of attorney that names an individual to take over money-decisions should you become incapacitated and unable to do so.
  4. Understand your limits. No one can truly be a one-man or one-woman show, so forget trying to do every last thing yourself. Consult experts, bring in outside consultants and make use of contractors and freelancers when necessary. Your business, budget and bank account will thank you later.

Having wealth is far from being the impossible dream that so many people think it is, but it is a goal that requires the hard work and dedication of a truly impassioned person. Entrepreneurs who already understand the nature of working for a purpose might realize that they are already intimately familiar with the steps toward accumulating wealth.

The Habits Of An Entrepreneur

Habits are important, providing the framework for both professional and personal matters. When famous actors, political figures or fitness icons are interviewed, one of the most common questions asked is about the daily routines and thought processes of these individuals. Even down to the simplest of details, such as what they eat for breakfast, people acknowledge that if they emulate the routines and characteristics of their mentors, they have a greater chance of having the same success. Truthfully, this is not too far off course for entrepreneurs. Many of the most successful people have held the same routine and practiced the same habits for decades, which certainly played a role in their business endeavors. The following are some of the habits of highly-successful entrepreneurs:

  1. Keep the simple things simple. Most highly effective entrepreneurs do not “sweat the small stuff.” By establishing simple daily practices, you can eliminate stress and streamline your routine. From what you eat for breakfast to choosing what you wear to the office–if you have found something that works, stick to it. This will keep your mind free to focus on more important, big picture goals of your company.
  2. Allow others to be successful. If you have built your company by hand, putting in long hours and painfully earning every success, it can be hard to hand over certain aspects of operations. As a company grows, it is important to delegate certain tasks and allow others to be successful under the umbrella of your company. Do not be intimidated by the talent and professional growth of team members.
  3. Go the extra mile. Entrepreneurs are known as people who put in long hours, expect high-quality results from others on their team and have an unrelenting drive to be successful. When building a company or fostering the growth of a new product, leaders must go the extra mile for both employees and customers. Simply put, there are seasons in the life of a business that require long hours and extra effort. Remember, if you are not willing to do it, your employees will not be motivated to do it either.

Forming simple daily habits will lead to higher productivity and the ability to focus on the most important matters at hand. The habits and characteristics of some of the most successful people in America can serve as an example for entrepreneurs of all types, illustrating how personal discipline and a particular mental framework can play a direct role in the longevity of a company.