Do you believe in your business?
This Monday I was taking part in a peer business coaching group and the conversation moved towards business opportunities and ideas. This is a topic which I thoroughly enjoy because it excites the Entrepreneur in me, and during this conversation a comparison was drawn where someone made an assumption about me which rather annoyed me.
I commented that for one particular idea I would invest around £15,000 into the idea to get it going, where someone else recommended actually giving the idea a bit of a go on the side to see if it had any merit before committing to the idea. I then stated that to give the venture its best chance of success you need to do things properly, and that would need investment. The other person came back with “£15k may be a drop in ocean for you but I don’t have that money laying around”.
Big mistake on two accounts. Firstly £15k is not a drop in the ocean, it is a significant investment for any startup and I don’t have a disposable £15k laying around which I wouldn’t miss.
When I started Quick Formations I had no money, I borrowed every penny from loans and credit cards to start the business because I had faith in my business idea. There is no If’s and But’s, the business would succeed and I would make sure it did. I risked the roof over my wife and daughter’s head, I sold everything I owned to pay the bills, and that to me is a true Entrepreneur’s commitment to their business.
Someone who dip’s their toe only demonstrates to me that they don’t really have much faith in their business idea, they are not truly convinced it is or will be a success. If you don’t have enough confidence and faith in your business, why should anyone else?