Reader Questions and Solutions

Reader Question:

“How can you help someone start a business with no skills, no assets, and no money?”
Kevin Heath

William R.Patterson

CEO, The Baron Solution Group
Best Selling Author, Award Winning Speaker
Renowned Wealth & Business Coach

William R. Patterson Says:

Despite what many people think, you are never too broke, your credit is never too poor, and it is never too late to start a business. Any situation of lack can be solved through a partnership. You just need the right business model and coaching.

Two of the most powerful driving forces that you can quickly turn into a viable new business are your passion and your problems. If you have ever done anything successfully in your life that you are also passionate about, you can turn that into a viable business.

Overcoming the Challenge of Limited Skills
I’m quite sure, like most people, you’re greatly undervaluing your experience, talents and abilities. However, if you happen to be a reader who truly does not have marketable skills, you are in luck too. You can always turn your problems into a viable business. If you have a particular issue, it is very likely that there are at least thousands of other people or organizations that have the same dilemma. The key to turning your problems into profits is choosing the right problem that people are willing to pay to have solved. Since everyone has problems, everyone has the potential to become a successful entrepreneur.

One key “Baron Insight” is that you do not have to provide the solutions yourself. You can build a profitable business by becoming a connector – connecting people with problems to the people and organizations with solutions). Another great way to build a successful business is to organize the activities of others around someone else’s special talents or abilities and then take a percentage of the deals that you put together.

Overcoming the Challenge of Limited Money and Assets
People always think it takes money to make money. However, I say, “It may take money to make money, but it doesn’t always take your money to make money.”

There are hundreds of billions of dollars in funding available in the form private investment capital, business loans, trade lines of credit, foundation and government grants, corporate sponsorships and strategic partnerships. In addition, you can leverage creative financing strategies including seller financing, leveraged buyouts and many others. You can learn to tap into this multi-billion dollar pool of capital by watching our free BARON entrepreneurship webinar:

Building Your Million-Dollar Network

Lastly, realize that 80% of your success will be the result of your soft skills-your ability to network, form mentoring relationships, strategic partnerships, joint ventures and political alliances. Those with limited networks are always the last to know and the last to be helped. Without question, your network is a direct reflection of your net worth; build one and the other will grow!

Even if you don’t have upfront cash to compensate people, you can always
  • Create an income opportunity for them
  • Refer business to them
  • Generate publicity for them
  • Connect them with influential people in your network
  • Help support their favorite cause or charity
Tips for finding people to network with:
  • Ask others in your network to make connections.
  • Look for people who are already achieving success, not those “in the process of figuring things out.” It is not hard to find these people. They are often highlighted in the media.
  • Do an internet search for relevant online social networks and local “meet up” groups.
  • Attend industry associations and conferences.
Remember, “value” is the greatest attracting force of money and support in the world. So, always begin by identifying the benefit that you can create for the other person.

Wealth-Building Action:
Carve out at least one day, or 20% of every week, to plan ways to better leverage OPE – Other People’s Everything. That includes their time, money, resources, credibility, networks and best-practices. As you become more skilled, productive and build a larger team, the 20% will grow to 80%, providing you simultaneously with more income and freedom.