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Most Entrepreneurs Start with Limited Funds, No Business Plan
Small-business owners get their start with an average of just $10,000 in initial capital, according to the latest Wells Fargo/Gallup Small Business Index.
Close to three-quarter of businesses (73%) were primarily funded by the owner’s personal savings, while 37% were funded in part by loans and lines of credit.
While more than half of the approximately 600 business owners surveyed said it would have been easier to start their companies had more money been available, start-up financing was not the only challenge they identified.
Photo by soopahtoe.
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Okay So I Lied - Maybe a Little Writing Won’t Hurt. -- What About Paul? on September 10th, 2006 11:15 am
[...] Just like that, I had a client. So what if I don’t have much money to start a business – cash flow is overrated anyway. At that moment, I felt confident that I could indeed succeed. Written by Paul [...]
Rick on September 13th, 2006 3:12 am
I had a conversation last week with a prospective client. He wanted me to improve his sales skills so that he could grow his business and pay himself $50K. He does have capital. He has a great product. He had a plan, but hadn’t put enough thought into it and had he been able to execute it, he actually would have lost $50,000 in the next year. So, capital isn’t everything. The product isn’t everything. You need a plan that anticipates life and you need the sales skills to get it done.
The RainMaker Maker
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