One of the most difficult tasks in starting a new business is obtaining necessary start-up capital. There are so many costs associated with starting a business and many people feel overwhelmed at just the thought of striking out on their entrepreneurial pursuits.
I know numerous talented, creative and hard-working individuals who have come up with an innovative product or idea and/or who can offer services that nobody has ever implemented, but lack the funding and confidence to pursue them alone. Though lack of funding and investors may serve as the biggest hindrance in the edification of such ideas, products and businesses, there are ways to grow a business without actually needing the assistance of outside investors.
As highlighted in a recent openforum.com article, several entrepreneurs give examples of how they built successful businesses by relying only on themselves.
1) Invent What Already Exists, Just Better
Develop a product or service that is so high in quality, you are able to ask for “bolder price points to match the quality” of what you are offering. It is about believing in your product and service and making others believe in it as well.
2) Forgo Loans and Investors