Question:

Hi I have really bad credit and no money at all to invest. Do you think I will be qualified to open a small business? Also I don’t have any experience.

Answer:

I am a firm believer that anyone who has a burning desire to be in their own business can do so successfully. However; I don’t want to give you any blind or unrealistic advice.

The chances of you buying a well performing existing business are slim because it does take money.

Perhaps, it may make sense for you to start up a small venture to, at the very least, get a flavor for what is involved day to day in operating a business.

The entire key to your success at this point is education. You have the ambition, but simply lack the “know how”.

If I were in your position, I would consider dedicating a year or two to acquiring the business skills needed. You may want to look to get a job temporarily where you can work alongside an entrepreneur and absorb as much as humanly possible.

Having said this, you should also know that operating a business successfully is not the most difficult thing in the world.

Personally, I think keeping a boss happy is a lot harder.

Above all, do not give up. When I began on my own 14 years ago, I had no money (actually I owed $60,000), and I did not go to any fancy college. In fact, I didn’t even go to college. But, I was ready to do whatever had to be done to be successful. This included taking night courses, devouring every business book I could find, associating myself with winners, and getting up everyday with one goal: do better than I did the day before! I hate to sound like a wild eyed motivational speaker but the results are there. Since then, I’ve bought ten businesses and sold nine and have been successful beyond my wildest expectations. I guarantee that it can be done.