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How Not To Waste Your Money On Useless Things

Posted on Tuesday, Aug 16th 2011

By guest author Irina Patterson

Entrepreneurs often say to me, “I love 1M/1M. I’d love to join, but I don’t have $1,000.” Then we talk some more and I find out that they spend $15,000 on building their site without validating their idea. Or, they paid someone $2,000 to write their business plan in hope that it will help them to raise money. Now, armed with this business plan for an unproven business idea they are shopping for investors and willing to pay big bucks to anyone who would help them to accomplish this ‘mission impossible’.

Now, let’s imagine that you want to spend only $1,000 at this stage to validate your idea, develop your business strategy and figure out a plan of action. Let’s say you saved it, or borrowed it, or put it on your credit card, whatever. You have budgeted $1,000 and that’s all you have.

I highly recommend to invest this $1,000 into your 1M/1M education before you spend it on any other business expense. Here is why.

Once you join 1M/1M, go straight through 50 hours of the 1M/1M Curriculum.

After that, you’ll see why it wouldn’t be wise to spend $15,000 on building your site, until you fully validate your idea. You’ll learn all about free and almost free tools that will help you to validate your business idea and find your first customers and/or partners. You’d be very glad that you avoided that $15,000 mistake.

At 1M/1M, you also learn the very thought process behind building a business. So, when it will come to writing a business plan, you will be able to do it yourself. Another $2,000 is saved there.

As you build your business at 1M/1M, you don’t have to worry about where your funding will come from. If you focus on validating your idea and executing following its methodology, the support of the 1M/1M network will connect you to funding sources.

Often, with the right idea, your customers will fund your business. All you should be doing is focusing on learning and building.

That’s it. Take that $1,000 and invest it in your 1M/1M education. Start learning. Start building.

It will be some time before you need to put any additional serious money into your business. All you need for now is $1,000 and a few committed hours each day. The sooner you start and the harder your work, the sooner we’ll celebrate your first $1 million in revenue.

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