Commit First w/ Sagi Shrieber (Feat. Pat Flynn, John Lee Dumas, Jason Zook, Paul Jarvis, and more)
Episode 128: 2 Ways To Start A Business When You Don’t Have Any Funds
Manage episode 349797658 series 2475801
2 Ways To Start A Business When You Don’t Have Any Funds
In this episode, one person came to us today and he was like an artist and he wants to develop his business as an artist, but he is like a very talented artist, but at the moment, his art is not selling. So I just wanted to share some of the insights that we gave.
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Timestamps & Gold Gems:
[1:37 - 2:00] Sagi Shrieber ⭐Gold Gem
It's a lot of budget to self-fund. This whole like social media thing, right? And I wouldn't be able to grow it in the direction that I want to. And again, it comes to the long-term vision cause when you have that long-term vision, you can actually do it. If you don't have that long-term vision, then you're stuck. You can chase your own tail. So one direction is to self-fund it, bootstrap it, work your way, build a business around your superpowers.
[2:49 - 3:02] Sagi Shrieber ⭐Gold Gem
If you don't have the long-term vision and all you want to do now is your gut feeling, which is I’m going to work on my art or on this new direction, which is not going to bring me money, probably around like the upcoming months or even years, then you're not doing the right thing.
[3:15 - 3:31] Sagi Shrieber ⭐Gold Gem
The other thing we just told him is there's another route. You can get investment, right? But that means you're putting all your focus right now, on finding an investor on meeting and pitching investors and getting some funds in to fund your operation, right? Like a startup like a lot of companies do, which is ok.
[4:06 - 4:21] Sagi Shrieber ⭐Gold Gem
I am a bootstrapper by heart. If I bring money in, it would be out of the pure necessity of bringing an investor in because it's a strategic move or I've figured out the product market fit and now you know I can grow. This is why you bring investment in, mostly.
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