Many years ago, when I started my career leading the businesses of other people, this was one of the first critical lessons I learned. In today’s market, finding capital is a challenge, especially for mid-size businesses. I’m happy to be able to share it with you.
Nine Things More Important Than Capital
by Jim Rohn
When starting any enterprise or business, whether it is full-time or part-time, we all know the value of having plenty of capital (money). But I bet we both know or at least have heard of people who started with no capital who went on to make fortunes. How? You may ask.
Well, I believe there are actually some things that are more valuable than capital that can lead to your entrepreneurial success. Let me give you the list.
Time is more valuable than capital. The time you set aside not to be wasted, not to be given away. Time you set aside to be invested in an enterprise that brings value to the marketplace with the hope of making a profit. Now we have capital time.
How valuable is time? Time properly invested is worth a fortune. Time wasted can be devastation. Time invested can perform miracles, so you invest your time.
I have a friendLydia, whose first major investment in her new enterprise was desperation. She said, “My kids are hungry, I gotta make this work. If this doesn’t work, what will I do?” So she invested $1 in her enterprise selling a product she believed in. The $1 was to buy a few fliers so she could make a sale at retail, collect the money and then buy the product wholesale to deliver back to the customer.
My friend Bill Bailey went toChicagoas a teenager after he got out of high school. And the first job he got was as a night janitor. Someone said, “Bill, why would you settle for night janitor?” He said, “Malnutrition.” You work at whatever you can possibly get when you get hungry. You go to work somewhere — night janitor, it doesn’t matter where it is. Years later, now Bill is a recipient of the Horatio Alger award, rich and powerful and one of the great examples of lifestyle that I know. But his first job — night janitor. Desperation can be a powerful incentive. When you say – I must.
Determination says I will. FirstLydiasaid, “I must find a customer.” Desperation. Second, she said, “I will find someone before this first day is over.” Sure enough, she found someone. She said, “If it works once, it will work again.” But then the next person said, “No.” Now what must you invest?
Courage is more valuable than capital. If you’ve only got $1 and a lot of courage, I’m telling you, you’ve got a good future ahead of you. Courage in spite of the circumstances. Humans can do the most incredible things no matter what happens. Haven’t we heard the stories? There are some recent ones from Kosovo that are some of the most classic, unbelievable stories of being in the depths of hell and finally making it out. It’s humans. You can’t sell humans short. Courage in spite of, not because of, but in spite of. Now onceLydiahas made 3 or 4 sales and gotten going, here’s what now takes over.
“Wow! If I can sell 3, I can sell 33. If I can sell 33, I can sell 103.” Wow.Lydiais now dazzled by her own dreams of the future.
This is the end of the first half. Please come back tomorrow to learn the other 4 things more important than capital in a business.