Updated: February 4, 2015
What’s the number one excuse when you ask people why they can’t start a business?
The answer is probably that they don’t have enough money.
What if I told you that it’s possible to start a business with no or little money, would you believe me?
Yes, it is possible.
And that’s the lesson that students in Stanford learned when they attended the entrepreneur boot camp of Tina Seelig during the Stanford Technology Venture Program.
Tina Seelig is the STVP Executive Director. And in one of her courses, she challenged her students with a business problem:
If you had five dollars and two hours, what would you do to make as much money as possible?
You’ll be surprised at what the students did. Watch the very interesting six minute video below:
This video essentially teaches us that providing value creates income opportunities.
And all we have to do if ever we need to make money is to take what we already have – skills, knowledge, assets – and use them to provide value to others.
To quote Tina Seelig:
The lesson here is that so often we frame problems way too tightly. And if we keep unpacking and unpacking them, we realized that we have resources that are much larger and more valuable than we even imagined. But we also realized that our own skills that we have and the opportunities around us are bigger than we ever thought at the beginning.
The clip above is part of the lecture entitled, The Art of Teaching Entrepreneurship and Innovation. I encourage you to spare an hour and watch the entire talk. You’ll learn a lot from it.
Lastly, just in case you’re interested to start a business but you don’t really have enough capital, here’s something I wrote in the past that might help:
- How Much Business Startup Capital Do You Really Need?
- 10 Ways To Raise Capital For Your Business Part 1
- 10 Ways To Raise Capital For Your Business Part 2
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