You might think that you need to have money to make money, but this is not always the case. One of the things that is holding back a lot of potential entrepreneurs from success is that they assume they need to have a huge sum of money before they can create a profitable business that makes money. However, this is not always the case. Over time, there have been many entrepreneurs that started with little to no money and even had their own debt. All you need is the right business plan and persistence to get ahead. Here are the key takeaways from this infographic.
1) Shane Snow
One of the biggest success stories of starting a business without much net worth is Shane Snow. Snow did not have a trust fund or a lot of money when he started his company known as Contently. He actually had a lot of credit card and student debt that amounted to about $80,000.00. However, he did not let this hold him back from starting his company and now it is worth almost 70 million. This means that just because you are in debt and you do not have a lot of capital on your own, this does not mean that you can’t start a profitable business.
2) Rand Fishkin
Rand is another entrepreneur that is a lot like Snow in the way that he had debt, but he did not allow this debt to throw off his business plans. He had over $20,000 in student loan debt when he launched his business Moz. Now this is a business that has a reported revenue of over 30 million each year. This means that he started in debt, but now he has been able to create a business that is worth millions only because he did not let his debt hold him back in any way.
3) Debt Can’t Hold You Back
Debt is something that you can’t use as an excuse when you are looking to launch a business. You should not be discouraged right away, because building a successful business is something that takes time. You will not be able to get out of debt and earn millions right away, but over time you will be able to learn how to adapt and how to overcome just about any adversity that comes your way on your path to creating a profitable business that helps you achieve your goals.