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Opinion Editorials

Starting a business when you’re broke (and how to make it work)

(EDITORIAL) If money isn’t always a prerequisite to entrepreneurship, how can you start something from nothing?

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Breaking into the business world can be an intimidating venture, especially if you don’t have the money or experience to back up your ambitions. Experience, however, can be earned – or at least approached through a “fake it until you make it” style approach. But what can you do if you dream of launching a business but you don’t have the cash? Is money a prerequisite to entrepreneurship?

Money helps but isn’t a requirement for those hoping to start their own business – you simply need to get creative. If you’re not sure where to start, here are a few things to consider.

One of the best ways to build your confidence around the topic of entrepreneurship is to refocus your attention towards those who also started from nothing, but have since made it big.

Steve Jobs started out tinkering in his garage as a teenager and went on to found the tech giant Apple, while multimillionaire consultant Sam Ovens publically discusses his finances – he was broke just a few years ago but had made over $10 million dollars by the time he turned 26.

Such stories attest to the fact that anyone can ascend to great heights.

Even though many people think money is the most important part of any business endeavor, successful people will tell you that true self-understanding far outranks cash on the list of necessities. Take some time to reflect on your goals and on how you view yourself as you pursue them.

If you think you can’t achieve your goals, then you won’t be able to. The mind is a very powerful thing.

If introspection reveals that you’re low on self-esteem, work on improving your view of yourself and begin developing a more positive perspective. You may find it helpful to write down what you think and then revise this description, working all the time to internalize this improved view of yourself. Though it may seem like a pointless process at first, you’re actually participating in your own transformation.

Another key determinant of success that far surpasses money is passion.

People succeed when they pursue goals that matter to them on a deeper level.

Typically this is the case because passion leads you to accumulate expertise on your chosen topic, and this will draw people to you.

One incredible example of the transformation of passion into profit is 17-year-old Jonah, who makes thousands of dollars a month selling watches online. Jonah comes from a family of jewelers, so he had ready access to the necessary knowledge and cultivated an outstanding selection of timepieces on his site, but it was his ability to combine his material knowledge with real understanding of his customers that made his business successful.

At the end of the day, he wanted his customers to have the perfect watch, and he brought his own passion for the field to bear on creating that experience.

Finally, if you hope to start a business but don’t have any cash resources, the best thing you can do is learn your field and network with those in it – without bringing them on board as professional partners.

It helps to have contacts, but you can’t grow a fledgling business by paying others to do the hard work.

Hunker down and work from home, working at night if you have to keep your current job, and start from the position of humble aspirant. If you show you’re committed to the real work of starting a business, you’ll find that others support you.

If you hope to start a business, but don’t have the money, don’t despair – but also don’t put your dream on hold. The only way to build the foundation you need to live that dream is by doing the hard work in the here and now.

Lots of people started just where you are, but the true successes are the ones who had the courage to push past the barriers without worrying about the financial details. You already have what you need, and that’s the passion for innovation.

Larry Alton is an independent business consultant specializing in social media trends, business, and entrepreneurship. When he's not consulting, glued to a headset, he's working on one of his many business projects. Follow him on Twitter and LinkedIn.

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1 Comment

1 Comment

  1. Jean

    August 8, 2019 at 7:02 pm

    Sounds great but I want to start a food business and I am not 109 % sure how to do it. I know I have to have a business plan. And that’s it.

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Opinion Editorials

DNA ancestry tests are cool, but are they worth giving up your rights?

(EDITORIAL) DNA tests are all the rage currently but are they worth potentially having your genetic makeup sold and distributed?

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By now you’ve heard – the Golden State Killer’s 40+ year reign of terror is potentially over as the FBI agents used an ancestry website DNA sample to arrest their suspect, James DeAngelo, Jr.

Over the last few years, DNA testing has gone mainstream for novelty reasons. Companies like Ancestry.com and 23andMe have offered easy access to the insights of your genetics, including potential health risks and family heritage, and even reconnect family members, through simple genetic tests.

However, as a famously ageless actor once suggested in a dinosaur movie, don’t focus too much on if you can do this, without asking if you should do this.

When you look closely, you can find several reasons to wonder if sending your DNA to these companies is a wise choice.

These reasons mostly come down to privacy protection, and while most companies do have privacy policies in place, you will find some surprising loopholes in the fine print. For one, most of the big players don’t give you the option to not have your data sold.

These companies, like 23andMe and Ancestry.com, can always sell your data so long as your data is “anonymized,” thanks to the HIPAA Act of 1996. Anonymization involves separating key identifying features about a person from their medical or biological data.

These companies know that loophole well; Ancestry.com, for example, won’t even give customers an opt-out of having their DNA data sold.

Aside from how disconcerting it is that these companies will exploit this loophole for their gain at your expense, it’s also worth noting that standards for anonymizing data don’t work all that well.

In one incident, reportedly, “one MIT scientists was able to ID the people behind five supposedly anonymous genetic samples randomly selected from a public research database. It took him less than a day.”

There’s also the issue of the places where that data goes when it goes out. That report the MIT story comes from noted that 23andMe has sold data to at least 14 outside pharmaceutical firms.

Additionally, Ancestry.com has a formal data-sharing agreement with a biotech firm. That’s not good for you as the consumer, because you may not know how that firm will handle the data.

Some companies give data away to the public databases for free, but as we saw from the earlier example, those can be easy targets if you wanted to reverse engineer the data back to the person.

It would appear the only safe course of action is to have this data destroyed once your results are in. However, according to US federal regulation for laboratory compliance stipulates that US labs hold raw information for a minimum of 10 years before destruction.

Now, consider all that privacy concern in the context of what happens when your DNA data is compromised. For one, this kind of privacy breach is irreversible.

It’s not as simple as resetting all your passwords or freezing your credit.

If hackers don’t get it, the government certainly can; there’s even an instance of authorities successfully obtaining a warrant for DNA evidence from Ancestry.com in a murder trial.

Even if you’re not the criminal type who would worry about such a thing, the precedent is concerning.

Finally, if these companies are already selling data to entities in the biomedical field, how long until medical and life insurance providers get their hands on it?

I’ll be the first to admit that the slippery slope fallacy is strong here, but there are a few troubling patterns of behavior and incorrect assumptions already in play regarding the handling of your DNA evidence.

The best course of action is to take extra precaution.

Read the fine print carefully, especially what’s in between the lines. As less scrupulous companies look to cash in on the trend, be aware of entities who skimp on privacy details; DNA Explained chronicles a lot of questionable experiences with other testing companies.

Above all, really think about what you’re comfortable with before you send in those cheek swabs or tubes of spit. While the commercials make this look fun, it is a serious choice and should be treated like one.

This story was first published, October 2017.

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Opinion Editorials

Do women that downplay their gender get ahead faster?

(OPINION) A new study about gender in the workplace is being perceived differently than we are viewing it – let’s discuss.

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The Harvard Business Review reports that women benefit professionally when they downplay their gender, as opposed to trying to focus on their “differences” as professional strength.

The article includes a lot of interesting concepts underneath its click-bait-y title. According to the study by Professors Ashley Martin and Katherine Phillips, women felt increasingly confident when they pivoted from focusing on highlighting potential differences in their perceived abilities based on their gender and instead gave their attention to cultivating qualities that are traditionally coded as male*.

Does this really mean that women need to “downplay” their gender? Does it really mean women who attempt this get ahead in this world faster?

I don’t think so.

The article seems to imply that “celebrating diversity” in workers is akin to giving femme-identified employees a hot pink briefcase – it actually calls attention to stereotyped behaviors. I would argue that this is not the case (and, for the record, rock a hot pink briefcase if you want to, that sounds pretty badass).

I believe that we should instead highlight the fact that this study shows the benefits that come when everyone expands preconceived notions of gender.

Dr. Martin and her interviewer touch on this when they discuss the difference between gender “awareness” and “blindness.” As Dr. Martin explains, “Gender blindness doesn’t mean that women should act more like men; it diminishes the idea that certain qualities are associated with men and women.”

It is the paradox of studies like this one that, in order to interrogate how noxious gendered beliefs are, researchers must create categories to place otherwise gender-neutral qualities and actions in, thus emphasizing the sort of stereotypes being investigated. Regardless, there is a silver lining here as said by Dr. Martin herself:

“[People] are not naturally better suited to different roles, and [people] aren’t better or worse at certain things.”

Regardless of a worker’s gender identity, they are capable of excelling at whatever their skills and talent help them to.

*Though the HBR article and study perpetuate a binary gender structure, for the purposes of our discussion in this article, I expand its “diversity” to include femme-identified individuals, nonbinary and trans workers, and anybody else that does not benefit from traditional notions of power that place cisgendered men at the top of the social totem pole.

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Opinion Editorials

Dispelling the myth that women don’t get raises because they don’t ask

(EDITORIAL) It has been accepted as fact that women don’t get raises because they don’t ask as often as men, but new studies indicate that’s not true at all.

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Many of the seemingly universal “truths” of business often come down to assumptions made about workers based on their gender.

Among the most oft-repeated of these “truths” is that women and other femme-identifying people are bad at self-advocating, particularly in matters involving compensation.

These include: Women don’t negotiate their salaries. Women don’t get promotions or leadership positions because they don’t “lean in.” Women don’t ask for raises.

This last truth is finally being discussed as the myth it is.

Over at The Cut, Otegha Uwagba discusses her own experience successfully and not-so-successfully negotiating a raise, but more interestingly how increasingly research has shown that there is no “gap” in between the genders when it comes to asking. Rather, the disparity really arises when it comes to which ask is heard.

As Uwagba explains, “While men and women ask for pay raises at broadly similar rates, women are more likely to be refused or suffer blowback for daring to broach the topic.”

This blowback comes from the inability of some people in leadership positions to think critically about the ways in which business still actively dismisses women’s leadership qualities while simultaneously praising less-competent men who demonstrate these very characteristics.

The HBR article acts as good reminder that the cumulative effect of all of these misguided “facts” about women and business often perpetuate the toxic culture that creates and circulates them.

The implication of all of these myths creates a sense that women are the ones responsible for the unequal treatment they often receive. When the message that women receive is that the reason they don’t get a raise is that they didn’t ask—even when they DO—that tells them that their lived experience isn’t as valid as the pervasive “truth.”

This is, simply put, gaslighting.

Even more, telling women that women face challenges because they didn’t do something or know something, rather than the addressing the very real fact that professional women face sexism at almost every step of their career does not help them.

It only helps those already in positions of power blame women for their own archaic beliefs and actions.

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