Resources are like power; acquisition must happen sooner than later.
He who does not lay the foundations for his power beforehand may be able by great ability and courage to do so afterward;
But it will be done with great trouble to the builder and with danger to the edifice.
Machiavelli, The Prince
Resources are highly tied to everything we do as humans. We looked at the definition of entrepreneurship earlier. We know from experience that entrepreneurs may not have all the required resources. Entrepreneurs must be skillful at acquiring resources and keeping cost low. Keeping the cost low allows for a “cushion”. This cushion can help management overruns. Help pay for advertising or other bootstrapping necessities.
The greatest resource for an entrepreneur is creativity. An entrepreneur must find ways to keep the budget under control. They do this by finding creative ways to market their business at start-up. The maximize their current database or social reach. A start-up business, whether online or brick and mortar must attract clients. Entrepreneurs are keen to position themselves in the market without huge associated cost. For example, if you have a showroom do your own painting and sprucing up of the place. Save thousands.
Another vantage point to be harnessed is the social network. Social entrepreneurs are those who are easy to communicate with when you see them. They are the talkers. They are hospitable. Usually, these ambitious self-starters need a help handing in order to get things moving. Fortune helps them overcome difficulties because they may know a lumber, an accountant, or service provider is willing to help. This is a great opportunity to ask for financial help and leverage the business with drafting up an easy promissory note.
The Secret Sauce: Calculate Risk, Measure Resources
Entrepreneurs seeking resources knows this fact all too well: Don’t take the easy. Nothing can deplete your resources or have things spiraling out of control than a cheap fix. Entrepreneurship requires strategic thinking situations through, seeing things out. If there is a problem or a solution and it is not “Solid”, skip it. Remember, if you see water and you are skating on thin ice. Your friend extends a helping hand to get off the ice. If you decided to go for it and lose. It is your fault.