“I have this amount of money, what business should I start?”
I get this question quite often. In the past, I would take my time to answer back to each and every person who asks. I don’t do that anymore. I decided to do one blog where I answer this question. Here I tell you why and if you feel you still need an answer, I have 3 solutions for and they are all free.
1. You Have Missed the Point Entirely
The main reason I don’t like answering this question is that it entirely misses the point of entrepreneurship.
Are you looking for a financial investment?
Do you want to start a business?
Are you just looking for a quick way to make some extra cash?
Entrepreneurship is about solving problems, making life better for others by meeting their physical, emotional or psychological needs.
So instead of asking, what business can I start, ask yourself, how can I help other people? How can I solve their problems using the resources I have?
Here is how Richard Brunson describes entrepreneurship:
“Above all, you want to create something you are proud of. That’s always been my philosophy of business. I can honestly say that I have never gone into any business purely to make money. If that is the sole motive, then I believe you are better off doing nothing.”
I happen to agree with this. If all you want to do is make money, business is not for you. Additionally, I am the wrong coach for you.
Check out this article I wrote about 3 Ways You Can Make Money.
If you choose a copy and paste business, it’s like being at the market and setting up next to the tomato seller because you saw a long queue there yesterday.
You can go that route if you want but in that case, you talking to the wrong person.
2. Money is Not Enough
You tell me the amount of money you have but I really don’t have any other information.
Besides money. What other resources do you have that can help you? I don’t know. I have explored this topic already in my free 10-day email course on starting a business. I have also discussed it my book Start Where You Are.
3. Who are you?
I don’t know you; I don’t know your interests, your passion, your location, your experience your skills, your knowledge your, market environment etc….
Should I recommend network marketing to you or should I recommend consulting services? Should I recommend trading? If so, trading in what.
What is your plan for your life and for your future?
I simply don’t have enough information about you as an individual to make this kind of recommendation.
Get the free ebook.
4. Do You Have the Lottery Mentality?
Do you know what the lottery mentality is? Someone who wants to win big with just the effort of buying and scratching THE RIGHT CARD?
This question reeks of lottery mentality. You are looking for a magic card that will bring you big bucks.
Real, lasting business is about hard work, sweat, sometimes lots of trial and error, sometimes losses, disappointments, and frustrations. Ask yourself if you are in it for the long haul or you want a quick win.
5. What You Really Need is Knowledge
If you genuinely need the answer to this question, you are willing to work hard, to educate yourself and take the risk then what you really need is knowledge. With even the most basic business knowledge, you will not need to ask that question.
Do I have anything to offer you?
I have a blog titled 10 lies keeping you from starting your own business.
Another one titled 3 Ways You Can Make Money
6. Face the Fear, It Goes With the Territory
90% of the time, when I take my time to chat with a person who asks this question, I find they already have the answer. But why are they not starting? FEAR.
I understand that. Fear of uncertainty, fear of loss, fear of failure, fear or the unknown, etc. My whole book Unshackled is about fear. I don’t know how I am going to teach you all the lessons and strategies in one chat. If you say money is still an object, I have another 10-day email course about overcoming fear. Will you take time to sign up or do you just prefer to chat me?
7. Knowledge is Not Free
Some might argue with me. In fact, some might wonder, then why do you have free blogs, videos and free ebooks and free courses?
Yes, you will get basic, foundational knowledge for free. Specialized, dedicated knowledge or attention is not free.
I know that some choose to never buy a book, a course or even pay for coaching.
THEY STILL PAY FOR KNOWLEDGE. They pay through their losses. They choose to learn from experience. Is your time and money free? Whichever way you look at it, if you run a business, YOU WILL PAY FOR KNOWLEDGE.
It’s really up to you which method of paying you will choose. Sometimes I get a question which I have answered exhaustively in one of my books. Someone says they have K5,000 capital but somehow K200 for a book is too much.
You don’t have to buy my books. Go to the bookstore and find one you like.
Or check out my list of recommended books.
8. Are You Just Being Lazy?
I sometimes sense laziness from people who ask me this question. They have followed my work for a long time, which means, more than likely, they know I already have some free and paid resources they can use.
Do you mean to tell me that you have been following my work for over a year and you don’t know? Well, maybe I have failed in educating you. Or ..maybe, just maybe, you are too lazy to take advantage of this information and you would rather I do the thinking for you.
I end here. I have decided to do a full blog since this question keeps coming up.
I am available for consultation to people serious about building a lasting brand. Email me: firstname.lastname@example.org