Do you know that 70 percent of failed business today started big. When 25 out of 75 small
businesses and 10 out of 25 big business crash. It means that 33 percent of small businesses crash and 67 percent of big businesses crash (ugngi researchers).
A whole lot of time I see poor people crying that they cannot find capital anywhere to start a business. But I always hope they may learn from these three examples.
- It is only the grave that is built from the top.
Houses are built from a foundation. A car is built with a piece of metal. A tree is wise enough to lay its roots before growing its stem and branches.
- Can we also learn from the creator who perhaps is the wisest of all? He made a man to start from a second old to a minute and a week old and a year. No matter how big or tall a governor is, he or she was once a one day old. No matter how big a lion is, it has sometimes ago been born small.
- Most successful business in the world that have started with millions of dollars have either been struggling, stagnant or are bankrupt. Only a few percentage are growing even though they have started with a huge amount of money, yet, they are not among the top companies in the world
Now let us analyze the aforementioned. No house has been built from the roof. No lion has grown without been born.
As wise as a man is, he is carried small in the womb for nine months and he is born to suck and crawl. He will later learn to leap and fall before he walks. You cannot be wiser than the creator, can you?
The reason why business suffer after starting big is:
- Lack of experience: because you and your business are expected to start crawling and struggling and learning how to walk before you can actually walk. But if you start a business with millions and billions of dollar, you will use all these money to learn how to walk. Just as the crawling child would have to scatter and break a lot of items in the room before it finally learns to walk, you may scatter nearly all if not all of your capital to learn to walk.
Experience is one of the most controversial study item. You cannot study experiences. You can only undergo an experience.
Even when you have learnt from your predecessors, you must have a fair count of your experiences when you start practicing. Therefore, if you start crawling with a million dollar, you will learn from your experiences with a million dollar as a learning tool.
Now, as an entrepreneur and a product creator for a long time now, from what I always tell my students, my advice is:
Whatever business it is that you want to start with a million dollar, trace it down to a hundred dollars and start NOW.
I have given a lot of people various businesses that needed a minimum startup capital of zero dollar. A hundred dollars is enough money to start a lot of good businesses that could turn into a million dollar industry. This is not a joke.
Because of the passion I have for business startup, I have a lot of time started several business with a hundred dollars or less, not because I could not fetch a lot of money to start them big, but because I love to increase my experiences and see how much more a hundred dollar business can in a few time begin to employ some youths from the streets.
Now, do not deceive yourself and don’t let anyone deceive you. Any business you are asking to start with a million dollar can be traced down to a hundred dollar. The only question is whether or not you are willing to start at that level. If you want to be a big travel agency or transport company, start by renting or managing a single car, bus or taxi and see how you manage through before thinking of controlling bulk transport logistics.
If you want to be an importer/exporter, start by importing a few things online and try to sell them and see how much you make from it. A hundred dollar can import a variety of items from countries like china or even the US. These items are usually a lot cheaper in those specified markets than it is in a lot of local markets. You can also order some of these items and try selling them in your country and see how it works. If there is any hindrance to your doing business, it is not money. Information and the knowledge of ‘how to’ is what you need. The best I can do now is to give you the orientation. The information and knowledge are for another time. But if you can already trace your intended business down to the littlest minimum, then you can always start without needing any direction.