This question may seem like an oxymoron. You need money to make money right? Well not quite. Did you know that there are several companies that started with little to no money and became large corporations? One of those companies you know very well and I happen to be producing this post on one of their products. Thats’s right! Apple! The fortune 500 company that started from nothing. Steve Wozniak and Steve Jobs started in a garage and acquired the parts to build their first personal computer on credit after a local electronics store owner order 50 units (www.businesspundit.com).
What is it that Wozniak and Jobs knew back then that helped spark their success without having any working capital?
I had the opportunity to learn The 6 Core Functions of a Business in my time at ASU’s Ira A. Fulton School of Engineering. One of ASU’s most dedicated professors Aram Chavez shares these functions with all of his engineering students.
6 Core Functions of a Business
- Guerilla Marketing
- International Business Development
- Research & Development
The most important of them all according to Aram are Guerrilla Marketing and Research & Development. Without research and development a company can only go so far. It is important to live where the “dreamers reside” Aram says. The Dreamers thrive on Innovation, Ideation, and Creation. Wozniak and Jobs wanted to create a personal computer so they began their research and development to do so. Once they built the machine they got out of the building and spoke to their first customer. Now it may have been luck that the electronic store owner was their first push on the market but, with an I.O.U. from the parts store they filled their first order with nearly no money at all.
Master the art of generating revenue without any money and you will have mastered one of the most important core functions of a business.
I’m just saying…