Do you want to be an entrepreneur? Have you been giving yourself flabby excuses like “I want to start a business, but I lack money”? Do you feel inevitable self-doubt settling in? Then, it’s finally time to address that issue.
It is said that there are ‘Five Cs in Entrepreneurship‘ – credibility, clarity, conviction, capital, and concentration in execution. Capital is, without a doubt, an integral part of a business setup and company registration, and starting a business with no money is not an easy task. But is it impossible? The answer to that question is a plain ‘No’. Not only is it very much possible, but sometimes starting from scratch can be an advantage. An alternative entrepreneurial mindset is all you need to overcome this obstacle.
Here are some guidelines that can help you with your business setup:
1. Acknowledge what you have.
You should probably set off by doing whatever you can with whatever you have. Use your current skills, your past experiences and, available resources (knowledge on the subject matter, skills, availability of time, ability to think out-of-the-box, etc.) for an initial start. However, there may be downsides to having insufficient funds.
2. List the resources you can access.
This list should include the funds you already have and the people you know who will help you raise the resources you require. Consider how you can match these to bring out the desired outcome. One of the biggest challenges that you will face is maintaining the flow of capital throughout the process. A clear vision and a plan will help you overcome such problems.
3. Risk what you can afford to lose.
Only 1 in 4 startups becomes a success story. So, consider what you can put at stake for setting up a business. Entrepreneurship requires years of consistent effort, and if you can dare to lose, you can win.
4. Be ready to experiment.
Try to find solutions to problems creatively. Whether you fail or succeed, it is important to adapt and keep learning to improve. You can simply Learn-Unlearn-Relearn.
5.Register your company.
Now that you have made up your mind to start a business, you might want to register your company.
How can we help?
- Corp Roots helps you with company registrations.
- We offer a comprehensive range of formation packages, setting up Private limited companies, Limited liability partnerships, and OPC Companies.
- We also provide Service Tax registration, Sales Tax registration, Trademark registration, and ISO Certification.
Note:
Maybe you are not a prodigy, or a millionaire, or a Harvard degree holder, but you can do it. Don’t let anyone tell you otherwise.
It would be unfair to assume that you will not make any mistakes. It is ok to mess up. But among all this hustle, just remember to keep striving to become better.
To know more about company registrations, click here.