Question
What's the best business to start with little capital?
Response
You don't need a lot of capital to start a business in today's world. One entrepreneur who made her first million at 29 started her first business with just $300, proving that capital is not the barrier. The key is to start small, get proof of concept by selling your product or service to a stranger to validate there's demand, and then once you know what works, scale it up with funding. Bootstrap your business initially so you maintain equity and go through the grit of understanding your target audience. Multiple successful entrepreneurs emphasized starting with what you can do yourself before scaling. One founder started with $12,000 and their first store was extremely small, living in the back of it for years before expanding. Another entrepreneur recommends looking at your current job as paid training to understand an industry deeply, then identifying inefficiencies you could solve better on your own before launching. Service-based businesses like insurance, bath and body products, and real estate can all be started lean. The common thread is taking action with what you have rather than waiting for perfect conditions or large amounts of capital.
Sources & references
- 01Asking Billionaire Women How They Got Rich!4:42(opens on YouTube in a new tab)
Do you think you need a lot of money to start a business in today's world? >> No. I started my first business that made me who I am today with $300.
- 02Day in the Life of a Billionaire5:35(opens on YouTube in a new tab)
We started with $12,000. And uh our first store was the size of this exact size of this flag.
- 03Asking Millionaires How They Got RICH! (Chicago)9:42(opens on YouTube in a new tab)
Start looking at your job today as paid training. So many businesses fail. What is the stat? Like over 90% of businesses fail. It's cuz people enter industries that they're not familiar with.