I’ve hosted several Instagram Lives where with my business partner, we discussed different topics on entrepreneurship. There was one question always popping on every live session. It goes like this:
“What type of business can I start with $10K?”
And in the back of my mind, I always answer:
“Build a niche website.”
Because building a niche website is easy on the skills required to start a business. You don’t need to know how to code. You don’t need to have a technical background. You only need to know how to surf on Google and ask questions. That’s all you need. And you don’t even need $10K for it. You need a maximum of $100-$1000 to start your niche website.
My advice to anyone who would like to test if they are a good fit to be an entrepreneur is to be a minimalist entrepreneur. Let’s see what exactly it means to be a minimalist entrepreneur and what’s the minimalist approach to entrepreneurship.
What Does It Mean to be a Minimalist Entrepreneur in a World of Abundance?
Simply, a minimalist entrepreneur is someone who has a minimalist approach to entrepreneurship. The minimalist entrepreneur knows the power of leveraging time and money. They know you don't (necessarily) need (lots of) money to make money.
It's more about leveraging your resources, having a clear focus and strategy to build a business by taking the minimalist approach. Taking this approach eventually brings on success, keeping the business going regardless of the obstacles that confront us every day.
Making Money with no Money
So the real question here is how is it possible to make money with no money? Most people you talk to will say that to successfully start a business, you’ll need a million dollars in funding in order to make sure that you have the financial cushion available for you to start.
And many startup companies do just that. They go out and raise that million dollars in funding. Have the flashy rides post all over social media, telling you how amazing things are. And the next year, they're no longer in business. We live in a generation that wants instant satisfaction. Social media has shaped us to believe that if we don't get that like, as soon as we post that picture, or if we don't get that immediate success, we aren’t good enough to succeed. And perhaps we should call it quits.
The Minimalist Approach to Entrepreneurship Reframes that Way of Thinking
As minimalist entrepreneurs, we need to reframe that way of thinking. And we need to realize that we're in it for the long run. A big part of being an entrepreneur means knowing where and who to turn to for answers. It's about being resourceful. It's not about being fancy but being resourceful. It doesn't cost anything. And it truly is a difference between winning and losing the game.
The definition of an entrepreneur is a person who organizes and operates a business or businesses, taking on greater than the normal financial risk in order to do so. Those that go all-in mortgage risk more than just humiliation. If they fail, often, they risk being homeless. They risk losing their kids, friends, family, and everything they truly care about in pursuit of chasing something because they thought they needed to put in all the funds to make it work.
What is a Minimalist Approach to Entrepreneurship and How Can You Apply It to Your Life
Taking a minimalistic approach to entrepreneurship means that you need to be budget savvy. It's about knowing where to spend and having the right tools to operate your business. And the thing that your business needs in order to take off does not mean that you have to mortgage the house for it. It's about having fewer distractions in your life and not caring about what the world has to say about your dreams and your goals.
More importantly, it's about having a positive mental attitude and creating daily habits, which will get you through the challenges that every single day will bring in life. A minimalistic approach to entrepreneurship means getting to a cashflow positive position as fast as possible.
This means having as little overhead as you can. In order to obtain it, instead of starting out with a budget for a large office or warehouse, it means getting a shared working space, or perhaps starting out of your garage or living room table until the physical demand exceeds what you have available.
The Minimalist Entrepreneur Leverages Time and Money
The minimalistic entrepreneur knows the power of leveraging time and money. This doesn't mean not investing in the talent that will help you grow your business. It means knowing when to take that task on yourself in order to move the business forward. The right circle of influence and the people surrounding you are of the utmost importance to this way of life.
You see, we all have an emotional currency, and that's a currency that we need to be very aware of and protective of. We need to realize who's taking from it and who's adding to it in our everyday life. Do you need to add more people to your life that add to your emotional currency and subtract those from your life that are draining it?
Now that's not always easy to do. And sometimes, our closest family members are the ones that affect us the most. So, in this case, it means giving yourself more space and perhaps getting that shared co-working space to get you out of the house and be more productive.
The minimalistic approach to entrepreneurship is also about having the right strategy and platform and the right product or service because one cannot exist without the other. It's about finding out if the market is ready for it. And it's about testing before investing. I am a living example that it's possible to start a business from your living room. Some of the greatest companies ever founded in this world all started this way.
Integrate Your Business into Your Everyday Life
If you can integrate your business into your everyday life, if you can minimize the distractions that occur in everyday life, working from your home bedroom office or your living room table can be a blessing in disguise.
Make your business part of your life in a way that doesn’t feel like going to work. You don't need huge external investment to get your brand off the ground. You don't need the flashy office, and you don't need that flashy equipment to get started.
The minimalistic approach to entrepreneurship solely relies on your ability to execute with what you do have. And more importantly, it means waking up every single day, counting your blessings, and always being ready to win.