The journey to the top starts with a single step.
For many entrepreneurs, this first step can often sound like: “where will we get money” to fund projects, instead of “how do we make money” doing the actual work.
Use the resources you already have to start, today. In the concept of effectuation, this is called “bird-in-the-hand.”
Why not test the waters? Run a pilot? Develop a business case? Build a prototype with household materials you already have or can find at a store. If you’re aim is to make an app or develop software, test the concept on as many people as possible before seeking funding.
Stop focusing on how to immediately accumulate liabilities and start focusing on immediately creating value and accumulating assets (cash). Do the work, now. Don’t wait for an investor.
This is especially true in service industries that require little overhead. Don’t get paralysis by analysis. “Seeking financing” can be an excuse, don’t let it be.
This is not to say that seeking investment is wrong. It’s obviously not – just don’t put the cart before the horse. Understand what it is you’re scaling BEFORE you start scaling it. Investors are more likely to throw good money after good, proven, scalable ideas.
Stephen Covey’s third habit is “put first things first.” Practice today!