Larry WeidelMentor and Coach Empowering Million Dollar Earners

Episode #798 - This Accidental Entrepreneur Reveals His Secrets To Win In The Luxury Brand Market

17 Apr 2024 · 0 min

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0:28

Single-speaker YouTube monologue advising young entrepreneurs to start service-based businesses (such as digital agencies) because they require little or no external funding and can be bootstrapped. The speaker argues young founders often lack credentials to attract investment, so a service model is the most practical path to gain experience and clients.

So a lot of young entrepreneurs say, what should my first business be? I always say, get in the service base because you don't need investment, you don't need funding, you don't need anything to get up and running. You can bootstrap it hard. And because if you're young, you often don't have the credentials, you don't have the appearance to people trust you with money to fund a company, you have to bootstrap it. It's very rare you get funding, or certainly funding at an acceptable deal. And so I always recommend a service based, like a digital agency, like any sort of service base, because that's the best way to get your foot in the door from an entrepreneurial perspective.