How To Survive Being Broke Running A Business
With a fire burning through their eyes, most entrepreneurs start their journey of making millions of dollars in a short period of time until reality hits.
Hi, My name is Allan Mungai, Co-Founder of Allan Martin Ltd & CEO at Lead Benk and I’ll try not to sell you anything.
So, here’s how to survive being broke while running a start up business.
Prepare Yourself Mentally
Making a business successful requires two thing, first is Money, second is Time and the best businesses have Both.
No matter your stage, the most important asset you are going to have is TIME.
Time is a necessity to learn & practice the skills that will make you productive inside your business.
During this “SKILL” development age, there’s normally nothing much you can focus on, more than your primary goal and this is where most start up founders fail. Why?
Most have little tenacity to withstand the loneliness during the creative process, where you’ll be required to make sacrifices while friends and family move on with their life and flashy salaried lifestyles.
How To Prepare Yourself Mentally
Know that as an entrepreneur, profits may not come as quick as want them to, so instead of playing the game of scores, play the game of the process.
Accept that you’ll have many failures and the only way to rise above is if you constantly learn from them. Until you figure out what works, focus on enhancing your skills towards your desired out come.
But in order to build the right skills, learn how to…
Make Less Decisions
This may not be for everybody, but while building your business. You can’t afford to be worried about where to stay, what to eat or clean up, what to cook for supper etc.
The less decisions you can make on thing habitual things in your life (basic needs), the more time you can spend on your pursuit. Truth be told,
I know a start up founder who went out of business in the first year, because he was constantly thinking of paying rent and where to cheaply have meals.
Fortunately for him he had a college degree and soon afterwards he went into a stable job and is doing well there. Which bring us to the next thing…
Sacrifice Needs to Get What’s Necessary
Borrowing an experience when I was starting out…
I knew that starting a business was gonna be a must. I was in the first year’s quarter back in college. So,
I examined the whole journey of what it takes for people to graduate, how much it took them to get the job experience, how much the competition was in the market and how to get the job, then how much college tuition was needed vs how long it took to pay it off after.
And a simple truth is…
People are where they are based on the choices they make.
Instead of paying all that tuition with no job guarantee. I gladly quit school, and convinced my parents to provide the same support as they would if I was schooling.
And God bless them they did support me to build a business. Even though It wasn’t easy at first.(Story for another day)
But, giving up college is an example of what everybody is thought to need but sacrificed it for me to explore this new venture. It was a win because I probably saved up the college tuition as money for decent home based meals, which I’m grateful for.
Then Lastly (though not least)
Remember To Celebrate Your Progress
While being broke is gonna be something else, sleeping in the office familiar, not spending much on new clothes usual. Don’t feel bad,
Constantly remind yourself of the positive effort you’ve put into your business, experience the gratitude of who you’ve become and what your becoming.
Keep focusing on what you can, the rest is up to whatever life may bring.
You’ve made it this far. That means you are one of the few who get misunderstood by the 97%.
Keep fighting because being broke is not being broken and either way both are temporary.
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Cheers my friend. Allan:)