[This post is part of a series on four main myths that discourage entrepreneurship and how to overcome them. If you don’t see a Table of Contents to the left, click here to view the series, where you’ll get more value than reading just this post.]
Myth 3: I should make some more money before starting my venture
I’ve never met anyone who didn’t raise his or her standard of living after making more money. Making money leads to spending money. If you have the discipline to increase your income and parcel significant amounts for starting your venture, that discipline is so much greater than the average person’s, and so valuable for the entrepreneur, it may be worth as much as the money you would get later. I recommend someone like you starting the venture with what you have.
It’s difficult to make a ton of money without joining communities of people also making tons of money. Participating in those communities generally means activities costing about what its members earn — where you live, what you drive, what you eat, where you vacation, and so on.
If all your friends live in mansions and drive expensive cars to golf courses, you’ll miss out on deals and promotions if you commute by subway in the city. If you get the car, you’re more likely to get the house, and so on. If your passion is having money now, by all means enjoy your passion, but recognize entrepreneurship may not be right for you.
If you plan a venture involving these communities — you want to sell luxury yachts, for example — by all means join those communities, but as part of your venture.
Another big part of this myth is that starting ventures requires you, the entrepreneur, to have a lot of money. The venture may need millions, but you don’t. You need enough money to pay rent, eat, and basic necessities. If you believe your venture can succeed and you can convince others with money to agree, you can always get the funds you need. If you don’t and can’t, more than money your challenge is to develop personally. (That’s a good thing if it’s your passion.)
Read my weekly newsletter
On initiative, leadership, the environment, and burpees