Tips to Start Your Business Without Investors

While many discussions end with finding a unique idea and navigating through the same set of tips, some of which include developing an effective business strategy and strategically raising funds to help your business idea thrive, starting a business without investors still remains a challenge. While all pitches are essentially just business ideas at first, and persuading potential investors early on is difficult, it is critical for you as a founder to understand how to start your business without investors so that you do not lose hope and make your ideas thrive. As a result, Nicholas Hänny, co-founder and CEO of NIKIN, discusses some effective tips in this video from TEDx Talks.

Nicholas begins the video by advising that having a full-proof business plan is not as important as it is made out to be and that it is more important to just start with your basic business idea using some basic tips. This is where he starts talking about some basic tips to start your business without investors. According to Nicholas, the first and most important tip to start your business without investors is to focus on the implementation rather than the concept. He believes that in order to be successful, you do not need a great idea; rather, you can start with a simple concept and implement it well. Moving on to the next point, Nicholas believes it is critical to avoid striving for perfection. According to him, when you first start a business, you usually do not have a lot of money, which means you will not be able to afford a lot of people who are experts in their fields, so do not wait for the perfect product because you will have to do everything yourself. Rather, begin with your most basic product, gather feedback, and then strive to improve your product. As Nicholas points out in his third tip, most people are hesitant to ask for help, which should not be the case. It is just a nagging doubt in our heads, but there are a lot of people who genuinely want to help you. As a result, it is critical to feel free to seek assistance. This gives you the chance to get extra help as well as a better understanding of how things work. Last but not least, Nicholas advises founders to be as flexible as possible when starting a business without investors. He suggests that, because you may not have the financial resources to hire experts to help your business grow, you should give the opportunity to people who genuinely want to work for it and will give it their all. You may need to put your faith in new employees, and you may need to teach seasoned employees how to use new tools to make their jobs easier and more efficient. As a result, if you start your business without investors, it is critical for you to be flexible as a founder.

While investors are critical to turning a business idea into a success, it may be difficult to find investors in the early stages of a company. As a result, it is critical for you as a founder to understand how to start your business without investors, despite the incredible things you could accomplish if you had some. You can get a head start on the process by following the advice given in this YouTube video from TEDx Talks by Nicholas.