Last year, I had the pleasure of attending a roundtable for entrepreneurs, hosted by Pat Hood – one of my trusted advisors. While I was sitting there listening to the visions and businesses of other entrepreneurs, I witnessed a young caterer’s life being changed right before my eyes.
A young lady who worked full-time in her catering company expressed a concern to the panel’s attorney, an older white-haired gentleman in his early seventies. She was in tears as she confessed to running her catering business without being incorporated. Guilt was eating her up just because she thought that her business wasn’t “legal”.
With a furrowed brow, the attorney cleared his throat and slowly started to speak. He explained that she was not breaking the law and could keep operating her business as a sole-proprietor while working towards incorporation. After he said that, a calmness came over the caterer. I guess she realized she wasn’t a criminal…and that she would finally be able to get some sleep again.
This young caterer realized early on that it doesn’t take money to make money. And in his article, 7 Steps to Build a Startup from Scratch with No Money, Evan Carmichael proves it. He walks step by step through his process of starting his business while working for a venture capital firm to hiring full time employees.
Entrepreneurs are famous for bootstrapping their businesses on a shoestring budget. They do what is absolutely necessary to pull themselves ahead one step at a time. You can do the same, if you’re not already. It all comes down to efficiently turning your ideas into income.