Living Entrepreneurship Blog / Babson Entrepreneurs

Smart Entrepreneurship

Nowadays many people are looking for a way to start their own business without too much of a hassle. Of course, investor involvement is out of the question – everybody wants to be sole owners of their business. The only obvious option, therefore, is to apply for a grant from the government. The cause of such a strong tendency for searching “free money” is the advertisement. Companies, which want to make money just as everybody else, sell numerous lists of addresses and contacts of different agencies that supposedly can sponsor a new businessman. However, while some of such companies do offer various sponsorship programs for retail businesses, most of them only work with businesses that are oriented on achieving specific social goals set up by the government. Therefore, if your business neither focuses on creating job opportunities for the inner-city inhabitants, nor involves employing people from minority groups, you should learn how to stand up on your own. Generally, this means that you have three options: – start your business with the emphasis on customers. All small service businesses fall under this category. – become a professional in your field and look for companies willing to invest their venture capital in your idea. – find another option. Unless you have either a large sum of money in the savings account or good connections in the business world, you’ll have to change your starting point. This might mean re-evaluating costs and taming your appetite. Start out small, and then grow up. Or find a partner who is better equipped for starting a business. A good team is worth half of the investments. What’s more, don’t burn all bridges with the investors – if you’re using their money, they should get something in return. So, as long as your idea brings them a fair share of money, they will be content. However, if none of these options seems possible for you right now, don’t give up. Start working in the field of your intended business, and be on a lookout for potential opportunities.