Living Entrepreneurship Blog / Babson Entrepreneurs

Living on very little by being resourceful

As a fulltime entrepreneur you have to do a lot with very little. In order to successfully continue as an entrepreneur, you must cut costs and KEEP THE CASH on hand. The best policy is to identify need to have and want to have items because they are almost never the same. Learn how to identify these things for your personal life and you’ll be able to do the same for your business. It’s been very helpful to us to have a strict budget that we live by as a company and as individuals. The budget needs to be realistic, but can’t be the equivalent of 100k a year because that’s a little high (obviously). We set our budget at 2x rent which is pretty fair and allowed us a tiny amount of play money and enough to eat and live while working full time on our venture. The most important thing to remember is to stick to the budget regardless of what it is and keep an eye on the cash because that’s your lifeline.