How To Start Your Business on A Shoestring Budget Recap
Facilitator: by Amakelech Lulu, Owner and CEO of Gishen Pharmacy
This session began with introductions and why members wanted to attend this RTD. Some stated that they had a few business ideas and took steps to start but they wanted help to go further. While others had no idea what they wanted and they wanted to get information on how to go about it. Amakelech briefly explained her journey, she first started her business after borrowing a small amount of money from different family members & friends then working hard and sacrificed tremendously for years. She didn’t open her second branch until 10 years later.
Amakelech said that during the initial stages of a business, you would probably take on most or all the roles in your business to reduce expenses. She also mentioned it’s a very tough life and you need to be able to know the ins and outs of your business well, otherwise people will take advantage of you. Before beginning a business, you have to figure out what the community needs and what kind of product or service you can provide that is necessary and stand sot from the rest. Amakelech emphasized that you don’t have to know everything. You just need to take one step at a time and figure it out one by one. You need to believe in your vision and be able to convince others. When starting a business, you must know a little about everything. You cannot start a business on something you have no clue about. That will leave you vulnerable and add to challenging/negative experiences.
- Your background, family situations, support system, environment, experience, and timing determine the success or failure of your business
- Don’t just think of a business idea; write it down and plan it out.
- Use your opportunities –networking is essential
- Trust your instinct. If you truly believe and feel it’s something you want, don’t quit.
- Don’t let fear hold you back. Even if you fail, you have to believe in yourself and keep trying
- Take a step back and assess your situation. Maybe you’re missing something.
- Figure out what you’re passionate about & what excites you then try to find a business that aligns with that
- Keep up with the times. What kind of opportunities are there?
- Read The Outlier and The Seven Habits of Highly Effective People