The journey of an entrepreneur - #2: Experience
I was 23 when we bought our first business:
A local gym.
My degree was in exercise and sport science, and I never had a full-time job.
Lesson 1: You don’t need an MBA, a degree from Harvard, or any business experience to embrace your entrepreneurial spirit.
We tried to get funding through the bank because we had no money or assets. That’s when we learned banks only lend to people who have money and assets. We ended up piecing together family loans at 10% interest. Everyone was paid back, in full, ahead of schedule.
Lesson 2: You don’t need a deep understanding of economics or finance to pursue your entrepreneurial dream.
When our first customer tried to ring out, we discovered we couldn’t break their bill. Ends up, when you buy a business, you don’t get to keep the change in the cash register.
Lesson 3: You don’t need to have it all figured out to embark on your entrepreneurial journey.
Yielding to your spirit requires more heart than head.
If I can do this, you can do this.