An interesting article from Sir Richard Branson
When starting your own business there a few core ingredients which no entrepreneur can go without, however according to Richard Branson, money is not one of them.
Writing in a recent entrepreneur.com blog, the Virgin Group Founder has expressed his belief that there are far more important factors than a “big pot of money” when it comes to getting a business up and running.
“Having substantial financial backing can actually slow or stop you from identifying your business’s problem areas and coming up with ways to fix them. In many cases, it can be better to start with very little money, since the skills you’ll develop as you overcome the challenges of growing your business will be invaluable – you’ll notice your mistakes earlier and adjust more quickly, which will make for a healthier company,” explained Branson.
“Entrepreneurship is a great leveller, since having the benefit of a wealthy background or a generous investor isn’t always an advantage. The wonderful thing is that money is not the sole currency when it comes to starting a business; drive, determination, passion and hard work are all free and more valuable than a pot of cash.”
It would appear that Branson is not alone in believing money isn’t the be all and end all for small businesses, with a survey conducted by the Kauffman Foundation discovering that entrepreneurs ranked prior experience (98% rated it as ‘very important’) and luck (73%) above the availability of capital (68%) when a starting company.
March 10, 2013 / blairpatton / 0