In my search for relevant topics to teach, I spent significant amounts of time hanging out on business forums mainly looking at what questions people were asking. There are a number of recurring themes (many of which will come up in due course), but one of the most frequent laments was cash – either in the form of ‘I’d love to start a business, but don’t have any money’ or ‘I have a great idea, but no-one will lend me the £20,000 I need to make it work’. Just for fun, I have set myself a personal challenge to set up this business on a budget of just £100. Obviously this will involve calling in a few favours, cash juggling and perhaps some self deception on values – all of these will unfold throughout this blog.
Whilst £100 is probably a bit tight, I do hold firm in view that it is a positive thing to start a business lean and build from that point, conversely it is extremely dangerous to pump too much cash in to start as efficiency goes straight out of the window. Back in the Dotcom Boom, we all grew very wary of these VC-backed companies with executive furniture, fancy offices and flash cars who seemed to take delight in making losses year after year. Similarly I am deeply concerned by statements like ‘when I win the Lottery I’m going to open a restaurant’. Give me passion and a tight budget any day!
No comments:
Post a Comment